SIA Group posts record full year net profit of SGD 2.675 billion

The Singapore Airlines (SIA) Group announced record financial results for the fiscal year ended March 31, 2024, driven by robust air travel demand.

The Group reported a net profit of SGD 2.67 billion for FY2023/24, up 24% from the previous year and the highest in its history. Operating profit rose 1.3% to SGD 2.73 billion, also an annual record.

“The demand for air travel remained buoyant throughout FY2023/24,” the Group said in its financial results announcement on May 15. SIA and budget arm Scoot carried a combined 36.4 million passengers, up 37.6%, with passenger load factors hitting an all-time high of 88%.

Group revenue increased 7% to SGD 19 billion as passenger flown revenue jumped 17.3% to SGD 15.69 billion, offsetting a 41.2% decline in cargo revenue to SGD 2.12 billion amid lower yields.

While overall expenditure rose 8% to SGD 16.29 billion, the Group benefited from an 18.5% drop in fuel prices which led to a 2.5% decrease in net fuel costs.

“The SIA Group is well-positioned to seize emerging growth opportunities and navigate uncertainties,” the airline stated, citing its strong foundations, strategic initiatives, and investments in digital capabilities including generative AI.

The Group plans to enhance synergies between SIA and Scoot, leveraging two leading brands to offer more options. It anticipates participating directly in India’s large and fast-growing market through the proposed Air India-Vistara merger.

For FY2023/24, SIA has proposed a final dividend of 38 cents per share, bringing the full-year payout to 48 cents per share at a dividend yield of 7.5%.

Dirk Andrei Salcedo Avatar

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