SIA CEO annual pay rises to S$8.1 million, 20% increase after airline makes record profit

Singapore Airlines (SIA) Group Chief Executive Officer Goh Choon Phong received a remuneration of S$8.1 million in the last financial year, according to SIA's Annual Report for Financial Year (FY) 2023/24.

This marks an increase of approximately S$1.4 million, or 20 per cent, from Goh's pay for FY2022/23, which was S$6.73 million.

53 per cent of Goh's remuneration for FY2023/24 came from shares, which amounted to S$4.3 million.

The rest of his pay comprised salary, bonuses, and benefits such as transport allowance.

'Exceptional performance' in FY2023/24

Goh's increased remuneration came after SIA reported its "highest ever" full-year net profit of S$2.68 billion in FY2023/24.

This translates to an increase of 24 per cent from its full-year net profit for FY2022/23, which was S$2.16 billion.

According to SIA, one factor that contributed to this growth was the "robust demand" for air travel throughout the last financial year, which was "boosted by a rebound in North Asia" as mainland China, Taiwan, and Japan fully opened their borders.

As a result, the airline's staff would reportedly receive a profit-sharing bonus of 7.94 months.

SIA's shareholders may receive a total dividend of 48 cents per share for FY2023/24, subject to shareholder approval at the Annual General Meeting scheduled on Jul. 29.

Challenges ahead

SIA said the demand for air travel remained "healthy" in the first quarter of FY2024/25, which was "supported by a strong pick up in forward bookings to North Asia and South East Asia".

However, passenger yields are expected to moderate "as airlines increase capacity, especially in the Asia-Pacific region".

The airline industry will also "continue to face ongoing challenges, including geopolitical tensions, economic uncertainty, supply chain disruptions, and high inflation globally", added SIA.

Nevertheless, the airline said it is "well-positioned" to navigate these uncertainties and seize merging growth opportunities as a result of "its strong foundation and long-term strategic initiatives".

"Going forward, the Group will continue to invest in industry-leading products and services, as well as world-class talent, as it seeks to capture new growth opportunities to maintain its leadership position in the global airline industry," added SIA.

Top images via Singapore Airlines/Facebook