SIA Group, the parent company of Singapore Airlines and long-haul, low-cost carrier Scoot, has posted a record-high profit for the fiscal year 2022/23.
Although as of March 2023 capacity was still at 79% of the pre-pandemic levels, the two airlines carried 26.5 million passengers together and posted a SG$2.1 billion net profit (US$1.5B approximately).
The group’s overall revenue more than doubled to SG$17.7 billion (US$13.2B), while operating profit reached SG$2.69 billion (US$2B).
Passenger revenue increased by 376%, from the previous fiscal year, which continued to feel the impact of COVID-19, to SG$13.3 billion (US$9.9B approximately).
Air cargo also made a significant contribution to revenue and, despite having slowed its growth, it remains at nearly double the pre-pandemic levels.
SIA Group attributes its quick recovery from the pandemic to the fact that it kept a large portion of its fleet and operational structures active. As a result, it was able to quickly ramp up its activity as soon as Singapore and other Asian countries lifted travel restrictions over the last 12 months.
For the next fiscal year SIA Group plans to continue adding capacity, resuming services to cities in Asia, namely in China, as well as adding frequencies to European destinations. However, overall capacity is still expected to remain at 83% of pre-2020 levels.