The Singapore Airlines (SIA) Group has reported record quarterly revenue in its third quarter, ending December 31, 2024, with the company citing robust passenger demand during its third quarter.
Group revenue grew by 2.7% to S$5.2bn ($3.9bn) during the three-month period ending December 31, 2024.
Operating profit also saw growth during the quarter, increasing by 3.3% to S$629 million ($471.7 million), while the group’s net profit surged by 146.7% to S$1.6bn ($1.2bn). This increase in net profit was boosted by a one-off S$1.09bn ($817.4 million) non-cash accounting gain following the completion of the Air India-Vistara merger in November 2024.
SIA and Tata Sons completed the merger of Air India and Vistara on November 12, 2024, giving SIA a 25.1% stake in the enlarged Air India Group.
As of December 31, 2024, the group’s operating fleet comprised 207 passenger and freighter aircraft with an average age of seven years and six months. SIA added one A350-900 in December 2024, giving it 146 passenger aircraft and seven freighters.
Scoot added three Embraer E190-E2 aircraft in the third quarter, bringing its operating fleet to 54 passenger aircraft. The group has 81 aircraft on order.
The group’s passenger network covered 129 destinations in 36 countries and territories at the end of the quarter, with SIA serving 80 destinations and Scoot serving 72. It’s cargo network reached 133 destinations in 37 countries and territories.
Looking at the first nine months of the fiscal year, the airline group saw revenue reach a record S$14.7bn ($11bn), up S$472 million ($354 million) in comparison to the same period of the previous year. This was led by an increase in passenger flown revenue of S$189 million ($141.7 million) and cargo flown revenue of S$96 million ($72 million), the company said.
The company expects demand for air travel to stay healthy heading into the last quarter of the fiscal year. “The Group remains nimble and agile, adjusting its network and capacity as it navigates the industry-wide normalisation of yields and capacity,” said the company within an earnings release.
The SIA Group saw passenger traffic grow by 7.1% during December when compared to the same month of 2023, with SIA and Scoot collectively carrying 3.6 million passengers over the month.
The group’s total passenger carriage for 2024 to 39 million, 12.7% higher than the 34.6 million the group recorded in 2023.