Cebu Pacific (PSE: CEB), the Philippines’ leading carrier, recorded a 261% increase in revenues to P56.8 billion in 2022 from the previous year.

Passenger business led the steep recovery with growth of 459% year on year to P35.1 billion, on the back of higher travel demand, both domestically and internationally, coupled with the easing of various travel regulations.

While 2022 brought optimism on the demand front, CEB’s profitability remained challenged by the economic environment, as jet fuel prices spiked and the peso depreciated versus the dollar.

Amidst these headwinds, CEB’s EBITDA returned to positive territory at P664 million from 2021’s negative P8.8 billion. Net loss narrowed to P14 billion in 2022 from P24.9 billion the previous year, and operating loss reduced to P11.4 billion, about half of previous year.

The airline’s recovery accelerated during the fourth quarter of 2022. Total revenues up 192% year on year to P19.2 billion. Net loss reduced from P2.9 billion in the fourth quarter of 2021 to P1.9 billion in the fourth quarter of 2022. Operating loss decreased significantly, from P4.3 billion in the fourth quarter of 2021 to P232 million in 2022.

Despite facing unprecedented headwinds, CEB is confident in its ability to overcome them while remaining true to its commitment to enable everyone to fly. “CEB is ready to move forward with optimism and confidence as we transition from recovery to growth mode. We remain committed to enabling everyone to fly and look forward to welcoming even more passengers onboard in the coming months.” said Mike Szucs, CEO of Cebu Pacific.