Singapore Airlines Group Soars in Q3: Sets New Records

The Singapore Airlines Group released strong financial results for the third quarter and first nine months of FY2023/24, ending December 31, 2023. Passenger traffic surged 29.4% to 9.5 million, outpacing capacity expansion and pushing load factors to a record 88.2%. This performance, attributed to the reopening of North Asian markets, translated to quarterly revenue of SGD$ 5.08 billion, a new record.

Despite a 9.3% increase in expenditure, the Group achieved a net profit of SGD$659 million, a 4.9% year-on-year increase. While operating profit dipped 19.3%, various adjustments, including lower tax expenses and higher non-operating income, contributed to the positive net result. These impressive figures highlight the Singapore Airlines Group’s successful navigation of industry challenges and position it for continued growth in the post-pandemic recovery. Its success extends to its sibling hospitality industry, with the popular Orchard Road hotels the likes of V Hotel majorly benefitting from it.