SIA CEO’s annual pay fell 13.5% to S$7m despite record profit

SINGAPORE: Singapore Airlines (SIA) chief executive officer Goh Choon Phong’s annual salary fell by 13.5% to S$7.01 million for the financial year ended March 31.

According to Singapore Business Review, Mr Goh’s pay package included a base salary of S$1.46 million, S$3.12 million in bonuses, and S$2.44 million in shares and other benefits.

In July last year, Mr Goh received a salary of S$8.11 million, 20.5% higher than his salary the previous year, thanks to a post-pandemic travel boom.

Mr Goh’s annual salary dropped this year even though the group recorded a net profit of S$2.78 billion for the year ended March 31, up from S$2.68 billion the year before. Eligible SIA staff will also see slimmer takings with a 7.45-month bonus for FY2025, slightly lower than the 7.94 months awarded the previous year.

The group’s profit was boosted by a one-off non-cash gain of S$1 billion after the Air India–Vistara merger was completed in November 2024.

In November, Singapore Business Review reported that SIA completed the Vistara–Air India merger, giving it a 25.1% stake in the expanded Air India.

The group, which includes budget airline Scoot, also posted record revenues after carrying a record 39.4 million passengers.

However, the group’s operating profit fell 37% as passenger yields declined amid growing competition, though both remained above pre-pandemic levels.

In a letter to shareholders, SIA’s chairman Peter Seah credited SIA’s performance to effective cost management through the company’s digital and staff productivity initiatives amid rising expenses. 

He noted, “In a year marked by rising geopolitical tensions, supply chain constraints, cost inflation, and an increasingly uncertain macroeconomic landscape due to global tariff wars, the Singapore Airlines (SIA) Group successfully delivered another impressive performance.”

Looking ahead, Mr Seah added, “While aviation landscape is rapidly evolving, the SIA Group is in a strong position to not only withstand these changes but to shape them.” /TISG

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