Philippine Airlines Inc. (PAL), has affirmed its readiness to expand its global presence and strengthen its position as a competitive player in international aviation, as the Board announced the appointment of Richard Nuttall as President and Atty. Carlos Luis Fernandez as Executive Vice President and Chief Operating Officer during its Annual Stockholders Meeting on May 29.
The national flag carrier reported strong financial results for 2024, with a net margin of 5% exceeding the global industry average of 3%. PAL achieved a net income of USD 151.1M (PHP 10.22B) and operating income of USD 314.4M (PHP 18.08B) while operating 110,867 flights and carrying 15.6 million passengers to 32 cities in the Philippines and 37 cities in Asia, North America, the Middle East, and Oceania.
“Philippine Airlines delivered solid financial results, expanded its network, and maintained high standards of operational reliability, amid global challenges that have continued to impact the airline industry,” said Lucio C. Tan III, President of PAL Holdings Inc., in a statement to shareholders. “These positive outcomes have led to stronger financial footing, renewed stakeholder confidence, and better preparedness for PAL for its future growth initiatives.”
Dr. Lucio C. Tan, PAL Chairman & Chief Executive Officer, expressed optimism for the future. “Our financial stability reflects disciplined management and a clear strategic direction. With a strengthened leadership team, we believe PAL is well-positioned to navigate the challenges of an increasingly competitive global market and grow further.”
PAL is set to upgrade its fleet with the delivery of nine Airbus A350-1000 long-range aircraft, with the first delivery expected by the end of the year. The airline is also expanding nonstop routes and forming new inter-airline partnerships to enhance connectivity and offer customers access to more destinations.
In the first quarter of 2025, PAL recorded a net income of USD 77M (PHP 4.66B) and operating income of USD 75M (PHP 4.70B), sustaining its profitability trajectory and setting the stage for continued growth and success.
