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Singapore Airlines Group Reports Fiscal Third Quarter 2023/24 Net Profit of $659 Million

Singapore Airlines Group has reported a fiscal third quarter FY 2023/24 net profit of $659 million on a year-over-year increase in revenue of 4.9 percent to $5.0 billion.  For the nine month period ending December 31, 2023, SIA reported a net profit of $2.5 billion.

Singapore Airlines Airbus A350-900 - Courtesy Airbus

On Tuesday (February 20, 2024), Singapore Airlines Group (SIA) reported their fiscal third quarter and nine month FY 2023/24 financial results for the period ending December 31, 2023.  The carrier reported a third quarter net profit of $659 million on a 4.9 percent year-over-year increase in revenue to $5.0 billion.  For the nine month period ending December 2023, SIA reported a net profit of $2.5 billion on a 7.4 percent increase in revenue compared to 9M 2022/23 to a record $14.2 billion.  At December 31, 2023, Singapore Airlines Group’s cash and bank balances totaled $10.5 billion.

At December 31, 2023, the Group’s operating fleet included 202 passenger and freighter aircraft with an average age of seven years and one month.  During the fiscal third quarter, SIA added three new Boeing 787-10 Dreamliners bringing their fleet to 143 passenger aircraft and seven freighters.  Scoot operated 52 passenger aircraft, and will take delivery of their first Embraer E195-E2 in April 2024.  The Group also has a total of 92 aircraft on order. 

Singapore Airlines Group's Fiscal Third Quarter and Nine Month FY 2023/24 Financial Results - Courtesy SIA Group

In the fiscal third quarter, SIA resumed service to Chongqing and Xiamen, while Scoot restarted flights to Kunming.  The Group now operates service to 23 destinations in China, compared to 25 points pre-pandemic.  Scoot also resumed flights to Chennai, and restructured service to Athens and Berlin by operating three weekly Singapore-Athens-Berlin flights.

The proposed merger of Air India and Vistara remains in progress, pending foreign and direct investment, as well as regulatory approvals.  Once consummated, SIA will have a 25.1 percent stake in the enlarged Air India Group, with a significant presence in all key Indian markets.

The Singapore Airlines Group’s history dates back to 1947 with the launch of Malaysian Airways’ first flight.  The carrier was later renamed Malaysian Airways, and later Malaysia-Singapore Airlines (MSA), which split into Singapore Airlines and Malaysian Airline System in 1972.  Initially operating a fleet of 10 aircraft to 22 destinations, SIA has grown into a world-class international airline group, which remains committed to service excellence, product leadership and network connectivity.


Source: Singapore Airlines Group


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