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Singapore Airlines Group posts record annual profit
Singapore Airlines Group posted its highest annual operating and net airline profits ever, earning $2.67 billion in FY2023/24.
SIA and Scoot carried a combined 36.4 million passengers, which is up 37.6% year-on-year.
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As a result, the Group passenger load factor was up 2.6% to a record 88%.
Group revenue rose $1,2 billion to $19 billion with a double digit increase in passenger flown revenue.
As of 31 March 2024, the two airlines’ operating fleet consisted of 200 aircraft with an average age of seven years and three months.
In April 2024, the Group added one Airbus A350-900 and two Embraer E190-E2 aircraft to its fleet with 89 aircraft on order.
The passenger network now spans 118 destinations in 35 countries and territories.
For summer 2024, Barcelona, Beijing, Darwin, Hong Kong, Houston, KL, 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 next month.
Scoot began Embraer E190-E2 operations this month with flights to Krabi.
The aircraft will operate to existing short haul destinations such as Hat Yai, Miri, and Kuantan, as well as two routes – Koh Samui (in May 2024) and Sibu (in June 2024).
The airline group says air travel demand remains strong thanks to a strong pick up in forward bookings to North Asia and South East Asia.
The proposed merger of Air India and Vistara was approved by the Competition and Consumer Commission of Singapore in March 2024.
This integration gives SIA a 25.1% stake in Air India Group.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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