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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 2021 PHPUSD
Gross Profit-20,037.76M-406.48M
Operating income-23,157.85M-469.78M
Income before tax-26,752.13M-542.69M
Net income-24,898.60M-505.09M
Diluted EPS-42.12-0.85
Dividends Per Share00
Total Assets138,253.76M2,711.25M
Total liabilities127,644.01M2,503.19M
Total equity10,609.74M208.06M
Operating cash flow-5,912.88M-119.94M
Currency in PHPCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 68,029.13M 74,113.77M 84,806.81M 22,617.96M 15,740.75M
Gross Profit 12,244.98M 9,408.05M 15,597.45M -17,549.37M -20,037.76M
Operating income 10,134.27M 7,049.88M 12,621.01M -20,769.25M -23,157.85M
Income before tax 8,208.05M 3,483.16M 10,217.44M -22,579.41M -26,752.13M
Net income 7,907.84M 3,922.74M 9,122.95M -22,236.44M -24,898.60M
EBITDA 18,183.05M 16,635.50M 29,960.17M -1,562.56M -5,236.30M
Diluted EPS 11.94 5.95 13.92 -33.98 -42.12
Dividends Per Share 4.11 6.40 0 0 0
Total Assets 111,584.75M 129,391.48M 157,732.57M 128,458.58M 138,253.76M
Total liabilities 71,799.17M 89,289.34M 112,831.59M 105,767.70M 127,644.01M
Total equity 39,785.57M 40,102.13M 44,900.97M 22,690.87M 10,609.74M
Operating cash flow 17,919.94M 15,360.07M 29,306.92M -12,120.18M -5,912.88M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 1,349.39M 1,406.79M 1,637.81M 456.00M 319.31M
Gross Profit 242.88M 178.57M 301.22M -353.81M -406.48M
Operating income 201.01M 133.81M 243.74M -418.73M -469.78M
Income before tax 162.81M 66.11M 197.32M -455.22M -542.69M
Net income 156.85M 74.45M 176.18M -448.31M -505.09M
EBITDA 360.67M 315.76M 578.60M -31.50M -106.22M
Diluted EPS 0.23 0.11 0.26 -0.68 -0.85
Dividends Per Share 0.08 0.12 0 0 0
Total Assets 2,235.27M 2,460.61M 3,114.47M 2,674.91M 2,711.25M
Total liabilities 1,438.28M 1,698.00M 2,227.89M 2,202.41M 2,503.19M
Total equity 796.98M 762.61M 886.58M 472.49M 208.06M
Operating cash flow 355.45M 291.55M 565.98M -244.35M -119.94M

Valuation Measures

Dec 2021
Operating margin-147.12%
Profit margin-158.17%

Key executives

  • President, CEO & Executive Director: Lance Yu Gokongwei
  • Chief Financial Officer: Mark Julius V. Cezar
  • Chief Information Officer: Laureen M. Cansana
  • Chief Compliance Officer: Andrew L. Huang
  • Vice President-Corporate Affairs: Paterno S. Mantaring


  • JG Summit Holdings, Inc. (66.1%)
  • Matthews International Capital Management LLC (1.9%)
  • Norges Bank Investment Management (1.4%)
  • The Vanguard Group, Inc. (0.9%)
  • Dimensional Fund Advisors LP (0.6%)
  • Ruffer (Asia) Ltd. (0.5%)
  • FIL Investment Management (Singapore) Ltd. (0.5%)
  • BlackRock Fund Advisors (0.5%)
  • SSgA Funds Management, Inc. (0.2%)
  • 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

  • CEBGO, Inc.
  • 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.
  • Capital A Berhad
Last Updated on 4 Oct, 2022

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