News Default AirAsia Philippines: Travel Spending Soars in 2024
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AirAsia Philippines Set to Soar as Filipinos Boost Travel Spending in 2024

Thursday, May 16, 2024

AirAsia Philippines is anticipating a robust start for the latter half of 2024 and through the year’s end, fueled by increasing Filipino expenditure on travel.

Record Revenue and Passenger Numbers

In Q1 2024, AirAsia Philippines achieved a remarkable surge in revenue, soaring by 97% to reach USD 78.2 million compared to the same period in 2023. The airline proudly transported 201,462 passengers during Q1 2024, marking an impressive 83% increase over Q1 2023.

Operational Excellence and Strategic Growth

Operational excellence shone through as the airline achieved a flawless record, completing 100% of its planned flights during the quarter. A milestone was reached with a record-breaking 107 ACMI and charter operations conducted during the quarter. Cost per Available Seat Kilometer (CASK) showed promising signs of improvement, with CASK excluding fuel expenses decreasing by 28% in Q1 2024 compared to Q1 2023.

Post-quarter, the airline bolstered its financial position by securing a USD 20 million revolving credit facility from Norse’s two major shareholders. This strategic move aims to provide a liquidity buffer as the company prepares for the lucrative summer season.

Expanding Network and Future Prospects

AirAsia Philippines continues to explore strategic options in collaboration with advisors Seabury Securities, demonstrating a commitment to sustained growth and innovation. The network expands to include Athens this summer, Las Vegas from the fall, and a new continent as Cape Town joins the network in the winter.

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