News
S'pore Airlines more than doubles net profit for last quarter from S$659 million to S$1.63 billion
Helped by a one-time gain from the merger of Air India and Vistara.
February 21, 2025, 09:54 AM
Singapore Airlines (SIA) Group experienced a 146.7 per cent increase in net profit for the third quarter of the financial year of 2024 and 2025.
Net profit rose from S$659.3 million to S$1.63 billion compared to a year earlier.
This is predominantly due to the nearly S$1.1 billion non-cash accounting gain resulting from the disposal of Vistara, following the airline’s merger with Air India in November 2024.
Vistara was a joint venture between India-based holding company Tata Sons and Singapore Airlines.
The deal granted SIA a 25.1 per cent stake in the Air India group, while autos-to-steel conglomerate Tata holds 74.9 per cent of the combined entity.
SIA Group's financial performance for the third quarter was released in a press release on Feb. 20.
Group and passenger revenue increase, higher operating profits
The group, which includes SIA and budget carrier Scoot. saw revenue reach a record S$5.22 billion in the three months ending Dec. 31, 2024.
This was up S$137 million from the same period last year, spurred by robust demand for air travel in the third quarter of the financial year for 2024 and 2025.
Passenger revenue increased by S$70 million, with SIA and Scoot flying 10.2 million passengers in the third quarter.
However, the load factor dipped as capacity grew faster than demand: This meant that capacity expansion outstripped passenger growth, putting downward pressure on air fares, according to Reuters.
Despite "declining yields amid stiffer competition", SIA said it recorded an operating profit of S$629 million for the third quarter, which was 3.3 percent or S$20 million higher than the same quarter in the previous year.
More services to be launched in different countries in upcoming months
SIA Group has also launched services to new countries in late 2024, with plans to introduce more flights to other countries in the upcoming months.
This includes services to Beijing Daxing, China, in November 2024; Malacca, Malaysia, in October 2024; and Phu Quoc, Vietnam, in December 2024.
The group’s passenger network covered 129 destinations in 36 countries and territories, with SIA serving 80 destinations and Scoot serving 72 destinations, as of Dec. 31, 2024.
The cargo network reached 133 destinations in 37 countries and territories, the press release stated.
SIA has recently launched flights to Padang, Indonesia, and Shantou, China, in January 2025.
From Mar. 30 to Oct. 25, 2025, passengers can also look forward to more SIA services to Brisbane, Australia; Colombo, Sri Lanka; and Johannesburg, South Africa.
Scoot will also increase services to Iloilo City, Philippines, in April and June, and to Vienna, Austria, in June.
SIA recently named top 50 most admired companies in the world
SIA was recently named one of the top 50 most admired companies in the world, according to a list by business magazine Fortune and consulting firm Korn Ferry.
The "World's Most Admired Companies" list highlights organisations most respected by their peers.
The list represents over 50 industries in the world, including 229 U.S.-based companies, 59 in Europe and 26 in the Asia/ Pacific region.
The airline ranked 28th, is the second-highest Asian company on the list, and topped the airline industry list.
It is also the only Singapore-based company on the list.
Top image via Singapore Airlines website
