SIA chief gets over 20% pay bump after record annual profit; S$8.11 million salary jump

SINGAPORE: Last year’s record annual profit for Singapore Airlines meant that its Chief Executive Officer Goh Choon Phong received a salary of S$8.11 million.

Since he earned S$6.73 million the previous year, his pay increased by around 20.5 per cent, thanks to a post-pandemic travel boom.

Mr Goh, who has served on SIA’s board for the past 14 years, has a base salary of S$1.44 million, up from S$1.1 million two years ago.

The bulk of his salary comes from bonuses of S$2.18 million, plus shares and benefits of around S$4.48 million.

The company released its annual report on Monday (July 1).

Singapore Airlines’ annual net profit for the fiscal year 2023-2024 is S$2.68 billion, compared to S$2.16 billion in the previous year.

Revenues for the fiscal year that ended in March went up by 7 per cent to S$19.01 billion, as demand for air travel stayed high throughout the year.

The cargo business has also been strong, and flights have consistently been full. SIA declared a final dividend of S$0.38, up from S$0.28 last year. SIA’s shares closed at S$6.88 on July 1.

In May, the carrier announced it rewarded its staff with eight months salary bonus due to a net profit increase of 24 per cent year-on-year.

This is the second consecutive year SIA has seen record-breaking annual profit.

The bonus is the highest ever, with a previous profit-sharing bonus equal to 6.65 months’ pay, alongside a maximum of 1.5 months’ salary as an ex gratia bonus connected to the pandemic.

“The Singapore Airlines Group achieved a significant milestone in FY2023/24, posting a second consecutive year of record revenues, operating profits, net profits, and load factors.

This was on the back of the robust demand for air travel, which came as the impact of the Covid-19 pandemic abated and key markets in North Asia fully reopened their borders,” said SIA Chairman Peter Sia in the company’s Annual Report.

However, he noted in the letter to the shareholders that while it has been a banner year for the carrier, SIA “had a poignant reminder of the unpredictable nature of the airline business.”

In May, flight SQ321 made an emergency landing in Bangkok due to a sudden and severe incident of turbulence that left one dead and dozens of others injured.

Mr Seah reiterated SIA’s commitment to supporting the injured crew and passengers and fully cooperating with investigations. /TISG

Read also: SIA to reward staff with 8 months salary bonus as net profit soars 24% YoY