The SIA Group posted record operating profits for the second quarter with S$557 million compared with a S$426 million loss for 2021.
SIA and Scoot carried 11.4 million passengers during the six months to 30 September 2022, a 13-fold jump from a year before. Passenger traffic and load factors were robust across all cabin classes and route regions, except in East Asia where border restrictions largely remained in place during the six months. The Group’s passenger capacity rose to an average of 68% of pre-pandemic levels in the second quarter of FY2022/23.
During the first half, passenger flown revenue rose $5.2 billion(+694.0%) year-on-year to $5.97 billion. Traffic was 11-fold higher, significantly outpacing the capacity expansion of 118.7%. Consequently, passenger load factor rose 66.8 percentage points to 83.0%. Cargo flown revenue grew by $224 million (+11.9%) to $2.09 billion, supported by higher yields (+18.6%), despite the decline in cargo loads (-5.6%).
As a result, Group revenue rose $5.58 billion (+197.7%) to $8.41 billion. Expenditure increased by $3.7 billion (+108.4%) year-on-year to $7.18 billion. This consisted of a $1.88 billion jump (+232.8%) in net fuel cost, a $1.77 billion increase (+65.2%) in non-fuel expenditure, and the absence of the $79 million gain that was recorded last year for fair value changes on fuel derivatives.
The Group recorded an operating profit of $1.23 billion, an improvement of $1.85 billion from the $620 million loss a year before. The Group posted a first half net profit of $927 million, versus an $837 million loss in the previous year (+$1,764 million).
SIA is declaring an interim dividend of 10 cents per share (tax exempt, one-tier), amounting to $297 million, for the half-year that ended 30 September. The interim dividend will be paid on 22 December 2022 to shareholders as of 12 December 2022.
