All Singapore Airlines staff will receive eight months’ worth of salary as bonus after the Singapore Airlines Group reported a record profit of SG$2.7 Billion ($1.99 Billion) for the fiscal year ending March 31, 2024.
A memo viewed by The Straits Times indicated that staff, including pilots, will receive 7.94 months profit-sharing bonus.
In 2023, the group’s staff also received a bonus worth 6.65 months’ salary when SIA Group posted a record SG$2.1 Billion net profit ($1.5 Billion)
The financial year 2023/2024 has delivered the highest full year operating and net profits in the group’s history. The group credits robust travel demand for air travel which resulted in record passenger revenue.
According to the group, demand for air travel was boosted by a rebound in North Asia as China, Hong Kong, Japan and Taiwan fully reopened their borders.
Altogether, Singapore Airlines and Scoot carried a combined 36.4 million passengers, up 37.6% compared to the previous year.
The group reported that, although cargo loads increased 1.7% due to strong e-commerce demand, yields were 42.2% lower than the previous year – itself nearly 30% above pre-pandemic levels.
As of March 31, 2024, the group’s operating fleet consisted of 200 aircraft with an average age of seven years and three months. In April 2024, the group added one Airbus A350-900 and two Embraer E 190-E2 aircraft to its fleet.
The group foresees that demand for travel will remain healthy in the first quarter of FY 2024/2025, due to strong bookings to the North Asia and South East Asian region.