The Singapore Airlines (SIA) Group has reported a first quarter FY2024/25 net profit of $452 million or 12.4 cents per diluted share on a year-over-year increase in revenue of 5.3 percent to $4.7 billion.
On Wednesday (July 31, 2024), Singapore Airlines (SIA) Group reported their first quarter FY2024/25 financial results for the period ending June 30, 2024. The Group reported a first quarter net profit of $452 million or 12.4 cents per diluted share on a 5.3 percent year-over-year increase in revenue to $4.7 billion. SIA’s first quarter cargo revenue declined marginally by 0.2 percent to $541 million. At June 30, 2024, the Group had cash and bank balances totaling $10.1 billion, as well as 3.3 billion in committed and undrawn credit facilities.
At the close of the first quarter FY2024/25, Singapore Airlines Group’s operating fleet included 202 passenger and freighter aircraft, with an average age of seven years and four months. In April 2024, SIA added one new Airbus A350-900, expanding their fleet to 143 passenger aircraft and seven dedicated freighters. During the period, Scoot added two Embraer E190-E2s, bringing their fleet to 52 aircraft. The Group’s orderbook currently includes 88 aircraft yet to be delivered.
SIA launched new service to Brussels in April and to London Gatwick in June, while Scoot commenced Embraer E190-E2 operations to Koh Samui (Thailand) in May, and to Sibu (Malaysia) in June 2024. At June 30, 2024, the Group’s network included 125 destinations across 36 countries and territories, with 78 destinations served by Singapore Airlines and 69 served by Scoot. The Group’s cargo network serves 129 destinations in 37 countries and territories.
Singapore Airlines will launch new daily service between Singapore and Beijing’s Daxing International Airport from November 11, 2024, and will also increase frequencies to Beijing Capital International Airport to 21 flights weekly starting August 5, 2024. From September 2024, Scoot will add new service to Subang (Malaysia).
With the Indian National Company Law Tribunal granting approval in June 2024, the proposed Merger of Air India and Vistara remains on track. When completed, SIA will hold a 25.1 percent stake in the enlarged Air India Group. Additionally, in July 2024, SIA and Garuda Indonesia received approval from the Competition and Consumer Commission for their commercial joint venture agreement. In June 2024, SIA also signed a strategic partnership agreement with Riyadh Air, a new Saudi Arabian airline which is expected to commence operations in 2025.
Source: Singapore Airlines (SIA) Group
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