Strong demand drives record revenue, operating profit and passenger load factor for the Group with robust near term forward passenger sales across all cabin classes.

• Cargo revenue remained above pre-Covid levels despite softer demand
• Airline industry continues to navigate geopolitical and economic uncertainties, high cost inflation, and increasing global passenger capacity
• Commitment to best-in-class products and services, and continued investment in strategic initiatives, position the Group for future opportunities
• Proposed final dividend of 28 cents per share

SIA: At the onset of the Covid-19 pandemic in 2020, the Group acted swiftly and decisively to shore up liquidity and build its financial resilience.

This strong liquidity position, and the confidence it engendered, enabled the Group to take a long term view and make several strategic decisions ahead of the recovery in global air travel. SIA and Scoot retained most of their talented staff, who were ready to step up when called upon.

A large proportion of the Group’s aircraft fleet were kept operational, albeit at low utilisation levels in the early phase of the recovery, ensuring that they were properly maintained and fully functional. The Group built up a strong base network in a deliberate and calibrated manner, ensuring that SIA and Scoot were in position to ramp up ahead of any return in passenger traffic.

As a result, when the demand for air travel surged in FY2022/23 after Singapore fully reopened its borders in April 2022, and as restrictions on international air travel eased globally, SIA and Scoot could ramp up operations at short notice.

Working collaboratively with key members of Singapore’s aviation ecosystem, both carriers were among the first to launch flights as borders reopened, and captured the pent-up demand as air travel returned.

Group passenger capacity reached 79% of pre-Covid1 levels in March 2023, higher than the 58%2 level for international scheduled services of Asia-Pacific airlines. SIA and Scoot collectively carried 26.5 million passengers, up six-times from a year before. The passenger load factor (PLF) jumped 55.3 percentage points to 85.4%, the highest in the Group's history. SIA achieved a record PLF of 85.8%, while Scoot delivered a PLF of 83.9%.

The cargo segment’s performance moderated year-on-year as the demand for air freight declined, and as supply chain disruptions brought about by the Covid-19 pandemic subsided. Macroeconomic headwinds dampened consumer demand, while high inventory levels led to a slowdown in new orders. Cargo yields fell year-on-year as industry bellyhold capacity increased with the progressive restoration of passenger flights. Nevertheless, cargo revenue remained 83% above the pre-Covid level recorded in calendar year 2019. 

Group revenue increased by $10,160 million (+133.4%) year-on-year to a record $17,775 million. Passenger flown revenue rose $10,560 million (+376.3%) to $13,366 million as traffic grew 449.9%, outpacing the capacity expansion of 94.0%.

Revenue per available seat-kilometre (RASK) was 10.0 cents, the highest yearly RASK in the Group’s history. Cargo flown revenue fell $735 million (-16.9%) to $3,604 million as a result of lower cargo loads (-11.4%) and yields (-6.2%). Notwithstanding, this was the second-highest annual cargo revenue figure in the Group’s history.

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From 1 July 2023, Krisflyer members will enjoy unlimited complimentary wifi when flying on Singapore Airlines. This will be available in all classes of travel including Premium Economy and Economy!

SIA operates 136 passenger aircraft as of 1 May 2023. Free unlimited Wi-Fi services are available on all aircraft except for the seven Boeing 737-800 NGs that are not Wi-Fi enabled.

“In today’s increasingly hyper-connected world, high-speed in-flight Wi-Fi connectivity is one of the most important requirements for our customers. Giving them access to free unlimited Wi-Fi is yet another milestone in SIA’s continuous effort to offer an exceptional end-to-end travel experience. With this enhanced offering, our customers will be empowered to stay connected, entertained, and productive, even at 36,000 feet in the sky.” - Mr Yeoh Phee Teik, Senior Vice President Customer Experience, Singapore Airlines