Singapore Airlines Posts $1.4bn Half-Year Profit: More Growth

Singapore Airlines Posts $1.4bn Half-Year Profit: More Growth
Photo Credit: James Field/AviationSource

Singapore Airlines has this week released its financial results pertinent to the first half of 2023, with significant growth compared to last year.

As the airline came out of COVID restrictions that were still loosely in place in 2022, they have used the 2023 first half of the year as a great opportunity for growth.

Without further ado, let’s get into it…

Singapore Airlines Posts $1.4bn Half-Year Profit: More Growth…

Singapore Airlines Posts $1.4bn Half-Year Profit: More Growth
Photo Credit: James Field/AviationSource
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For the first half of the financial year 2023/24, Singapore Airlines posted a $1.4bn net profit, which is higher than the $927m recorded in the same period last year.

Revenue also increased from $8.4bn to $9.1bn. However, total expenditure at the carrier rose from $7.1bn to $7.6bn.

2Q23 profits were recorded at $707m, compared to the $557m posted in 2Q22, which also shows a significant improvement on that front too.

Singapore Airlines also noted that across the group, consisting of the mainline airline and it’s low-cost arm Scoot, 17.4m passengers were transported in the first six months of this year.

This represents a 52.3% increase year-on-year, with load factors growing by 5.8% to 88.8%, which is the highest ever half yearly figure for the carrier.

The airline also noted that going into the Winter season, services to Chongqing, Xiamen and Chengdu will be re-introduced,

From this month, Singapore Airlines will also increase services to Guangzhou from daily to double daily, with Summer services ramped up to Frankfurt with the Airbus A380, and the A350-900 on the Cairns & Male routes too.

Frequencies will also be increased on services to Ahmedabad, Beijing, Shanghai, Copenhagen, Da Nang, Darwin, Melbourne, Parth, Dubai, Tokyo, Seattle and Houston, showing where their growth is taking them.

All eyes will be on the carrier to see what the 2H23 results will look like for Singapore Airlines moving forward.

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By James Field - Editor in Chief 2 Min Read
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