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.
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%.
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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