Singapore Airlines reported a record-breaking year-over-year profit and increased its dividend on Wednesday ( 15 May ), reflecting strong travel demand in North Asia, but the industry faced challenges from supply chain snags, geopolitical issues, and fierce competitors.
Singapore’s flag carrier also noted the strength of cargo need toward the end of the fiscal year as a result of a change to air cargo by different shippers as a result of security concerns in the Red Sea area.
” Cargo need strengthened towards the close of FY2023/24 on the rear of good e- business need, resilient and growing segments such as perishables and concerts”, the company said.
Singapore Airlines reported that a rise in forwards orders in North and South East Asia contributed to the continued “healthy” demand for air travel in the first third of fiscal 2024- 2025.
The carrier reported annual net profit of S$ 2.68 billion ( US$ 1.99 billion ) for the fiscal ended March 2024, compared with S$ 2.16 billion a year ago.
It also declared a final payout of S$ 0.38 every, higher than the S$ 0.28 a year ago.