(MENAFN- Bangladesh Monitor) Singapore : Singapore Airlines Group (SIA Group) announced it had posted its highest-ever half-year operating profit. The Group, which includes Singapore Airlines and Scoot, posted a financial-year first-half (April - September) operating profit of SGD 1.234 billion (USD 876.1 million) and a net profit of SGD 927 million (USD 658 million).
To make that profit, Singapore Airlines (SIA) and Scoot carried 11.4 million passengers in 1H FY2022/23, a massive thirteen times what they carried in the same period last year. That resulted in passenger revenues of SGD 5.98 billion (USD 4.25 billion), and with capacity tightly managed, the load factor soared to 83 per cent compared to 16 per cent in 2021. Cargo revenue increased by 12 per cent, reaching SGD 2.1 billion (USD 1.49 billion), and total group revenue was SGD 8.416 billion (USD 5.975 billion). The group's aircraft fuel bill (before hedging) hit SGD 3.1 billion (USD 2.2 billion).
Looking individually, SIA carried 8.23 million passengers and Scoot 3.17 million in the six months ending September 30. SIA's load factor was 84.6 per cent, while Scoot has some ground to make up with a 76 per cent load factor.
SIA and Scoot have earned record profits because they jumped out of the blocks immediately after the Singapore Government fully reopened to vaccinated travellers in April 2022.
With no domestic market, they had to quickly ramp up international services to whichever markets were open. This was when two major markets, China and Hong Kong, turned themselves into no-go zones as far as travel was concerned and have still not progressed very far from that point.
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