Singapore Airlines posts biggest profit ever

Zurich, Switzerland - December 27, 2009: Airplane Boeing 777-300 of Singapore Airlines departing Zurich airport.
Edited by Travel Weekly

    Singapore airlines posted its largest profit in the 76 year history of the airline with a net profit of SD $2.16 billion (AUD$2.43 billion).

    The figures are largely bolstered from the return of flights around east Asia, in particular China, Japan and South Korea, as they have all ‘re-opened’ this year following the COVID pandemic. 

    Consolidated revenue for Singapore Airlines and its low cost subsidiary, Scoot reached SD $17.8 billion (AUD$ 19.99 billion), compared to SD $7.6 billion (AUD$ 8.53 billion) in the same period the previous year. 

    Passenger revenue rose from SD $2.8 billion (AUD$ 3.14 billion) to SD $13.4 billion (AUD$15.05 billion) with a total of 2.6 million passengers carried in the FY 2022-23 with a load factor of 85.8 per cent for SIA and 83.9 per cent for Scoot. 

    Figures are expected to rise for the carrier as capacity in countries like China is quickly  growing. Scoot has resumed its flights to Haikou, Ningbo and Xi’an in April, and to Nanning and Shenyang in May, and will add Jinan and Nanchang over the summer. 

    The low cost airline has also increased its flights to Athens, Penang, Perth, Taipei and Hokkaido (as well as a range of other destinations) while Singapore Airlines will return to Barcelona, Frankfurt and Rome in the summer months to meet customer demand. 

    Whilst the outlook is positive (forecasts show SIA will reach 83 per cent of its 2019 number in FY 2023-24) it is also wary of the geopolitical issues that face airlines in 2023 that could, “pose challenges for the airline industry in months ahead,” a spokesperson told Airinsight.

    “Even though fuel prices have moderated in recent months, they remain at elevated levels. As competition is expected to increase with more capacity being injected on international routes, the group will monitor developments closely and be agile and nimble in its response.

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