Singapore Airlines’ parent company SIA Group released its full-year financials for 2024 today, 15th May.
SIA Group reported a 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.
The aviation firm also reported an operating profit of $1.7 billion on lower yields from heightened competition, partially mitigated by record passenger carriage.
As such, the SIA Group remains in a strong position to navigate global trade and macroeconomic uncertainties due to its robust foundations and long-term strategic investments.
Group revenue report for 2024
Passenger revenues
Group revenue climbed $527 million 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 percent, though group passenger load factor (PLF) fell 1.4 percentage points to 86.6 percent, as passenger traffic growth of 6.4 percent lagged capacity expansion of 8.2 percent.
Passenger yields dipped 5.5 percent 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, up by one percent from last year.
Cargo revenues
Revenues earned from cargo improved by $94 million, 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 percent, yields decreased 7.8 percent due to increased competition.
Higher spending in 2024
Meanwhile, group expenditure rose $1,546 million to $17,831 million, with non-fuel expenditure up $1,236 million, driven by the 8.9 percent 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 as the impact of the increase in volume uplifted and smaller fuel hedging gains was partially offset by an 8.5% reduction in fuel prices and favourable exchange rate impact.
As a result, the Group recorded a lower operating profit of $1,709 million for FY2024/25, down $1,019 million from the prior year.
Nevertheless, the Group’s net profit improved $103 million 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.
Fleet and network expansion and development
As of 31st March of this year, the Group operating fleet comprised 205 aircraft with an average age of seven years and eight months. SIA operated 145 passenger aircraft and seven freighters, while Scoot had 53 passenger aircraft.
Just last month, the Group added one Airbus A321neo and one Boeing 787-8 to its fleet, and, as of 1st May, the Group had 78 aircraft on order.
The Group’s passenger network covered 128 destinations in 36 countries and territories as of 31 March 2025.
SIA served 79 destinations while Scoot operated 71 destinations.
The Group’s cargo network comprised 132 destinations in 37 countries and territories.
For the Northern Summer 2025 operating season (30 March to 25 October), 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.
Corporate initiatives
The Group remains committed to building strategic partnerships that enhance its network connectivity and unlock growth opportunities.
All Nippon Airways (ANA) and SIA will commence revenue-sharing flights between Japan and Singapore from September 2025, with the joint fare products for these services going on sale in May 2025.
This deepened commercial collaboration enables ANA and SIA to offer customers additional value beyond the existing codeshare partnerships, providing a greater variety of fare options and enhanced flight schedules, which will further strengthen connectivity for both passenger travel and air freight between Japan and Singapore.
To bolster its premium positioning and elevate the end-to-end customer journey, SIA announced a $1.1 billion investment in November 2024 to install all-new long-haul cabin products across its Airbus A350-900 long-haul and ultra-long-range (ULR) fleet, redefining the premium travel experience across its network.
This includes the introduction of its new First Class cabin in seven A350-900ULR aircraft, setting new industry benchmarks for travel on the world’s longest routes.
Last month, SIA announced a $45 million transformation of its SilverKris and KrisFlyer Gold lounges at Singapore Changi Airport Terminal 2.
The revamped lounges will feature 50% more space and seating capacity, upgraded facilities, signature elements from SIA’s flagship lounges at Changi Airport Terminal 3, and a wider variety of food and beverage options.
At the same time, the Group continues to invest in its digital capabilities, including Generative Artificial Intelligence (GenAI), giving it an edge in the competitive aviation landscape.
SIA and Salesforce are collaborating on AI-powered customer service applications to enable the Airline to deliver more consistent and personalised service to its customers.
Both companies also plan to co-develop AI solutions for airlines to provide greater value and additional benefits to the industry. In addition, SIA is working with OpenAI to develop and implement advanced GenAI solutions to enhance the Airline’s customer experience and operational efficiency.
