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Singapore Airlines Reports Fiscal First Quarter Net Profit of $734 Million

Singapore Airlines Group has reported a record fiscal first quarter 2023/24 net profit of $734 million on a 14 percent year-over-year increase in revenue to $4.5 billion. At June 30, 2023, the Group had cash and bank balances totaling $13.8 billion.

Singapore Airlines Airbus A350-900 - Courtesy Airbus

On Thursday (June 27, 2023) Singapore Airlines (SIA) Group reported their fiscal first quarter 2023/24 financial results for the period ending June 30, 2023. The Group reported a record quarterly net profit of $734 million on a 14 percent increase in revenue to $4.5 billion. SIA closed the first fiscal quarter with cash and bank balances of $13.8 billion and total debt of $14.7 billion. The Group’s debt-equity ratio increased from 0.77 at the close of fiscal 2022/23 to 0.86 at the end of Q1 FY2023/24. In addition to cash on hand, the company also retains access to $2.2 billion in committed and undrawn credit facilities.

During the first quarter, SIA added four aircraft to their operating fleet, including one Airbus A350-900, two Boeing 787-10 Dreamliners, and one Boeing 737-8 MAX. At June 30, 2023, the Group had 199 aircraft in their fleet, comprised of 192 passenger aircraft and seven dedicated freighters. Singapore Airlines’ fleet included 137 passenger aircraft and seven freighters, while Scoot had 55 passenger aircraft. Currently, the Group’s orderbook includes 99 aircraft. With an average age of just under seven years, SIA operates one of youngest and most fuel-efficient fleets in the airline industry.

Singapore Airlines Group's Fiscal First Quarter 2023/24 Financial Results - Courtesy SIA

Scoot expanded their footprint in China during Q1 with the resumption of service to seven destinations, including Changsha, Haikou, Nanning, Ningbo, Shenyang, Wuhan and Xi’an. The Group now collectively serves 17 destinations in China, with Scoot serving 14 points and SIA serving four points. In total, the Group's network includes 116 destinations in 36 countries and territories with SIA serving 74 cities and Scoot serving 65. Singapore Airlines Group’s cargo network includes 121 destinations in 38 countries and territories.

Work continues in the merger of Air India and Vistara, which will see SIA taking a 25.1 percent stake in the Air India Group when the transaction has been finalized. Additionally, in May 2023, SIA and Garuda Indonesia agreed on plans to establish a joint venture route arrangement, that would deepen the cooperation between the carriers. Subject to regulatory approvals, the JV will explore initiatives such as coordination of schedules and reciprocal frequent flyer program benefits.

Source: Singapore Airlines (SIA) Group


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