Philjets reports 100% growth in 2017

Philjets reports 100% growth in 2017

25-Jan-2018 Source: Philjets

The fast growing business aviation startup has been striving to end 2017 at the same rate it started the year. Indeed, PhilJets started last year with its entry into the business jet segment adding 1 Cessna Citation XLS+ to its fleet and ended 2017 with the addition of 1 more additional Cessna Citation Business Jet. This confirms the company’s plan to play a role in the region’s business aviation’s scene. Indeed, PhilJets has also been working on upgrading its license capability from Civil Aviation Authority to evolve from non-scheduled domestic to non-scheduled international, a necessity when entering the Jet market.

With its 5th year anniversary to be soon celebrated this year, the business aviation operator aims to continue adding more aircrafts to its expanding fleet to cater to its growing customers base, both local and international. Indeed, PhilJets has surpassed its target sales revenues of PhP 160M by reaching close to PhP 200M of sales, though costs were also significantly higher due to trainings recurrencies, overhead costs increase, maintenance costs increase and operations costs increase.

From 6 aircrafts in 2016 to 11 aircrafts under its management by end 2017, the assets value under the portfolio of PhilJets increased to more than PhP 3.8 Billion (USD 77M), which is equivalent to close to a four times increase from previous year. The latest addition to the fleet are 2 helicopters (1 Bell 407 GX and 1 Airbus H145) and 3 fixed wing aircrafts (1 Bombardier Challenger 350, 2 Cessna Citation XLS+).

Bombardier Challenger 350

PhilJets is looking forward to adding 4 to 5 aircrafts into the fleet that will exceed PhP 4.5 Billion (USD 90 Million) in asset value under management within 2018 in order to increase its capacity to better serve its customers at the different segments of the market. “We need both lighter single engine and lighter twin-engine helicopter in our fleet, as well as a good twin-engine turboprop fixed wing.” These are our main objectives for this year explains Choy Elciario, in charge of the Charter activities of PhilJets. “Customers also frequently require some aircraft types or brands that we do not yet have and we are working on addressing these requests”, adds Geoffroy Cahen, Head of Sales & Marketing.

New H145

While 5 new pilots, with an average of 25 years of remarkable experience, have joined the company in 2017, the aviation startup reached more than 60 high skilled employees. PhilJets Group concluded the year with a recognition from Asia Pacific organization Enterprise Asia. Founder, Chairman and CEO Thierry Tea has received an award for Entrepreneurship outstanding performance in the Transportation and Logistics Industry last December in Makati Shangrila, among other distinguished awardees such as Tycoons Dennis Uy of Chelsea Shipping and Udenna Corp or Robert Yupangco of Yupangco Group.

In 2018, PhilJets is preparing to launch few projects and will venture into new partnerships. The company is also looking into expanding in the Education, Logistics and Tourism sectors, with the aim to opening bases in the provinces.

“It is very challenging to manage growth for a startup in aviation, we are looking at innovating opportunities and the best way to develop them while always keeping safety and customer service as our core priorities. Our team is really exceptional despite the many obstacles and everyday issues. We are happy to demonstrate that we positively embrace the steady growth of the Philippines economy and contribute to play our humble part in the development of the Business Aviation and Tourism sector,” Chairman Thierry Tea concluded.

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