Cebu Pacific Reports Full Year 2021 Net Loss of $476.3 Million on 30% Revenue Decline to $300.3M
Cebu Pacific has reported their full year 2021 financial results with a net loss of P24.9 billion (US $476.3 million) on a year-over-year decline in revenue of 30 percent to P15.7 billion (US $300.3 million). The company ended the year with P19.6 billion (US $375 million) in cash.
On Wednesday (March 23, 2022), Cebu Pacific (CEB) reported their full year financial results for the period ending December 31, 2021. The carrier reported a full year net loss of P24.9 billion (US $476.3 million) on a 30 percent year-over-year decline in revenue to P15.7 billion (US $300.3 million). Cebu Pacific’s 2021 results were significantly impacted by the emergence of new COVID-19 variants and the implementation of strict lockdowns. The airline flew 3.4 million passengers in 2021, 30 percent less than in 2021. By comparison, CEB carried nearly 4.4 million passengers in the first quarter of 2020 alone, prior to the onset of the pandemic.
The carrier’s 30 percent year-over-year reduction in revenue was primarily driven by a 50 percent decline in passenger revenue to P6.3 billion (US $120.5 million) versus P12.6 billion (US $241 million) during 2020. Cebu Pacific’s Cargo operations continued to perform well in 2021, posting record sales of P6.5 billion (US $124.4 million), a 20 percent increase over 2020. The company’s 2021 operating expenses declined 10 percent compared to 2020 to P38.9 billion (US $744.2 million) attributable to limited flight operations and cost cutting initiatives. During 2021, the company raised over $1.6 billion from various funding initiatives, ending the year with a stronger balance sheet and a cash balance of P19.6 billion (US $375 million).
Cebu Pacific CEB) currently operates the widest domestic network in the Philippines with 34 destinations, along with 17 international destinations. The carrier has received a 7/7 star rating from airlineratings.com for their multi-layered COVID-19 health and safety protocols. All Cebu Pacific crewmembers have been vaccinated, and are required to undergo regular antigen testing. CEB operates one of the youngest fleets in the world with 74 aircraft, including two dedicated ATR freighters.
Source: Cebu Pacific