Singapore Airlines Group posts USD 1.98 Billion Dollars profit, highest in their 77-year history

The season of airline results has started, and this year, the strong return of travel, clubbed with strong fares, has meant that airlines have been able to post strong results. We saw this with Emirates, which posted very strong results for the financial year 2023-24. Now, we see the same trend with Singapore Airlines.

a plane flying in the sky

SIA Group posts the highest profit in their history

The demand for air travel remained buoyant throughout FY2023-24, boosted by a rebound in North Asia as China, Hong Kong SAR, Japan, and Taiwan fully reopened their borders. SIA and Scoot carried a combined 36.4 million passengers, up 37.6% year-on-year. Passenger traffic grew 26.6%, outpacing the capacity expansion of 22.9%. As a result, the Group passenger load factor (PLF) improved 2.6 percentage points to a record 88.0%. SIA and Scoot registered record PLFs of 87.1% and 91.2% respectively.

Group revenue rose SGD 1,238 million (+7.0% year-on-year) to a record SGD 19,013 million. Passenger flown revenue rose by SGD 2,319 million (+17.3%) to SGD 15,685 million, despite a 7.6% decline in passenger yields. Cargo flown revenue fell SGD 1,485 million (-41.2%) to SGD 2,119 million. While cargo loads increased by 1.7% due to the strong demand from the e-commerce segment, yields were 42.2% lower year-on-year – albeit 29.8% above pre-pandemic levels2.

Group operating profit reached a record SGD 2,728 million, up SGD 36 million or 1.3% from a year before. The Group’s net profit improved by SGD 518 million (+24.0%) to SGD 2,675 million. This was mainly due to the better operating performance, a net interest income versus net finance charges a year before, lower tax expense, and a share of profits versus a share of losses of associated companies from the previous year.

Singapore Airlines Group Fleet

As of March 31, 2024, the Group operating fleet consisted of 200 aircraft with an average age of seven years and three months. SIA had 142 passenger aircraft and seven freighters (22 777-300ERs, 12 A380s, 63 A350s, 22 787-10s, seven 737-800 NGs, and 16
737- 8s.). Scoot had 51 passenger aircraft (11 787-8s, 10 787-9s, 15 A320ceos, six A320neos, and nine A321neos). In April 2024, the Group added one Airbus A350-900 and two Embraer E190-E2 aircraft to its fleet. As of May 2024, the Group has 89 aircraft on order (26 Airbus aircraft (one A350, 12 A320neos, six A321neos, seven A350Fs), 56 Boeing aircraft (31 777-9s, 12
787s, 13 737-8s), and seven Embraer E190-E2 aircraft.))

As of 31 March 2024, the Group’s passenger network covers 118 destinations in 35 countries and territories. Singapore Airlines serves 73 destinations while Scoot served 67. The cargo network comprised 123 destinations in 37 countries and territories.

Scoot began Embraer E190-E2 operations on 7 May 2024 with flights to Krabi. The aircraft will operate to existing destinations such as Hat Yai, Miri, and Kuantan, as well as two new points – Koh Samui (in May 2024) and Sibu (in June 2024). Operating the aircraft on thinner routes to non-metro destinations in the Asia-Pacific allows the Group to unlock significant growth opportunities in the region.

a white and yellow airplane on a runway

Scoot’s first Embraer E190-E2 Aircraft

Singapore Airlines on the Air India / Vistara Merger

The proposed merger of Air India and Vistara was approved by the Competition and Consumer Commission of Singapore on 5 March 2024. It is pending foreign direct investment and other regulatory approvals. Once completed, it will give SIA a 25.1% stake in an enlarged Air India Group with a significant presence in all key Indian airline market segments, including domestic, international, full-service, and low-cost. This will strengthen SIA’s multi-hub strategy, and allow the Group to continue participating directly in this large and fast-growing aviation market.

Singapore Airlines KrisFlyer programme continues to grow

Membership numbers at KrisFlyer, the SIA Group’s loyalty programme, grew 31% year-on-year to 8.8 million members as of 31 March 2024, while revenues at the programme level were more than 20% higher at SGD 1.21 billion. KrisFlyer continues to expand its reach with more partnerships and provides greater options for members to earn and use their miles.

New Passenger Experience Investments

SIA continues to invest in enhancing the end-to-end customer experience. A new SilverKris Lounge at Perth International Airport was opened in February 2024, and plans are underway to progressively upgrade other lounges in SIA’s network. In March 2024, SIA unveiled a comprehensive revamp of its Premium Economy Class in-flight experience, introducing a wide variety of new and refreshed meal options, along with a new amenity kit.


Singapore Airlines and the group have seen a record year of profitability on the back of the return of travel and skyrocketing fares. The group posted USD 1.98 Billion in profits. The airline also saw a record Passenger Load Factor of 87.1% during the year.

What do you make of Singapore Airlines/Group profits for the last financial year?

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About Ajay

Ajay Awtaney is the Founder and Editor of Live From A Lounge (LFAL), a pioneering digital platform renowned for publishing news and views about aviation, hotels, passenger experience, loyalty programs, travel trends and frequent travel tips for the Global Indian. He is considered the Indian authority on business travel, luxury travel, frequent flyer miles, loyalty credit cards and travel for Indians around the globe. Ajay is a frequent contributor and commentator on the media as well, including ET Now, BBC, CNBC TV18, NDTV, Conde Nast Traveller and many other outlets.

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  1. Nothing beats SQ; if flying INTL SQ should always be 1st choice. Even a little detour thru changi is worth it which includes free SIN tour and if you have priority pass nothing like that. There on boarding is world class starting from ECO TO BUSINESS. Every airline can learn from them; even after flying 18hrs straight the crew are so proactive and empathetic towards passengers

  2. I’m from Coimbatore, i prefer booking Singapore Airlines where first flight is by Scoot which will be terrible but second sector flight will be Singapore Ailines will be a bliss with great food, hospitality and free wifi and will be transting via Changi airport which is like a tourist attraction.

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