Philippine Airlines Inc. (PAL) affirmed its readiness to expand its global presence and strengthen its position as a competitive player in international aviation, as its Board reported strong financial results for 2024 during the airline’s annual stockholders meeting last 29th May.
At the same meeting, the Board also formalised the appointments of Richard Nuttall as president and Carlos Luis Fernandez as executive vice-president and chief operating officer.
PAL chair and chief executive officer Lucio C Tan remarked: “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.”
Philippine Airlines' new president Richard NuttallA stellar report
For his part, PAL Holdings Inc president Lucio C Tan III declared: “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. These positive outcomes have led to stronger financial footing, renewed stakeholder confidence, and better preparedness for PAL for its future growth initiatives.”
The Philippine flag carrier achieved a net margin of five percent, surpassing the global industry average of three percent as it registered a net income of US$151.1 million and an operating income of US$314.4 million.
With regard to its performance in the first quarter of 2025, PAL recorded a net income of US$77 million and operating income of US$75 million, sustaining its profitability trajectory.
The airline operated 110,867 flights and carried 15.6 million passengers on flights to 32 cities in the Philippines and 37 cities in Asia, North America, the Middle East, and Oceania.
It should be noted at this point that PAL is preparing for a significant fleet upgrade with the planned delivery of nine Airbus A350-1000 long-range aircraft, the first of which is scheduled to arrive by end of the year.
PAL is also strengthening its competitive edge by expanding nonstop routes and forming new inter-airline partnerships to improve connectivity to global markets and offer customers greater access to more destinations.
