Singapore Airlines Reports Record Profit

Due to a strong rebound in demand, Singapore Airlines’ parent group has recorded its biggest half-year profit in history.

Singapore Airlines Group reported a record $1.23 billion six-month result, an extraordinary return to profitability after a $620 million loss in the previous equivalent period.

Strong revenue growth contributed significantly to the result, which increased from $2.82 billion to $8.14 billion.

Singapore Airlines’ expenditures increased by 108%, from $3.73 billion to $7.18 billion, and the company still managed to accomplish the record achievement.

This was due to a number of factors, including a rise in nett fuel costs of $1.87 billion, an increase in non-fuel expenditures of $1.77 billion, and the lack of a gain of $79 million from fair value adjustments on fuel derivatives in the previous year.

But Singapore Airlines also said it anticipates demand to be weaker in the third quarter of FY2022/23 due to substantial challenges such as decreased consumer demand, increased fuel prices, inflationary pressures across the supply chain, geopolitical issues, and the potential of a worldwide recession.

During the most recent quarter, SIA increased its fleet size by four planes: two Airbus A350-900 wide-body jets and two Boeing 737-8s.