The Singapore Airlines group (SIA) has posted a record net profit of USD 2.8 billion for the year ending on March 31. Media reports in Singapore also say that the company staff would get 7.45 months’ pay as profit-sharing bonus.
Giving a summary of the company’s financial statement, a SIA press release said that the SGD 2.8 billion net profit was “boosted by the one-off non-cash accounting gain of SGD 1.1 billion from the Air India-Vistara merger”.
“The SIA Group remains in strong position to navigate global trade and macroeconomic uncertainties due to its robust foundations and long-term strategic investments,” said the press release.
The proposed final dividend of 30 cents per share for FY2024/25 would result in a total dividend of 40 cents per share for the year, added the release.
Reporting on the SIA result, The Straits Times said that it had sent queries to the aviation company on staff bonus, and “SIA said it can confirm that employees will receive a profit-sharing bonus in recognition of their dedication and hard work in FY2024-25”.
Detailing the factors that led to the record net profit, the SIA press release said: “Group revenue climbed SGD 527 million (+2.8 per cent) from a year before to a record SGD 19,540 million, driven by resilient demand for air travel and cargo uplift in FY2024/25.”
Singapore Airlines and its subsidiary Scoot carried a record 39.4 million passengers, up by 8.1 per cent.
For the year, passenger flown revenue came in at SGD 15,849 million, an increase of 1 per cent. Cargo flown revenue improved by SGD 94 million, an increase of 4.4 per cent, buoyed by the strong demand for e-commerce and perishables, as well as the spillover from disruptions to sea freight.
“The Group’s net profit improved SGD 103 million (+3.9 per cent) to a record SGD 2,778 million, due to [an] SGD 1,098 million non-cash accounting gain following the completion of the Air India-Vistara merger in November 2024,” said SIA.
SIA and Tata Sons have successfully completed the Air India-Vistara merger on 12 November 2024, “reinforcing the Group’s multi-hub strategy”. SIA now has a 25.1 per cent stake in the enlarged Air India, “allowing it to participate directly in the fast-expanding Indian aviation market”.
The release said that “SIA and Tata are firmly committed to supporting the growth and success of Air India, which has a strong presence across all key segments of the Indian market”.
SIA said: “Continued focus on product leadership and service excellence, including investments in next-generation aircraft, new cabin products, and airline lounges, will help the Group’s airlines maintain their competitive edge by providing customers with more value and enhancing the end-to-end travel experience.”
