SIA profit takes off to record high

SINGAPORE 21 May 2024: Singapore Airlines declared the highest full-year operating and net profits in the Group’s history for the financial year ending 31 March 2024, claiming positive demand for air travel  spurred robust passenger increases in revenue and load factors

Record profits

The Group’s operating profit reached a record SGD2,728 million, up SGD36 million or 1.3% from the previous year. Net profit improved by SGD518 million (+24.0%) to SGD2,675 million.

The positive annual results confirmed last week were achieved against a backlog of geopolitical tensions, macroeconomic uncertainties, inflationary pressures, and supply chain constraints that have posed serious global challenges for the aviation industry.

In its financial statement, the SIA Group said its robust foundations and long-term strategic initiatives position it strongly to capture future growth opportunities.

The Group proposed a final dividend of 38 cents per share, resulting in a total payout of 48 cents per share for FY2023/24, or a dividend yield of 7.5%.

Passager traffic grows 26.6%

In its financial report for the full year ending 31 March 2024, the airline noted that demand for air travel remained buoyant throughout the financial year, boosted by a rebound in North Asia as China, Hong Kong SAR, Japan, and Taiwan fully reopened their borders. SIA and Scoot carried 36.4 million passengers, up 37.6% year-on-year. 

Passenger traffic grew 26.6%, outpacing the capacity expansion of 22.9%. As a result, the Group passenger load factor (PLF) improved 2.6 percentage points to a record 88.0%. SIA and Scoot registered record PLFs of 87.1% and 91.2% respectively.

Revenue rose 7%

Group revenue rose SGD1,238 million (+7.0% year-on-year) to a record SGD19,013 million. Passenger flown revenue rose by SGD2,319 million (+17.3%) to SGD15,685 million, despite a 7.6% decline in passenger yields. Cargo flown revenue fell SGD1,485 million (-41.2%) to SGD2,119 million. While cargo loads increased by 1.7% due to the strong demand from the e-commerce segment, yields were 42.2% lower year-on-year – albeit 29.8% above pre-pandemic levels.

Expenses increased 8% 

Group expenditure increased SGD1,202 million (+8.0%) to SGD16,285 million. Non-fuel expenditure rose by SGD1,336 million (+13.5%) and was partially offset by an SGD132 million decrease (-2.5%) in net fuel cost. The increase in non-fuel expenditure was lower than the 16.0% increase in overall passenger and cargo capacity. On the other hand, net fuel cost fell despite higher volumes uplifted (+SGD918 million) and a lower fuel hedging gain (+SGD358 million), mainly due to an 18.5% decrease in fuel prices (-SGD1,281 million).

Record profit

As a result, the Group’s operating profit reached a record SGD2,728 million, up SGD36 million or 1.3% from the previous year. The Group’s net profit improved by SGD518 million (+24.0%) to SGD2,675 million. This was mainly due to the better operating performance (+SGD36 million), a net interest income versus net finance charges a year before (+SGD215 million), lower tax expense (+SGD132 million), and a share of profits versus a share of losses of associated companies from the previous year (+SGD104 million).


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