Airlines and Aviation/Financial Performance
SIA Group Sees 3.3% Growth in Q3 with Operating Profit of USD 629 Million
Singapore Airlines group announced a substantial gain in operating profit, attributed to a non-cash accounting gain from a merger.
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Financial Overview
The Singapore Airlines (SIA) Group has reported a notable 3.3% growth in its third-quarter financial performance, achieving an operating profit of USD 629 million for the three months ending December 31, 2024. This increase was significantly buoyed by a non-cash accounting gain of USD 1,098 million related to the recent merger with Air India and Vistara, finalized in November 2024.
Key Highlights
- Group Revenue: USD 5,219 million, reflecting a 2.7% increase from the previous year.
- Operating Profit: USD 629 million, showing a 3.3% rise compared to USD 609 million in the same quarter last year.
- Net Profit: USD 1,626 million, up a staggering 146.7% due to the aforementioned accounting gain.
Detailed Findings
- Total Expenditure: Increased to USD 4,590 million, primarily driven by a rise in non-fuel costs.
- Passenger Traffic: The number of passengers carried reached a record 10.2 million, up 7.2% year-on-year, enhancing flown revenue by USD 70 million.
- Cargo Revenue: Rose by USD 54 million (+9.7%) due to strong demand, particularly from e-commerce.
Conclusion
Despite facing heightened competition and inflationary pressures, the SIA Group’s effective cost management strategies allowed it to maintain profitability in a challenging environment.
