Throughout the fiscal year 2023/24, there was a strong demand for air travel, particularly in North Asia, as borders fully reopened in China, Hong Kong SAR, Japan, and Taiwan. SIA and Scoot jointly accommodated 36.4 million passengers, marking a significant 37.6% increase compared to the previous year. Passenger traffic grew by 26.6%, surpassing the 22.9% capacity expansion, resulting in a record-high Group passenger load factor (PLF) of 88.0%. SIA and Scoot achieved individual record PLFs of 87.1% and 91.2%, respectively.
Group revenue climbed to $19,013 million, up by 7.0% year-on-year, with passenger flown revenue reaching $15,685 million, despite a 7.6% decline in passenger yields. Cargo flown revenue decreased to $2,119 million, impacted by lower yields, although still higher than pre-pandemic levels by 29.8%.
In FY2023/24, the financial performance of the Singapore Airlines (SIA) Group can be outlined as follows:
| Category | FY2023/24 ($ million) | FY2022/23 ($ million) | Better/Worse (%) | 2nd Half FY2023/24 ($ million) | 2nd Half FY2022/23 ($ million) | Better/Worse (%) |
|---|---|---|---|---|---|---|
| Total Revenue | 19,013 | 17,775 | 7.0 | 9,850 | 9,358 | 5.3 |
| Total Expenditure | 16,285 | 15,083 | (8.0) | 8,677 | 7,901 | (9.8) |
| Net Fuel Cost | 5,077 | 5,209 | 2.5 | 2,794 | 2,514 | (11.1) |
| Fuel Cost (before hedging) | 5,468 | 5,958 | 8.2 | 2,940 | 2,845 | (3.3) |
| Fuel Hedging Gain | (391) | (749) | (47.8) | (147) | (332) | (55.7) |
| Non-fuel Expenditure | 11,209 | 9,873 | (13.5) | 5,883 | 5,387 | (9.2) |
| Operating Profit | 2,728 | 2,692 | 1.3 | 1,174 | 1,458 | (19.5) |
| Net Profit | 2,675 | 2,157 | 24.0 | 1,234 | 1,230 | 0.3 |
Operating expenditure rose by 8.0% to $16,285 million, primarily due to a 13.5% increase in non-fuel expenditure, partially offset by a 2.5% decrease in net fuel cost. Despite higher fuel volumes uplifted, net fuel cost decreased due to a drop in fuel prices. Consequently, Group operating profit reached a record $2,728 million, up by 1.3% from the previous year, with net profit improving by 24.0% to $2,675 million.
In the second half of FY2023/24, Group revenue rose by 5.3% to $9,850 million, driven by a 10.1% increase in passenger flown revenue, partially offset by a 29.7% decline in cargo revenue. Operating profit in the second half decreased by 19.5% to $1,174 million, while net profit remained stable at $1,234 million.
As of March 31, 2024, the Group’s operating fleet comprised 200 aircraft, with plans to add more. The passenger network covered 118 destinations in 35 countries and territories, with additional services planned for the Northern Summer 2024 season.
The Board of Directors recommended a final dividend of 38 cents per share for FY2023/24, bringing the total dividend to 48 cents per share. Additionally, the Company announced the redemption of all remaining Mandatory Convertible Bonds (MCBs) issued in June 2021.
Looking ahead, the Group anticipates healthy air travel demand in the first quarter of FY2024/25, with continued monitoring of market conditions and adjustments to the network as necessary. The Group also remains committed to sustainability goals, including the use of Sustainable Aviation Fuel (SAF) and plans to establish a foundation to support communities in need and advance Singapore’s aviation industry.
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