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Singapore Airlines Group reports record full-year profit as demand for air travel soars

written by Newsdesk | May 17, 2024

Singapore Airlines Group reports record full-year profit as demand for air travel soars

The Singapore Airlines (SIA) Group has reported its highest ever full-year operating and net profits, driven by robust demand for air travel that saw record passenger revenue and load factors.

For the financial year ended 31 March 2024, the SIA Group posted a net profit of $2.68 billion, up 24% from the previous year’s $2.16 billion.

The Group’s total revenue rose 7% to a record $19.01 billion, with passenger flown revenue increasing by 17.3% to $15.69 billion despite a 7.6% decline in passenger yields.

SIA and its budget arm Scoot carried a combined 36.4 million passengers for the year, a 37.6% increase from FY2022/23. Passenger traffic grew 26.6%, outpacing the capacity expansion of 22.9%.

As a result, the Group’s passenger load factor improved 2.6 percentage points to a record 88%. SIA and Scoot registered record load factors of 87.1% and 91.2% respectively.

“The demand for air travel remained buoyant throughout FY2023/24, boosted by a rebound in North Asia as China, Hong Kong SAR, Japan, and Taiwan fully reopened their borders,” SIA said.


However, the airline noted that the industry continues to face challenges including rising geopolitical tensions, an uncertain macroeconomic climate, supply chain constraints, and high inflation in many parts of the world.

“The SIA Group is well-positioned to seize emerging growth opportunities and navigate uncertainties thanks to its strong foundations and long-term strategic initiatives,” the carrier said.

SIA’s board has proposed a final dividend of 38 cents per share, resulting in a total dividend of 48 cents per share for FY2023/24. This represents a dividend yield of 7.5% based on the share price of $6.40 on 31 March 2024.

The Group said it is firmly committed to its sustainability goals, and has set a target for SIA and Scoot to fulfil 5% of their total fuel requirements with sustainable aviation fuel by 2030.

As of 31 March 2024, the SIA Group’s operating fleet comprised 200 aircraft with an average age of 7 years and 3 months. The Group passenger network covered 118 destinations in 35 countries and territories, while SIA Cargo served 123 destinations.

Looking ahead, SIA said passenger demand remains healthy in the first quarter of FY2024/25, supported by strong forward bookings to North and Southeast Asia. However, passenger yields will likely moderate due to increased capacity from other airlines.

“The SIA Group is grateful for the strong support from all customers, both in Singapore and around the world, as well as all stakeholders including our shareholders, partners, and staff,” the airline said.


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