SIA Group achieves record high profits amid surge in air travel demand

SINGAPORE: Singapore Airlines (SIA) Group has reported unprecedented operating and net profits in its latest fiscal year, buoyed by a significant uptick in air travel demand. The group’s performance report for the fiscal year ending in March revealed remarkable growth, fueled by the reopening of borders in key markets such as mainland China, Hong Kong, Japan, and Taiwan.

Throughout the fiscal year, robust demand for air travel propelled passenger numbers for Singapore Airlines and Scoot to soar by 37.6% year-on-year, reaching 36.4 million passengers. This surge in demand outpaced the growth in passenger capacity, resulting in a remarkable 26.6% increase in passenger traffic.

Consequently, the group’s passenger load factor reached an all-time high of 88%, marking a substantial 2.6 percentage point increase.

The financial performance of the Group mirrored its operational success, with revenue climbing by 7% year-on-year to $19.013 billion. Operating profit also saw a commendable uptick, rising by 1.3% year-on-year to $2.728 billion.

Notably, net profit experienced substantial growth, surging by 24% to $2.675 billion, setting new records for the group.

In light of these exceptional results, the board of directors has proposed a final dividend of 38 cents per share. When combined with the interim dividend disbursed in December of the preceding year, the total dividend for the fiscal year stands at an impressive 4.8 cents per share, reflecting the group’s commitment to delivering value to its shareholders amidst a challenging operating environment.