SIA Group reports record revenue and net profit despite decline in operating profit

The SIA Group has reported a record group revenue of SG$19,540 million for FY2024/25, an increase of SG$527 million (+2.8%) compared to the previous year. This was driven by sustained demand for both air travel and cargo services.

SIA and Scoot together carried a record 39.4 million passengers, marking an 8.1% year-on-year increase. However, the Group passenger load factor (PLF) fell by 1.4 percentage points to 86.6%, as passenger traffic growth of 6.4% lagged behind the 8.2% expansion in capacity. Passenger yields declined by 5.5% to 10.3 cents per revenue passenger-kilometre, reflecting heightened industry competition amid broad capacity increases. Passenger flown revenue for the year rose by 1.0% to SG$15,849 million.

Cargo flown revenue improved by SG$94 million (+4.4%), supported by strong demand for e-commerce and perishables, as well as increased air freight activity resulting from disruptions in sea freight operations. While the cargo load factor (CLF) rose by 1.6 percentage points to 56.1%, yields decreased by 7.8% due to intensified competition.

The SIA Group expenditure climbed by SG$1,546 million (+9.5%) to SG$17,831 million. Non-fuel expenditure increased by SG$1,236 million (+11.0%), driven by overall capacity growth of 8.9% and general cost pressures. These were partially offset by the Group’s cost management efforts, including digital transformation and productivity enhancement initiatives.

Net fuel cost rose by SG$309 million (+6.1%), attributed to higher volume uplifted (+SG$508 million) and reduced fuel hedging gains (+SG$336 million). These were partially mitigated by an 8.5% drop in fuel prices (-SG$510 million) and a favourable exchange rate impact (-SG$25 million).

As a result, the Group posted an operating profit of SG$1,709 million, a decrease of SG$1,019 million (-37.3%) from the previous year.

Nonetheless, the Group recorded a record net profit of SG$2,778 million, an increase of SG$103 million (+3.9%), primarily due to a SG$1,098 million non-cash accounting gain arising from the completion of the Air India–Vistara merger in November 2024. ($1.00 = SG$1.29 at time of publication).