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Singapore Airlines Reports FY 2022/23 Net Profit of $2.2 Billion on Record Revenue of $17.8 Billion

Singapore Airlines has reported a record financial year 2022/23 net profit of $2.2 billion on a year-over-year increase in revenue of 133.4 percent to $17.8 billion. At March 31, 2023, the Group had cash and bank balances totaling $16.3 billion.

Singapore Airlines Airbus A350-900ULR - Courtesy Airbus

On Tuesday (May 16, 2023), Singapore Airlines Group (SIA) reported their financial results for fiscal 2022/23 for the full-year ending March 31, 2023. The Group reported a record FY2022/23 net profit of $2.2 billion on a year-over-year increase in revenue of 133.4 percent to $17.8 billion. At March 31, 2023, Singapore Airlines Group had cash and bank balances totaling $16.3 billion, an increase of $2.5 billion compared to the close of the last financial year. The company’s total debt balances decreased year-over-year by $400 million to $15.3 billion, resulting in a rise of debt-to-equity ration from 0.70 times to 0.77 times.

Singapore Airlines Group's FY2022/23 Financial Results - Courtesy Singapore Airlines

At the end of the fiscal year, the Group had 195 aircraft in their operating fleet, including 188 passenger aircraft and seven dedicated freighters, while Scoot had 55 passenger aircraft, with an average age of six years and nine months. Singapore Airlines’ passenger fleet includes 23 Boeing 777-300ERs, 12 Airbus A380s, 61 A350s, 15 Boeing 787-10s, seven 737-800s and 15 737-8s. Scoot’s fleet is comprised of 18 Boeing 787-8s, 18 787-9s, 20 Airbus A320ceos, six A320neos, and nine A321neos. SIA took delivery of one Airbus A350-900 in March 2023 and one Boeing 787-10 Dreamliner in April 2023. These aircraft have since joined the carrier’s operating fleet, along with one Boeing 737-8 MAX after a cabin retrofit.

Recently, the Group reached an agreement with Boeing to adjust their aircraft order book. The changes include swapping three 787-9s for three 787-10s, and the cancellation of an order for eight 737-8 MAX airplanes.

During Q4 FY2022/23 SIA resumed service to Guangzhou, while Scoot restarted flights to Balikpapan and Qingdao. As of March 31, 2023, the Group’s passenger network included 109 destinations across 36 countries and territories, with SIA serving 74 cities, and Scoot serving 58. The Group’s cargo network at the end of fiscal 2022/23 comprised 118 destinations across 38 countries and territories. For the Northern Summer operating season from March 26th through October 28, 2023, the Group will expand service to China with the restart of Scoot’s flights to Haikou, Ningbo, and Xi’an (April 2023), Nanning and Shenyang (May 2023), Jinan (July 2023), and Nanchang (August 2023). During the first half of FY 2023/2024, the SIA Group expects to operate an average capacity that is approximately 83 percent of pre-pandemic levels.

Source: Singapore Airlines Group


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