• Highest quarterly revenue on record passenger carriage, despite declining yields  amid stiffer competition  
  • Net fuel costs down 9.8% on the back of lower fuel prices  
  • Unit non-fuel cost remained under control with effective cost management  mitigating inflationary pressures  
  • • Net profit boosted by a one-off $1,098 million non-cash accounting gain following  completion of the Air India-Vistara merger in November 2024

SIA GROUP FINANCIAL PERFORMANCE 

SIA Group reports a 3.3% growth in third-quarter operating profit to $629 millionThird Quarter FY2024/25 – Profit and Loss

 The Singapore Airlines (SIA) Group’s financial performance for the third quarter of FY2024/25 is summarised as follows:

Group Financial Results 3rd Quarter

FY2024/25

($ million)

3rd Quarter

FY2023/24

($ million)

Better/ (Worse)

(%)

9 Months

FY2024/25

($ million)

9 Months

FY2023/24

($ million)

Better/ (Worse)

(%)

Total Revenue 5,219 5,082 2.7  14,716 14,244 3.3
Total Expenditure 4,590 4,473 (2.6) 13,292 12,082 (10.0)
Net Fuel Cost 1,312 1,454 9.8  4,042 3,737 (8.2)
Fuel Cost (before hedging) 1,302 1,540 15.5  4,099 4,068 (0.8)
Fuel Hedging (Gain)/Loss 11 (87) n.m. (57) (331) (82.8)
Non-fuel Expenditure 3,277 3,019 (8.6) 9,249 8,345 (10.8)
Operating Profit 629 609 3.3  1,425 2,163 (34.1)
Net Profit 1,626 659 146.7  2,368 2,100 12.8

 

The Group revenue reached a record $5,219 million in the three months ended 31 December 2024, up $137 million (+2.7%) from the same period last year, spurred by robust demand for air travel in the third quarter of FY2024/25.

Passenger flown revenue improved by $70 million (+1.7%), with SIA and Scoot carrying a quarterly record of 10.2 million passengers, up 7.2% from the third quarter of FY2023/24. Group passenger load factor fell by 1.0 percentage point to 87.2%, as the 7.2% growth in passenger traffic lagged the capacity expansion of 8.5%. Greater competition due to industry capacity injection continued to put pressure on yields, which dipped 4.5% to 10.7 cents per revenue passenger-kilometre.

Cargo flown revenue increased by $54 million (+9.7%), with loads up 14.6% year-on-year, bolstered by robust demand due to strong e-commerce activity, a step up in freighter charters, and a boost in perishables traffic. Cargo capacity rose 12.8% while the cargo load factor was 0.9 percentage points higher at 56.4%, with yields 4.5% lower.

Group expenditure grew $117 million (+2.6%) to $4,590 million, driven by higher non-fuel expenditure of $258 million (+8.6%), and partially offset by the decline in net fuel cost of $142 million (-9.8%). Effective cost management measures kept the rise in non-fuel expenditure below the growth in overall capacity (+10.1%), despite inflationary pressures. Net fuel cost was lower due to a 20.9% drop in fuel prices before hedging (-$359 million), partially offset by the higher volume uplifted (+$162 million), and the swing from a fuel hedging gain in the previous year to a loss (+$98 million).

Consequently, the Group recorded an operating profit of $629 million for the third quarter of FY2024/25, $20 million (+3.3%) higher than the same quarter in the previous year.

The Group’s net profit rose $967 million (+146.7%) to $1,626 million, predominantly due to the $1,098 million non-cash accounting gain resulting from the disposal of Vistara, following the airline’s merger with Air India in November 2024.

April to December 2024 – Profit and Loss

Group revenue reached a record $14,716 million for the nine months to 31 December 2024, up $472 million (+3.3%) compared to the same period in the previous year. This was led by the rise in passenger flown revenue of $189 million (+1.6%) and cargo flown revenue of $96 million (+5.9%). Heightened competition resulted in lower passenger yields (-6.4%) and cargo yields (-10.2%) year-on-year. Operating expenditure increased $1,210 million (+10.0%), in line with the overall capacity expansion of 10.5%. Net fuel cost was $305 million (+8.2%) higher mainly from an increase in volume uplifted (+$437 million) and lower fuel hedging gain (+$274 million), partially offset by an 8.1% fall in fuel prices (-$367 million). As a result, the operating profit fell $738 million (-34.1%) to $1,425 million.

Despite the lower operating profit, the Group net profit was $268 million (+12.8%) higher on the back of the non-cash accounting gain following the merger of Vistara with Air India in November 2024.