Following a record-breaking year, Singapore Airlines (SIA) has announced a substantial bonus for its employees, equivalent to nearly eight months’ salary. This decision comes after the airline reported a full-year net profit of $2.7 billion for the fiscal year ending March 31, 2024, marking a 24 percent increase from the previous year.
The bonus is a notable increase from the 6.65-month bonus given in 2023, which included an additional 1.5 months’ bonus in recognition of employee efforts during the COVID-19 pandemic. SIA’s revenue rose by 7 percent to reach a historic high of $19 billion, driven primarily by a 17.3 percent increase in passenger revenue, which totaled $15.7 billion.
Despite a 40 percent decline in cargo sales, totaling $2.1 billion, the airline saw strong demand for air travel, particularly in North Asia, with markets such as China, Hong Kong, Japan, and Taiwan showing robust recovery. The combined efforts of Singapore Airlines and its low-cost carrier, Scoot, served 36.4 million passengers, a 37.6 percent increase from the previous year.
Singapore Airlines expects continued strong demand in the upcoming June quarter, supported by strong bookings to North Asia and Southeast Asia, though it anticipates a moderation in passenger yields as airlines increase capacity.
The airline also acknowledged ongoing industry challenges, including geopolitical tensions, an uncertain economic environment, supply chain disruptions, and high inflation rates.
This announcement follows a similar move by Emirates Group, which reported annual profits of $5.1 billion earlier this week, setting a new record for the second consecutive year.
