SIA Group Posts Record Full Year Net Profit of  $2,675 Million
THK-13: Challenge Faced by the Turkish Aeronautical Association, and the Reality
Sunexpress Added 28 New Routes for Summer 2024
Innovation, Sustainability and Safety will be the Focus of VoltAero and SKY2SHARE
Flying-V made its Maiden Flight Successfully
TAV Airports Announces €982 Million Revenue in Nine Months
Why Do Business Jets Have High Maintenance Costs?



SIA Group Posts Record Full Year Net Profit of $2,675 Million

Issue 24 - 2024
SIA Group Posts Record Full Year Net Profit of  $2,675 Million

• Highest full year operating and net profits in the Group’s history as robust demand for air travel drives record passenger revenue and load factors 

• Geopolitical tensions, macroeconomic uncertainties, inflationary pressures, and supply chain constraints pose challenges for the aviation industry 

• The SIA Group’s robust foundations and long-term strategic initiatives position it strongly to capture future growth opportunities 

• Proposed final dividend of 38 cents per share results in a total payout of 48 cents per share for FY2023/24, or a dividend yield of 7.5%

The demand for air travel remained buoyant throughout FY2023/24, boosted by a rebound in North Asia as China, Hong Kong SAR, Japan, and Taiwan fully reopened their borders. SIA and Scoot carried a combined 36.4 million passengers, up 37.6% year-on-year. Passenger traffic grew 26.6%, outpacing the capacity expansion of 22.9%. As a result, the Group passenger load factor (PLF) improved 2.6 percentage points to a record 88.0%. SIA and Scoot registered record PLFs of 87.1% and 91.2% respectively. 

Group revenue rose $1,238 million (+7.0% year-on-year) to a record $19,013 million. Passenger flown revenue rose by $2,319 million (+17.3%) to $15,685 million, despite a 7.6% decline in passenger yields. Cargo flown revenue fell $1,485 million (-41.2%) to $2,119 million. While cargo loads increased by 1.7% due to the strong demand from the e-commerce segment, yields were 42.2% lower year-on-year – albeit 29.8% above pre-pandemic levels. 

Group expenditure increased $1,202 million (+8.0%) to $16,285 million. Non-fuel expenditure rose by $1,336 million (+13.5%), and was partially offset by a $132 million decrease (-2.5%) in net fuel cost. The increase in non-fuel expenditure was lower than the 16.0% increase in overall passenger and cargo capacity. On the other hand, net fuel cost fell despite higher volumes uplifted (+$918 million) and a lower fuel hedging gain (+$358 million), mainly due to an 18.5% decrease in fuel prices (-$1,281 million). 

As a result, Group operating profit reached a record $2,728 million, up $36 million or 1.3% from a year before. 

The Group’s net profit improved by $518 million (+24.0%) to $2,675 million. This was mainly due to the better operating performance (+$36 million), a net interest income versus net finance charges a year before (+$215 million), lower tax expense (+$132 million), and a share of profits versus a share of losses of associated companies from the previous year (+$104 million). 


flydubai Celebrates 15 Years of Operations
Oman Air Receives Cirium Award for Highest On-Time Performance at ATM Dubai 2024
New Air Serbia Premium Lounge at Belgrade Airport by the End of the Year
Air Astana Reaches New Heights in Celebrating 22nd Anniversary
Copyrights © 2019 All Rights Reserved by Aviation Turkey.