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Cebu Air, Inc.

Company Background

Cebu Air operates Cebu Pacific Air, the Philippines' largest budget carrier. The company is a unit of JG Summit Holdings, a diversified conglomerate controlled by the Gokongwei family. The airline began operating in 1996 with its first domestic flight from Manila to the Philippine central island of Cebu. Its international operations began in 2001 with flights from Manila to Hong Kong. By the end of 2013, the company was operating a network of 60 domestic and 32 international routes, with a total of 2,284 scheduled weekly flights.

In April of this year, the EU removed the airline from a safety blacklist, and in June, the company secured clearance from the Federal Aviation Administration to fly to the U.S.

The airline is headed by CEO Lance Gokongwei, the only son of tycoon John Gokongwei, who founded the JG Summit empire as a corn starch producer. The younger Gokongwei, who holds a double degree in finance and applied science from the University of Pennsylvania, sits on the board of major companies controlled by the Gokongwei family, including those involved in food and beverage, real estate, property, banking and petrochemicals.

Business Summary

Cebu Air, Inc. provides air cargo services. It operates as a carrier in the Philippine air transportation industry, which engages in transportation of passengers, mail, merchandise and freight. The company has distribution channels which includes Internet; direct sales through booking; sales offices; call centers and government/corporate client accounts; and third-party sales outlets. It offers ancillary services such as cancellation and rebooking options, in-flight merchandising such as sale of duty-free products on international flights, baggage and travel-related products and services. The company was founded on August 26, 1988 and is headquartered in Cebu, Philippines.

Financial Highlights

Dec 2020 PHPUSD
Gross Profit-17,549.37M-353.81M
Operating income-20,769.25M-418.73M
Income before tax-22,579.41M-455.22M
Net income-22,236.44M-448.31M
Diluted EPS-33.98-0.68
Dividends Per Share00
Total Assets128,458.58M2,674.91M
Total liabilities105,767.70M2,202.41M
Total equity22,690.87M472.49M
Operating cash flow-12,120.18M-244.35M
Currency in PHPCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 61,899.27M 68,029.13M 74,113.77M 84,806.81M 22,617.96M
Gross Profit 14,064.24M 12,244.98M 9,408.05M 15,597.45M -17,549.37M
Operating income 12,251.19M 10,134.27M 7,049.88M 12,621.01M -20,769.25M
Income before tax 9,537.85M 8,208.05M 3,483.16M 10,217.44M -22,579.41M
Net income 9,754.13M 7,907.84M 3,922.74M 9,122.95M -22,236.44M
EBITDA 19,370.99M 18,183.05M 16,635.50M 29,960.17M -1,562.56M
Diluted EPS 14.73 11.94 5.95 13.92 -33.98
Dividends Per Share 2.51 4.11 6.40 0 0
Total Assets 103,456.56M 111,584.75M 129,391.48M 157,732.57M 128,458.58M
Total liabilities 69,951.28M 71,799.17M 89,289.34M 112,831.59M 105,767.70M
Total equity 33,505.27M 39,785.57M 40,102.13M 44,900.97M 22,690.87M
Operating cash flow 19,383.88M 17,919.94M 15,360.07M 29,306.92M -12,120.18M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 1,303.48M 1,349.39M 1,406.79M 1,637.81M 456.00M
Gross Profit 296.16M 242.88M 178.57M 301.22M -353.81M
Operating income 257.98M 201.01M 133.81M 243.74M -418.73M
Income before tax 200.84M 162.81M 66.11M 197.32M -455.22M
Net income 205.40M 156.85M 74.45M 176.18M -448.31M
EBITDA 407.91M 360.67M 315.76M 578.60M -31.50M
Diluted EPS 0.31 0.23 0.11 0.26 -0.68
Dividends Per Share 0.05 0.08 0.12 0 0
Total Assets 2,081.09M 2,235.27M 2,460.61M 3,114.47M 2,674.91M
Total liabilities 1,407.11M 1,438.28M 1,698.00M 2,227.89M 2,202.41M
Total equity 673.98M 796.98M 762.61M 886.58M 472.49M
Operating cash flow 408.18M 355.45M 291.55M 565.98M -244.35M

Valuation Measures

Dec 2020
Operating margin-91.82%
Profit margin-98.31%

Key executives

  • President, CEO & Executive Director: Lance Yu. Gokongwei
  • Chief Finance Officer & Compliance Officer: Andrew L. Huang
  • Chief Information Officer: Laureen M. Cansana
  • Vice President-Corporate Affairs: Paterno S. Mantaring
  • Chief Corporate Affairs Officer: Michael Ivan S. Shau


  • JG Summit Holdings, Inc. (66.6%)
  • FIL Investment Management (Singapore) Ltd. (1.7%)
  • Social Security System (1.4%)
  • FIL Investment Management (Hong Kong) Ltd. (1.2%)
  • Matthews International Capital Management LLC (1.0%)
  • The Vanguard Group, Inc. (0.8%)
  • Dimensional Fund Advisors LP (0.8%)
  • Ruffer (Asia) Ltd. (0.5%)
  • BlackRock Fund Advisors (0.5%)
  • GO JAMES L (0.2%)

Contact Details

  • Website:
  • Address: Robinsons Galleria Cebu, General Maxilom Avenue, Level 4, Cebu, 6000, Philippines
  • Phone: +63.2.880.27000

Related Companies

  • 1aviation Groundhandling Services Corp.
  • South East Asian Airlines, Inc.
  • Aviation Partnership (Philippines) Corp.


  • PAL Holdings, Inc.
  • Thai Airways International Public Co. Ltd.
  • Qantas Airways Limited
  • Cathay Pacific Airways Limited
  • Singapore Airlines Ltd.
  • AirAsia Group Bhd.
Last Updated on 29 Nov, 2021

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