Despite not having a domestic market and having a relatively small national population Singapore has been and remains to this day home to one of the largest airlines and influences in the aviation industry. Year after year Singapore Airlines, the national carrier of the city-state, carries millions of passengers across the globe with impressive financial results and profitability. That is also the case in FY 2024/25.
Singapore Airlines FY 2024/25 Earnings and Financial Results
The key pieces of information that come out of Singapore Airlines' financial results for the fiscal year 2024/2025 are two:
- The SIA Group continues to have very strong financial results with a double-digit positive operating margin.
- Operating costs have, however, risen faster than revenue eroding part of the profits.
Bear in mind that when I mention the SIA Group I'm referring to the three entities it is made of:
- Singapore Airlines
- Singapore Airlines Cargo
- Scoot (The Group's Low Cost Carrier)
Also something to keep in mind, Singapore-based companies follow the British fiscal year which begins on April 1st and ends on March 31st. With all of that out of the way let's crunch some numbers.
SIA Group Revenue Up, But Costs Also on The Rise
The SIA Group wrapped up the 2024/25 year with revenue rising by 2.8% over the prior FY. However, as mentioned before, operating costs also grew by 9.5%. The cost growth didn't hinder the net profit bottom line though because group registered a significant growth of non operating item profits. That all translates to a 2.778 billion $ (USD) net profit or a 13.8% net profit margin.
| Financial Results ($ million) | 2024/25 | 2023/24 |
|---|---|---|
| Total revenue | 19,539.80 | 19,012.70 |
| Total expenditure | -17,830.70 | -16,285.20 |
| Operating profit | 1,709.10 | 2,727.50 |
| Non-operating items | 1,255.70 | 309.6 |
| Profit before taxation | 2,964.80 | 3,037.10 |
| Net Operating Margin | 13.8% | 14.1% |
| Net Profit | 2,778 | 2,675 |
The Singapore Airlines (SIA) Group also managed to reduce its overall debt in the FY that just ended, lowering it from $13.4 bn $12.9 bn along with its total liabilities.
The data in the table doesn't paint the entire picture though. The group did make a profit, however in FY2024/25 Scoot closed its year at a loss. Traffic, which I'll analyze in the next section, grew but load factor dipped below the breakeven point of 91%. That tells you just how complicated it is to run a long-haul low cost operation, to make a profit planes need to be filled more than 91%.
The Operational Results of The SIA Group Airlines
Let's then move on to the operational results that in turn generated the positive financial results we just looked at. Here we'll split the group's results among the three entities that drive the largest portion of the financial results: Singapore Airlines, Singapore Airlines Cargo and Scoot.
The two airlines (Singapore Airlines and Sccot) carried a record breaking number of passengers, clocking in at 39.4 million. A fantastic results, which breaks down to:
- 26.5 million carried by Singapore
- 12.9 million carried by Scoot
Both carriers maintained extremely high load factors with the premium airline extracting, as expected, a much higher revenue from passengers 9.8 cents/ask while the low cost operator stopped at 6.1 cents/ASK. That marks the difference between making a net profit and making a loss.
Singapore Airlines Operational Results:
| Singapore Airlines | 2024/25 | 2023/24 | Change % |
|---|---|---|---|
| Passengers carried (thousand) | 26,519 | 23,741 | 11.7 |
| Revenue passenger-km (million) | 120,212.80 | 109,942.90 | 9.3 |
| Available seat-km (million) | 139,651.60 | 126,240.50 | 10.6 |
| Passenger load factor (%) | 86.1 | 87.1 | -1.0 pt |
| Passenger yield (cents/pkm) | 11.4 | 12.1 | -5.8 |
| Revenue per available seat-km (cents/ask) | 9.8 | 10.6 | -7.5 |
| Passenger unit cost (cents/ask) | 9.1 | 9 | 1.1 |
| Passenger unit cost ex-fuel (cents/ask) | 6 | 5.8 | 3.4 |
| Passenger breakeven load factor (%) | 79.8 | 74.4 | 5.4 pts |
Scoot Operational Results:
| Scoot | 2024/25 | 2023/24 | Change % |
|---|---|---|---|
| Passengers carried (thousand) | 12,864 | 12,702 | 1.3 |
| Revenue passenger-km (million) | 32,920.30 | 33,946.70 | -3 |
| Available seat-km (million) | 37,232.10 | 37,227.40 | 0 |
| Passenger load factor (%) | 88.4 | 91.2 | -2.8 pts |
| Passenger yield (cents/pkm) | 6.7 | 6.9 | -2.9 |
| Revenue per available seat-km (cents/ask) | 5.9 | 6.3 | -6.3 |
| Passenger unit cost (cents/ask) | 6.1 | 6.2 | -1.6 |
| Passenger unit cost ex-fuel (cents/ask) | 4.1 | 4.2 | -2.4 |
| Passenger breakeven load factor (%) | 91 | 89.9 | 1.1 pts |
Singapore Airlines Cargo:
| Group Airlines (Cargo) | 2024/25 | 2023/24 | Change % |
|---|---|---|---|
| Cargo and mail carried (million kg) | 1,107.60 | 952.4 | 16.3 |
| Cargo load (million tonne-km) | 6,059.00 | 5,347.90 | 13.3 |
| Gross capacity (million tonne-km) | 10,792.40 | 9,804.80 | 10.1 |
| Cargo load factor (%) | 56.1 | 54.5 | 1.6 pts |
| Cargo yield (cents/tk) | 36.5 | 39.6 | -7.8 |
| Cargo unit cost (cents/ctk) | 20.2 | 21.1 | -4.3 |
| Cargo breakeven load factor (%) | 55.3 | 53.3 | 2.0 pts |
What The Group Expects For The Upcoming Year
The world remains filled with geopolitical uncertainties which means that SIA as every airline must be prepared to face any evolution. What plays in Singapore Airlines' favor is the fact that the airline maintains an extremely diversified portfolio of destinations and flights not leaning too heavily on any particular region.
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