SIA Engineering's net profit soars 30.7% YoY to $97.1m in FY23/24

Increased demand for MRO propelled the increase.

SIA Engineering saw its net profit rise 30.7% YoY to $97.1m in FY23/24 as demand for maintenance, repair, and overhaul (MRO) increased.

In Singapore, the number of flights handled by the company during the financial period reached 90% of the volume seen before the pandemic.

The recovery of MRO demand also improved the company’s operating performance and share profits, which rose 39.8% YoY and 23.2% YoY, respectively.

In FY23/24, the company recorded a 37.5% YoY revenue of $1.1b.

With improved net profit and revenue, the company proposed a final dividend of $0.060 for FY23/24.

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SIA Engineering Group

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