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Singapore Airlines Reports Third Quarter FY 2021/23 Net Profit of $85 M on 117% Increase in Revenue

Singapore Airlines has reported their first quarterly profit since the onset of the global COVID-19 pandemic, with a third quarter FY 2021/22 net profit of $85 million on a year-over-year increase in revenue of 117 percent to $2.3 billion.

Singapore Airlines Airbus A380-800 - Courtesy Singapore Airlines

On Thursday (February 24, 2022), Singapore Airlines (SIA) Group reported their third quarter results FY 2021/22 for the period ending December 31, 2021. The Group reported the first quarterly positive result since the onset of the global COVID-19 pandemic with a Q3 net profit of $85 million on a year-over-year increase in revenue of 117 percent to $2.3 billion. Singapore Airlines’ third quarter cargo revenue increased 81.6 percent versus the same period last year to $1.35 billion, surpassing the $1.0 billion mark for the first time and setting a new quarterly record. For the first nine months of the fiscal year, SIA recorded a net loss of $752 million, an improvement of $1.65 billion compared to 9M FY 2020/21. At December 31, 2021, SIA had cash and bank balances totaling $12.1 billion and total debt of $14.9 billion. The Group also retains access to $2.1 billion in undrawn committed credit lines.

During the fiscal third quarter, Singapore Airlines reactivated Airbus A380 operations with service between London and Sydney and took delivery of one Airbus A350 and four Boeing 737-8 MAX aircraft, while Scoot took delivery of two A321neos. At the end of 2021 SIA had a fleet of 121 passenger aircraft and seven freighters, and Scoot had a fleet of 50 passenger aircraft. Singapore Airlines’ passenger fleet includes 23 Boeing 777-300ERs, 12 Airbus A380s, 13 Boeing 787-10 Dreamliners, nine 737-800s, and six 737-8 MAX aircraft.

Singapore Airlines Group's Third Quarter FY2021/22 Financial Results - Courtesy SIA

In December 2021, SIA announced that they will purchase seven Airbus A350F freighters, with options for five more. The order was firmed up in February 2022, and Singapore Airlines will become the launch operator for the aircraft type, with the first delivery expected in Q4 2025. The A350F freighters will consume 40 percent less fuel compared to SIA’s Boeing 747-400Fs on a similar mission, reducing carbon emissions by around 400,000 tonnes annually.

Source: SIA Group/Singapore Airlines


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