SIA Engineering posts $38.2m net profit in Q3 FY2024-25

Flight volumes in Singapore grew 8.4% YoY.

SIA Engineering Company (SIAEC) reported a net profit of $38.2m for the third quarter of FY2024-25, an increase of $11.3m compared to the same period last year.

The group’s revenue also grew 11.3% to $324.8m, whilst expenditure increased at a slower rate of 8.5% to $320.1m, mainly due to higher manpower and repair costs.

As a result, the company’s operating performance rebounded from a $3.4m loss in the same quarter last year to an operating profit of $4.7m.

SIAEC handled 8.4% more flights year-on-year in Singapore, with December 2024 flight volumes surpassing pre-pandemic levels recorded in December 2019. However, in Base Maintenance, fewer aircraft checks were completed due to a higher proportion of more complex work, which required longer hangar stays. Some checks were further delayed by supply chain disruptions.

Despite these challenges, engine and component repair and overhaul output increased, supported by efforts to mitigate supply chain constraints.

The company’s share of profits from associated and joint venture companies rose $8.4m year-on-year to $32.2m, led by a $7.8m improvement in the Engine and Component segment and a $0.6m increase in the Airframe and Line Maintenance segment.

On the investment front, SIAEC continues to expand its presence in the region. Following a memorandum of understanding signed in 2023, the company entered a non-binding framework agreement in November 2024 with Xiamen Iport Group (IPORT Group) to explore investment opportunities in Arport Aircraft Maintenance & Engineering (Fujian).

Additionally, the subsidiary of IPORT Group provides line maintenance and ground services across four airports in Fujian, China.

Despite ongoing supply chain challenges, rising costs, and a tight labor market, SIAEC remains focused on long-term growth. The company is rolling out a new Enterprise Operating System to improve efficiency and resilience whilst continuing to invest in capacity, capabilities, and geographic expansion.