Singapore Airlines has posted its highest full year operating and net
profits in the group’s history and is confident that despite outside
pressures, such as geopolitical tensions, it is strongly positioned to
capture growth opportunities.
Among opportunities, the proposed merger of Air India and Vistara,
once completed, will give SIA a 25.1% stake in an enlarged Air India
Group. This will give SIA a significant presence in all key Indian
airline market segments, including domestic, international,
full-service, and low-cost.
“This will strengthen SIA’s multi-hub strategy and allow the group to
continue participating directly in this large and fast-growing aviation
market,” SIA noted in announcing its FY23-24 results, which showed
group revenue rose $1,238 million (+7.0% year-on-year) to a record
$19,013 million.
The group’s net profit improved by $518 million (+24.0%) to $2,675 million (US$1,990m).
SIA and Scoot carried a combined 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%.
It’s also good news for Singapore Airlines staff who will receive
bonuses equal to roughly eight months of salary. Specifically, staff
will be receiving a 32-week profit sharing bonus, which the airline says
is equal to 7.94 months of pay.