Singapore Airlines posted annual net profit of SS$2.675 billion for the 2024 fiscal year, the highest in the company’s 77 year history.Revenues during the year rose 7%, with higher traffic in North Asia showing the largest improvement as China, Hong Kong, Japan and Taiwan fully re-opened their borders.
Robust demand resulted in record traffic, with SIA and Scoot carrying 36.4 million passengers, up 37.6% year over year.Load factors grew to 87.1% at SIA and 91.2% at Scoot
, up a combined 2.6% year over year.Passenger yields fell 7.6% as higher capacity and increase competitiveness resulted in lower airfares.Nonetheless, the increase in traffic and loads more than compensated for the drop in yields.
Group revenue rose 7.0% year-over-year to a record S$19.013 billion.Cargo revenues fell 41.2% on lower yields, despite a 1.7% increase in cargo loads.Cargo yields remained 29.8% above pre-pandemic levels.
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