Singapore Airlines Group (SIA) recorded its highest-ever full-year profits, registering US$2,675 billion (R48,83 billion) in its 2023/24 financial results.
The group’s nett profit improved by 24%, or $518 million (R9,47 billion), compared with its last FY results in 2023 – chiefly as a result of:
- Better operating performance: up $36 million (R657,73m);
- A nett interest income versus nett finance charges compared with the year before: up $215 million (R3,928bn);
- Lower tax expenses: up $132 million (R2,4bn), and;
- A share of profits versus a share of losses of associated companies from the previous year: up $104 million (R1,9bn).
As of March 31, SIA Group’s fleet consisted of 200 aircraft that operated in 118 destinations across 35 countries and territories. Singapore Airlines operated 142 passenger aircraft and seven airfreight aircraft, while low-cost carrier Scoot had 51 passenger aircraft. In April 2024, the group added an Airbus A350-900 and two Embraer E190-E2 aircraft to its fleet, and it has 89 aircraft currently on order.
In its official release, SIA noted that the demand for air travel was healthy in the first quarter of its financial year, supported by an uptick in forward bookings to North and South East Asia.
“Passenger yields will likely continue to moderate due to increased capacity injection by airlines, especially in the Asia-Pacific region. The Group will closely monitor market conditions and adjust our network as necessary in line with demand patterns,” said the company.
Following its results announcement, Aviation24.be reported that SIA rewarded its staff with a bonus equivalent to 7,94 months of pay.
