SIA Group posts record earnings on traffic rebound

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Singapore Airlines A350
(PHOTO: Shutterstock)

Aviation Festival AFA 728 x 90Singapore Airlines (SIA) group said it earned $1.2 billion for the second half of FY2024 ended in March, an increase of 0.3 percent year on year. Revenue in the same period was up 5.3 percent year on year to $9.85 billion.

For the full year, the airline said it earned $2.68 billion for FY2024, up 24 percent year on year. Excluding the exceptional items, SIA’s operating profit for the year was up just 1.3 percent to $2.73 billion.

SIA and low-cost unit Scoot carried a combined 36.4 million passengers, 37.6 percent higher year on year. Passenger load factor (PLF) grew by 2.6 percentage points to 88.0 percent. Both SIA and Scoot delivered record PLFs of 87.1 percent and 91.2 percent  respectively.C

Cargo revenue was down 41.2 percent year on year to $2.1 billion. Cargo loads grew by 1.7 percent. Cargo yields were 42.2 percent lower year on year, although still 29.8 percent  above pre-pandemic levels.

As of 31 March 2024, the group operating fleet consisted of 200 aircraft with an average age of seven years and three months. SIA had 142 passenger aircraft and seven freighters, while Scoot had 51 passenger aircraft. In April 2024, the group added one Airbus A350-900 and two Embraer E190-E2 aircraft to its fleet. As of 1 May 2024, the group had 89 aircraft on order.

As of 31 March 2024, the group’s passenger network covered 118 destinations in 35 countries and territories. SIA served 73 destinations while Scoot served 67. The cargo network comprised 123 destinations in 37 countries and territories.

For the Northern Summer 2024 operating season (31 March 2024 to 26 October 2024), Barcelona, Beijing, Darwin, Hong Kong SAR, Houston, Kuala Lumpur, Melbourne, Milan, Perth, Rome, Seattle, Shanghai, Taipei-Tokyo (Narita), and Yangon will see an increase in services. SIA launched services to Brussels in April 2024 and will begin operations to London (Gatwick) in June 2024.

Scoot began Embraer E190-E2 operations on 7 May 2024 with flights to Krabi. The aircraft will operate to existing destinations such as Hat Yai, Miri, and Kuantan, as well as two new points – Koh Samui (in May 2024) and Sibu (in June 2024). Operating the aircraft on thinner routes to non-metro destinations in the Asia-Pacific allows the Group to unlock significant growth opportunities in the region.

The group said the demand for air travel remained healthy in the first quarter of FY2024/25, supported by a strong pick-up in forward bookings to North Asia and South East Asia. Passenger yields will likely continue to moderate due to increased capacity injection by airlines, especially in the Asia-Pacific region.

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