Singapore Airlines' net profit soars 24% YoY to $2.7b in FY23/24

Record passenger revenue and load factors drove the increase.

Singapore Airlines (SIA) Group's net profit soared by 24.0% YoY to $2.7b in FY23/24, driven by record passenger revenue and load factors.

Passenger flown revenue for the period rose 17.3% YoY to $15.7b, whilst passenger load factors hit record highs of 87.1% for SIA and 91.2% for Scoot.

The airline also attributed its higher net profit to better operating performance (+$36m), a net interest income versus net finance charges a year before (+$215m), lower tax expense (+$132m), and a share of profits versus a share of losses of associated companies
from the previous year (+$104m).

With improved net profit, the airline proposed a final dividend of $0.38 per share.

Including the interim dividend of $0.10 per share paid on December 22, 2023, the total dividend for FY2023/24 will be $0.48 per share.

"Subject to shareholder approval at the Annual General Meeting on 29 July 2024, the final tax-exempt, one-tier dividend would be paid on 21 August 2024 for shareholders as of 2 August 2024," the airlines said.