• Record $2.8 billion net profit, boosted by the one-off non-cash accounting gain of $1.1 billion from the Air India-Vistara merger 

• Operating profit of $1.7 billion on lower yields from heightened competition, partially mitigated by record passenger carriage 

• The SIA Group remains in strong position to navigate global trade and macroeconomic uncertainties due to its robust foundations and long-term strategic investments

 • Proposed final dividend of 30 cents per share for FY2024/25, resulting in a total dividend of 40 cents per share for the year

Group revenue climbed $527 million (+2.8%) from a year before to a record $19,540 million, driven by resilient demand for air travel and cargo uplift in FY2024/25. SIA and Scoot carried a record 39.4 million passengers, up 8.1%. Group passenger load factor (PLF) fell 1.4 percentage points to 86.6%, as passenger traffic growth of 6.4% lagged capacity expansion of 8.2%. Passenger yields dipped 5.5% to 10.3 cents per revenue passenger-kilometre amidst intensified competition due to industry-wide capacity injection. For the year, passenger flown revenue came in at $15,849 million (+1.0%). 

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

Group expenditure rose $1,546 million (+9.5%) to $17,831 million, with non-fuel expenditure up $1,236 million (+11.0%), driven by the 8.9% overall capacity growth and cost escalation pressures. This was partially mitigated by the Group’s cost management measures, including digitalisation and productivity improvement initiatives. Net fuel cost increased by $309 million (+6.1%) as the impact of the increase in volume uplifted (+$508 million) and smaller fuel hedging gains (+$336 million) was partially offset by an 8.5% reduction in fuel prices (-$510 million) and favourable exchange rate impact (-$25 million). 

As a result, the Group recorded a lower operating profit of $1,709 million for FY2024/25, down $1,019 million (-37.3%) from the prior year. 

The Group’s net profit improved $103 million (+3.9%) to a record $2,778 million, due to a $1,098 million non-cash accounting gain following the completion of the Air India-Vistara merger in November 2024.

Second Half FY2024/25 – Profit and Loss 

The Group achieved its highest half-yearly revenue of $10,042 million, a $192 million (+1.9%) increase from the same period last year as key business segments registered higher revenue. Passenger revenue rose by $46 million (+0.6%) and cargo revenue by $52 million (+4.9%) as passenger and cargo carriage grew by 5.0% and 7.3% respectively. However, intense competition pushed yields down by 4.5% for passenger and 2.1% for cargo. Group PLF was 0.5 percentage point lower at 86.8%, while the CLF fell by 1.4 percentage points to 54.9%. 

Operating expenditure grew $452 million (+5.2%), with non-fuel expenditure increasing $590 million (+10.0%), outpacing the overall capacity expansion (+7.3%) due to cost escalation. The increase in non-fuel expenditure was partially offset by a $138 million (-4.9%) reduction in net fuel cost. The decrease in fuel cost was primarily due to a 15.6% decline in fuel prices (-$496 million), which more than compensated for the increased fuel volume uplifted (+$229 million) and a swing from fuel hedging gain last year to a loss (+$160 million) this year.

Balance Sheet The Group’s shareholder equity stood at $15.7 billion as of 31 March 2025, $0.7 billion lower than 31 March 2024. This was largely due to the redemption of the remaining Mandatory Convertible Bonds (MCBs) in June 2024, along with the payments of the FY2023/24 final dividend and FY2024/25 interim dividend. Total debt balances fell $0.5 billion to $12.9 billion, with the debt-equity ratio remaining flat at 0.82. 

Cash and bank balances declined by $3.0 billion to $8.3 billion, mainly due to capital expenditure disbursements ($1.8 billion), MCB redemption ($1.7 billion), dividend payments ($1.4 billion), and the investment in Air India ($1.0 billion), partially offset by $4.7 billion in net cash generated by operations. The Group also held $1.8 billion in fixed deposits with tenors exceeding 12 months, classified under other assets. In addition to holding one of the strongest balance sheets in the industry, the Group also currently maintains access to additional liquidity of $3.3 billion committed lines of credit, all of which remain undrawn.

Fleet and Network Development

 As of 31 March 2025, the Group operating fleet comprised 205 aircraft with an average age of seven years and eight months. SIA operated 145 passenger aircraft1 and seven freighters, while Scoot had 53 passenger aircraft2. In April 2025, the Group added one Airbus A321neo and one Boeing 787-8 to its fleet. As of 1 May 2025, the Group had 78 aircraft on order3.

 The Group’s passenger network4 covered 128 destinations in 36 countries and territories as of 31 March 2025. SIA served 79 destinations while Scoot operated to 71 destinations.  The cargo network comprised 132 destinations in 37 countries and territories. 

For the Northern Summer 2025 operating season (30 March 2025 to 25 October 2025), SIA will increase services to Brisbane, Colombo, Jakarta, Johannesburg, London (Gatwick), Manila, and Seattle. Scoot launched services to Iloilo City in April 2025 and will begin operations to Vienna in June 2025.