For the full year FY2024/2025, SIA’s revenue grew 2.8% y-o-y for the FY2024/2025 to $19.5 billion. This was driven by resilient demand for air travel and cargo uplift in the whole year.
For the full year, passenger flown revenue came in 1% y-o-y higher at $15.85 billion, while cargo revenue improved 4.4% y-o-y higher due to strong demand for e-commerce and perishables, and spillover from disruptions to sea freight.
SIA and Scoot carried a record 39.4 million passengers for the full year, up 8.1% y-o-y. Gross passenger load factor (PLF) fell 1.4 percentage points (ppts) to 86.6%, as passenger traffic growth of 6.4% lagged capacity expansion of 8.2%.
Passenger yields dipped 5.5% to 10.3 cents per revenue passenger-kilometre amidst intensified competition due to industry-wide capacity injection.
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Meanwhile, cargo load factor (CLF) rose 1.6 ppts to 56.1%, yields decreased 7.8% due to increased competition.
For the full year, group expenditure rose 9.5% y-o-y to $17.8 billion with non-fuel expenditure up 11% y-o-y driven by the 8.9% overall capacity growth and cost escalation pressures. Net fuel costs increased 6.1% y-o-y as the impact of the increase in volume uplifted and smaller fuel hedging gains was partially offset by an 8.5% reduction in fuel prices and favourable exchange rate impact.
As a result, the group reported a lower operating profit for the year of $1.71 billion down 37.3% y-o-y.
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The group’s net profit improved 3.9% y-o-y for the full year FY2024/2025 due to a non-cash accounting gain following the completion of the Air India-Vistara merger in November 2024.
For SIA’s 2HFY2024/2025 results the group saw revenue growth of 1.9% y-o-y to $10.04 billion. The group’s passenger revenue rose 0.6% y-o-y and cargo revenue by 4.9% for the second half of the year, while passenger and cargo carriage grew by 5.0% and 7.3% respectively.
However, intense competition pushed yields down by 4.5% for passengers and 2.1% for cargo. Group PLF was 0.5 ppts lower at 86.8%, while the CLF fell by 1.4 ppts to 54.9%.
Operating expenditure for 2HFY2024/2025 grew 5.2% y-o-y with non-fuel expenditure increasing 10% y-o-y outpacing overall capacity expansion due to cost escalation.
This was partially offset by a reduction in net fuel cost due to decline in fuel prices, which compensated for the increased fuel volume uplifted. Likewise, group operating profit declined 22.1% y-o-y for the second half of the year, and net profit surged 65% y-o-y due to the Air India-Vistara merger.
SIA Group’s shareholder equity stood at $15.7 billion as at March 31, 2025, $0.7 billion lower than the same period a year ago. This is due to redemption of the remaining Mandatory Convertible Bonds (MCBs) in June 2024, along with the payments of the FY2023/24 final dividend and FY2024/25 interim dividend.
Total debt balances fell to $12.9 billion as at the end of March, and debt to equity ratio remained flat at 0.82.
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Cash and bank balances declined to $8.3 billion due to capital expenditure disbursements, MCB redemption, dividend payments and investment in Air India.
The board of directors of SIA Group have recommended a final dividend of 30 cents per share for FY2024/2025.
Including the interim dividend of 10 cents per share paid on Dec 11, 2024, total dividend for the year is 40 cents per share, representing a total dividend distribution of $1.2 billion for the year.
SIA’s operational and strategic updates
As at end March, the group’s operating fleet had 205 aircrafts with an average age of seven years and eight months. SIA operated 145 passenger aircraft and seven freighters, while Scoot had 53 passenger aircraft. In April 2025, the group added one Airbus A321neo and one Boeing 787-8 to its fleet.
As of May 1, 2025, the group had 78 aircraft on order.
As at end March, the group’s passenger network covered 128 destinations in 36 countries
and territories. SIA served 79 destinations while Scoot operated 71 destinations. The cargo network comprised 132 destinations in 37 countries and territories.
For the period of March 2025 to October 2025, SIA will increase services to Brisbane, Colombo, Jakarta, Johannesburg, London (Gatwick), Manila, and Seattle. Scoot launched services to Iloilo City in April 2025 and will begin operations to Vienna in June 2025.
Last November, SIA announced a $1.1 billion investment to install all-new long-haul cabin products across its Airbus A350-900 long-haul and ultra-long-range (ULR) fleet, redefining the premium travel experience across its network.
This April, it announced a $45 million transformation of its SilverKris and KrisFlyer Gold lounges at Singapore Changi Airport Terminal 2. The revamped lounges will feature 50% more space and seating capacity, upgraded facilities, and signature elements from SIA’s flagship lounges at Terminal 3.
SIA says that the global airline industry faces a challenging operating environment amid tariff policies and trade tensions which may impact consumer and business confidence potentially affecting both passenger and cargo markets.
The group says that it remains vigilant, and will rely on its strong foundations, including dual brand portfolio airline, well-diversified global network, a robust balance sheet, talented and dedicated workforce, as well as industry-leading digital capabilities to navigate these challenges.
Shares in SIA closed 2 cents higher or 0.292% up at $6.88 on May 15.
