Connect with us

Business

Singapore Airlines CEO’s pay jumps 20.6% to S$8.1 million amid record profits

Singapore Airlines CEO Goh Choon Phong’s pay for FY 2024 surged 20.6% to $8.1 million, reflecting robust financial performance. SIA’s record net profit of $2.7 billion marks a 24% increase from the previous year, prompting nearly eight months of profit-sharing bonuses for eligible employees.

Published

on

Singapore Airlines (SIA) has reported a substantial increase in CEO Goh Choon Phong’s total remuneration for the financial year 2024, reflecting the airline’s robust financial performance.

According to SIA’s annual report released on 1 July, Mr Goh’s pay surged by 20.6% to S$8.1 million, up from S$6.7 million in the previous year.

Mr Goh’s compensation package for FY 2024 includes a S$1.4 million basic salary, constituting 18% of his total remuneration, along with S$2.2 million in bonuses (27% of total), and S$4.3 million in SIA shares. Additional benefits accounted for nearly S$148,000.

The increase in Mr Goh’s pay aligns with SIA’s record-breaking financial results. The airline reported a net profit of S$2.7 billion for FY 2024, marking a 24% increase from $2.2 billion the previous year.

In response to this exceptional performance, eligible SIA employees were rewarded with nearly eight months of profit-sharing bonuses.

Chief Commercial Officer Lee Lik Hsin and Chief Operations Officer Tan Kai Ping also saw significant rises in their remuneration, each receiving between S$3.5 million and S$3.75 million for FY 2024, compared to S$2.75 million to S$3 million in FY 2023.

Following the publication of the annual report, SIA’s shares experienced a slight drop of 2 cents in their share value, with exchanges taking place between S$6.86 and S$6.90, eventually closing at $6.88.

It is noteworthy that in March 2020, State investor Temasek Holdings, along with other stakeholders, orchestrated a funding package amounting to up to S$19 billion (US$13.27 billion) for Singapore Airlines (SIA). This marked the largest single rescue effort for an airline grappling with the severe impact of the coronavirus pandemic.

It is unknown if the investors have recouped their funding to SIA.

Share this post via:
Continue Reading
14 Comments
Subscribe
Notify of
14 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments

I believed that SQ is still a good airline in the first place

Not bad lah!!! Sinkies can’t even find proper jobs & worst when you get a job. There some Assholes who Fucked it Up.
They happened to be Racial Sinkies.
Nice. To Know, Someone is Raking It In.
Make Hay, When The Sun Shines.

Spam

Last edited 9 days ago by Blankslate

But no money to compensate turbulence passenger

Public fund used to save SIA during the past 3 years of pandemic, now no need to return back to the national reserve????

Still can boast record profit and who get how many millions of salaries and bonuses…..lol.

When public funds are used to bail SIA out whenever it is in trouble, of course it can make profits whatever the global economical condition may be. Pappies is just a sugar daddy using public monies to float its cronies. A clutch mentality developed by Kayu Boy always dependent on his daddy.

Spam

Last edited 9 days ago by Blankslate

Give them taxpayers’ money so they won’t go under long enough to ride the next wave of profitability when the cycle of daylight robbery returns and then reward their leader, who pees like everyone, with an obscene amount of money that makes the janitor who cleans up after him look like collecting trash for wages in comparison for his dirty work.

Now why doesn’t the law minister make such remuneration unlawful? It is not unlawful because they put their hands into the same cookie jar? 

Meanwhile ordinary sgs are given cdc vouchers to survive and told to eat at the 370 hdb rental coffee shops offering Budget Meals….to arrest the ever rising cost of living.
How “far we have come” …omg😭

Is this after returning the Covid grant? Public has to pay increases in costs in everything including the GST. Corporates were given monies freely and after 2 years are claiming they made profits. The least they can do is to return the grants which should have been given out as Interest free loans.

Ah yes, serving the people with the best airlines unless u have money to pay the airfare … No?!?

And how does it benefit/serve the people with high salary for CEO plus Govt …

Of Course profit, One of the most expensive airlines in the world just like their government.

Trending