SIA Group Clocks In Record Profits For Financial Year 2022/2023
SIA Group, including subsidiaries Singapore Airlines (SIA) and Scoot, has hit yet another milestone for the fiscal year 2022/2023.
The group recently clocked its highest profits in the history of the company, following the post-pandemic travel boom.
The company announced this achievement in a press statement on Tuesday (16 May). They also revealed that SIA Group’s ridership has increased six times over the past year.
Dramatic increase in revenue & profits for SIA Group
SIA Group’s statement shared that it has posted its highest net profit since it started 76 years ago.
Strong demand from the post-pandemic border openings drove earnings for them in areas such as revenue, operating profit, and passengers.
For the financial year that ended on 31 Mar, the company recorded a net profit of S$2.157 billion. This is a massive increase compared to the year before, when they made S$962 million in net profit.
Source: Singapore Airlines on Facebook
Alongside that, SIA saw a record revenue of S$17.775 billion. This is a 133% jump from the S$7.615 billion revenue in March 2022.
Operating profits came in at S$2.692 billion, making up for the previous year’s loss of S$610 million.
Considering the increased operations, it is no surprise that SIA’s expenditures went up by 83.4% over the past year. In March 2022, their expenditures came in at S$8.225 billion. This time, it came in at S$15.083 billion.
A reason behind the expenditure hike was the cost of fuel, which spiked 147.3%.
Singapore Airlines & Scoot saw sharp increase in passengers
Keeping in mind the earnings the past year, SIA is now proposing a final dividend of S$0.28 per share for the financial year (FY) 2022/2023. Additionally, SIA group paid an interim dividend of S$0.10 per share on 22 Dec 2022.
This makes the total dividend for this year S$0.38 per share.
The statement also revealed that Singapore Airlines and Scoot saw six times the volume of passengers this year compared to last.
For FY 2022/2023, the two airlines carried a combined total of 26.486 million passengers. This is in stark contrast to FY 2021/2022’s 3.890 million.
The group’s passenger load factor — meaning the available seats on flights that are filled with passengers — also jumped from 30.1% last year to 85.4% this year.
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Featured image adapted from Mainly Miles.
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