Compared to FY2021/22, which had an operating deficit of $610 million, the group operating profit was a record $2,692 million. A record $2,601 million in operating profit for SIA, up $2,713 million from the prior fiscal year.
The passenger capacity of the Singapore carriers (SIA) Group exceeded the 58% level for international scheduled services of Asia-Pacific carriers in March 2023, rising to 79% of pre-Covid levels. 26.5 million passengers were carried by SIA and Scoot together, an increase of six times over the previous year. The highest ever recorded for the Group, the passenger load factor (PLF) increased by 55.3 percentage points to 85.4%. Scoot recorded a PLF of 83.9%, while SIA attained a record PLF of 85.8%. For the fiscal year FY2022/23, the group’s revenue climbed by $10,160 million (+133.4%) from year to year to a record $17,775 million. Revenue from passengers flown increased from $13,366 million to $10,560 million (+376.3%) as traffic increased by 449.9%, exceeding the capacity growth of 94.0%.
Compared to FY2021/22, which had an operating deficit of $610 million, the group operating profit was a record $2,692 million. A record $2,601 million in operating profit for SIA, up $2,713 million from the prior fiscal year. A record operating profit of $148 million was made by Scoot, an increase of $602 million over FY2021/22.
The Group reported a record net profit for the year of $2,157 million, up from a net loss of $962 million the year before (+$3,119 million). Better operating performance (+$3,302 million) and reduced net financing charges (+$338 million) were the key contributors to this, which was only somewhat offset by a tax expenditure as opposed to a tax credit last year (-$615 million).
“The SIA Group’s record financial success for FY2022/23 is a credit to its proactive strategic efforts, preemptive planning done while borders were still closed, and the hard work, devotion, and sacrifices of its people. Takis Dimitriou, Head of Asian Aviation, GSA of Singapore Airlines, and Scoot for Greece and Cyprus, mentions the SIA Group’s strong financial position, commitment to providing customers with best-in-class products and services, as well as its improved agility and resilience emerging from the Covid-19 pandemic, will allow it to retain its leadership position in the industry.
The airline sector may face difficulties in the next months as a result of macroeconomic and geopolitical uncertainty, excessive cost inflation, and other factors. Even though fuel costs have dropped recently, they are still very high. The Group will actively watch events and respond swiftly and nimbly in light of the anticipated increase in competition on international routes.
Several strategic initiatives were implemented to get ready for the future, including the continuation of network expansion through closer cooperation with like-minded airlines, the proposed merger of Air India and Vistara to strengthen SIA’s presence in the rapidly expanding Indian aviation market, and Scoot’s decision to lease nine Embraer E190-E2 aircraft and broaden its footprint to secondary points in the region.
Additionally, despite the epidemic, the Group stuck to its long-standing plan of acquiring and flying newer models of aircraft. This makes it possible to increase operational effectiveness and assist continuing initiatives to significantly reduce carbon emissions.
To enhance its premium image, the Group kept making investments in goods and services that are leaders in their fields. This included an order for the brand-new Airbus A350F freighters as well as the retrofitting of its Airbus A380 and Boeing 737-8 aircraft. It also included a redesign of its flagship lounges at Singapore Changi Airport Terminal 3.
Source: traveldailynews