Singapore Airlines (SIA) has achieved record profits for the second consecutive year.
SIA Group has posted a net profit of S$2.68 billion dollars for the 2024 Fiscal year – this follows the S$2.16 billion profit SIA made for FY2023, and will result in higher dividends for shareholders and a big year-end bonus for staff – with the Straits Times reporting that a profit-sharing bonus of 7.94 months’ for staff, including pilots, was stated in an internal email from SIA’s CEO Goh Choon Phong.
For FY2023/2024, SIA was buoyed by increased demand for air travel, as the last travel restrictions of the COVID-19 pandemic were finally lifted – in particular China, Hong Kong SAR, Japan and Taiwan. This enabled SIA and its low-cost subsidiary Scoot to add more flights and routes, growing the Group’s passenger traffic to a combined total of 36.4 million travelers, up 37.6% year-on-year.
As of 31 March 2024, the Group operating fleet consisted of 200 aircraft with an average age of seven years and three months, with 142 passenger aircraft and seven freighters operated by SIA, while Scoot had 51 passenger aircraft. The Group added one Airbus A350-900 and two Embraer E190-E2 aircraft to its fleet in April 2024, and there are 89 aircraft on order.
SIA currently serves 73 passenger destinations, while Scoot serves 67, but with the introduction of the Embraer E190-E2 aircraft on 7 May 2024 Scoot will add Koh Samui and Sibu as new destinations. SIA launched services to Brussels in April 2024 and will begin operations to London (Gatwick) in June 2024.
Featured Image Credit: Singapore Airlines
