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SIA records S$2.7B profit for FY2024; Staff to receive 8-month bonus

SIA Group employees reportedly poised for a generous profit-sharing bonus, equivalent to 7.94 months’ salary, following record-breaking FY2024 profits of S$2.7 billion.



SINGAPORE: Singapore Airlines (SIA Group) employees are reportedly set to receive a lucrative profit-sharing bonus equivalent to 7.94 months’ salary.

This announcement comes on the heels of the group achieving its highest-ever full-year operating and net profits in the previous fiscal year.

The news was initially reported by international media Bloomberg, citing a person familiar with the matter.

Additionally, Singapore’s state media outlets The Business Times and The Straits Times echoed the same report, citing an announcement they had seen from chief executive officer Goh Choon Phong. SIA declined to comment on the matter.

In 2023, the airline’s staff reportedly received a bonus pay equivalent to 6.65 month’s salary, with additional rewards of 1.5 months for their exceptional efforts during the Covid-19 pandemic.

In a statement issued on Wednesday (15 May), SIA Group attributed its robust financial performance to the sustained demand for air travel, resulting in record-breaking passenger revenue and load factors.

The Group reported earnings of S$1.2 billion for the second half of the fiscal year 2024 ended in March, reflecting a marginal year-on-year increase of just 0.3%.

During the same period, revenue experienced a more notable increase, rising by 5.3% year-on-year to S$9.85 billion, although air travel demand, while still growing, moderated somewhat due to increased competition.

For the full fiscal year, the flag carrier achieved record earnings of S$2.68 billion (US$1.99 billion) for FY2024, marking a remarkable 24% year-on-year increase, with some assistance from exceptional items amid the industry’s sustained recovery.

However, excluding these exceptional items, SIA’s operating profit for the year saw a more modest increase of just 1.3% to S$2.73 billion.

This translates to an earnings per share (EPS) of 61.4 cents, representing a significant improvement from 35.1 cents.

Throughout the year, both SIA and its low-cost unit Scoot collectively accommodated 36.4 million passengers, reflecting a substantial 37.6% increase year-on-year.

Notably, there was an improvement in the Passenger Load Factor (PLF) by 2.6 percentage points, reaching a record high of 88.0%.

SIA and Scoot achieved impressive individual PLFs of 87.1% and 91.2%, respectively.

However, there was a slight decrease in Revenue per Available Seat Kilometre (RASK), dropping to 9.6 cents, marking a 4.0% decline compared to the record of 10.0 cents in FY2022/2023.

Conversely, cargo-flown revenue experienced a significant decline of 41.2% year-on-year, totalling just $2.1 billion.

Nevertheless, there was a slight increase of 1.7% in cargo loads, primarily driven by robust demand from the e-commerce sector. Despite a 42.2% year-on-year decrease in cargo yields, they remained 29.8% higher than pre-pandemic levels.

During the period, the group’s total expenditure grew by 8.0% year-on-year, reaching S$16.3 billion, notably driven by a 13.5% increase in non-fuel expenditure, totalling S$1.34 billion.

Conversely, fuel costs dropped by 2.5% in line with lower fuel prices.

As of 31 March 2024, cash and cash equivalents stood at S$11.27 billion, down from S$16.33 billion in FY2022/2023.

In light of these financial results, the group has proposed a final dividend per share of 38 cents, resulting in a full-year payout of 48 cents.

This marks an increase from the total dividend payout of 38 cents in the previous year.

In its outlook statement, the group highlights the continued robust demand for air travel in the first quarter of FY2024/25, buoyed by a significant increase in forward bookings to North Asia and Southeast Asia (SEA).

However, the aviation industry faces persistent challenges, including escalating geopolitical tensions, an uncertain macroeconomic climate, supply chain constraints, and heightened inflation on a global scale.

“The SIA group is well-positioned to seize emerging growth opportunities and navigate uncertainties thanks to its strong foundations and long-term strategic initiatives,” says the group.

As of 31 March, the Group’s operating fleet consisted of 200 aircraft with an average age of seven years and three months.

SIA had 142 passenger aircraft4 and seven freighters, while Scoot had 51 passenger aircraft5. In April 2024, the Group added one Airbus A350-900 and two Embraer E190-E2 aircraft to its fleet.

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8 months bonus after getting COVID grants? At that time I wrote that the govt. should be giving interest free loans instead of grants to corporates. As usual the govt. did what it wanted and two years later this is the result. The staff get the bonus and the Public the GST increase. SIA has other shareholders not only TH. So please LW think of a way to claw back our reserves which were so easily given out to corporates.

SIA nowadays doesn’t seems like SG national airlines but someone’s personal wealth portfolio, hor. Remember its seed money was taxpayers monies. How has SIA been giving back to Singaporeans with its success? Or its only obligation is towards its shareholders?

Look at this ISSUE without tint, squarely, neutrally – is it the massive money PAP injected into SIA or the effort of SIA employees that resulted in what SIA is today.

Hawkers lost money, closed their business is it bcz of their fault, lack of PAP monetary support or covid in general.

Gov said all the taxes and prices increase were necessary to replenish the “well-spent” drawn reserves during the pandemic. So shouldn’t SIA be taxed more since it is so profitable now as to award its employees (not mentioning its shareholders too) such extravagant bonuses? If provisions (aka excuses) can be made to GIVE to such corporates to help them survive in crisis, then surely provisions can also be made to TAKE back more from them if they returned to doing well, hor. Looks like LawlanWong failed already, literally on the first day of the job. Hard to have confidence in… Read more »

Taxpayer bailed out SIA during the pandemic restricted years. Those monies should be going back to public coffers.

Socialising the losses and privatising the profits again? Can any of the executives and upper management in SIA spell “corruption?”

Taxes and many other costs have increased in SG post Covid-19, due to the almost $100 billion spent during those few years. All public money.

We all now have to contribute in one way or another to fill back the holes dug. But come to profits, how much going back to the govt coffer and how much paid to these beneficiaries again and again?

We have to look back at the Covid-19 times between 2020 to 2022 how many billions of $ of public money poured into SIA?

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Tax payer money used to keep this blardy expensive airline alive during times of trouble. Now profit…only the elites and chosen few get but not the very people whose monies they used to keep this POS afloat.

SIA ‘IS’ a National Carrier. Temasek owns a lot shares.

How come it is only employees extra BENEFIT from SIA profits when money from tax payers were used to SUPPORT SIA during bad days when covid devastated EVEYONE, not only SIA.

Did the ppl of Sgrean benefit from it. No?!?

Dun say serve the ppl when u never had that intention.

During covid, the PAP Administration pumped in money to assist SIA to stay up. Where PAP got the money from?

Now SIA make billions, again, where the money goes back to?