The SIA Engineering Group has unveiled its financial performance for the fiscal year ending March 31, 2024, reporting a revenue of SG$1,094.2 million. This represents a notable increase of 37.5% compared to the previous year, driven by a sustained recovery in demand for aircraft maintenance, repair and overhaul (MRO) services. Despite a rise in group expenditure by 32.8%, primarily attributed to increased manpower costs and material usage, the growth in revenue outpaced expenditure.
The Group's operating performance witnessed a significant turnaround, improving by SG$28.6 million year-on-year. This marks a shift from an operating loss of SG$26.3 million in the preceding year to an operating profit of SG$2.3 million, marking the first year of operating profit since the onset of the pandemic. Excluding government wage support recorded in the previous year, operating performance improved by SG$39.8 million.
Moreover, the share of profits from associated and joint venture companies saw a substantial increase of SG$23.2 million (+29.8%), reaching SG$101.0 million. Profits from the engine and component segment surged by 28.2% to SG$97.7 million, while profits from the airframe and line maintenance segment grew to SG$3.3 million.
In the final quarter of the financial year, the SIA Engineering Group concluded its participation in the Pratt & Whitney PW1500G engine Risk-Revenue Sharing Programme (RRSP), resulting in a one-time write-off of SG$25.1 million in net assets.
Including other non-operating items, the Group achieved a net profit of SG$97.1 million for the financial year ended March 31, 2024, marking a SG$30.7 million increase compared to the previous year. (US$1.00 = SG$1.35 at time of publication).
