SIA Group net profit soars 146.7% to $1.63b in Q3

It was driven by a $1.1b gain from the Vistara-Air India merger in November 2024.

Singapore Airlines (SIA) Group reported a net profit of $1.63b for the third quarter of FY2024/25, a 146.7% increase from the previous year.

The surge was primarily driven by a $1.1b non-cash accounting gain from the disposal of Vistara, following its merger with Air India in November 2024.

The Group’s revenue hit a record $5.22b, rising 2.7% year-on-year for the three months ending 31 December 2024. This was fueled by robust air travel demand in the third quarter.

Passenger flown revenue rose 1.7% to $70m, with SIA and Scoot carrying a record 10.2 million passengers (+7.2%). However, the passenger load factor dropped to 87.2% (-1.0pp) as capacity grew 8.5%, outpacing demand. Yields fell 4.5% due to increased competition.

Cargo flown revenue climbed $54m (+9.7%), supported by strong e-commerce demand, higher freighter charters, and perishables traffic. Cargo load factor rose to 56.4% (+0.9pp), though yields declined 4.5%.

Total Group expenditure increased by $117m (+2.6%) to $4.59b, mainly due to a $258m (+8.6%) rise in non-fuel costs. However, this was partially offset by a $142m (-9.8%) drop in net fuel costs, attributed to a 20.9% decrease in fuel prices before hedging.

The group said it remains focused on managing costs and expanding capacity amid rising competition and fuel price volatility.