SIA Group announces highest annual profit in 76-year history

May 17th 2023

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Singapore Airlines Group (SIA) has recorded a net profit of S$2.2 billion (US$1.6 billion) for the 12 months to March 31, its highest ever annual profit and a significant turnaround from the S$962 million net loss it reported a year earlier. Read More » Revenue increased 133.4%, to S$17.8 billion, SIA said in a regulatory filing, but costs were 83.4% higher at S$15.1 billion. “The SIA Group’s record financial performance for full-year 2022-2023 is a testament to its proactive strategic initiatives, pre-emptive preparation when borders remained closed and the hard work, dedication and sacrifices of its employees,” the parent company of Singapore Airlines and Scoot said. SIA Group noted demand for air travel was robust in the first quarter of fiscal 2024, underpinned by the recovery of air travel in East Asia. “Forward sales remain healthy across all cabin classes, led by a strong pick up in bookings to China, Japan and South Korea,” SIA said. “The group will monitor demand for air travel and adjust its capacity accordingly.”

The airline group also has reached agreement with Boeing to swap three 787-9s for three 787-10s and cancel orders for eight 737 MAX 8s.