Singapore Airlines planes sit on the tarmac at Changi Airport in Singapore, Nov. 16, 2021. Photo by Reuters
Singapore Airlines is giving each employee a bonus worth 7.45 months of salary after it posted record profits for the 2024 financial year.
The payout, a profit-sharing bonus, recognizes staff’s dedication and hard work in the year ending March 31, the carrier said. It had earlier reported a record annual net profit of S$2.78 billion (US$2.1 billion), The Straits Times reported.
The bonus, which is lower than last year’s 7.94 months, comes as the airline cautioned on Thursday that global trade frictions and geopolitical uncertainties could weigh on travel and cargo demand, according to Bloomberg.
In the 2024 financial year, the firm booked a one-off gain of about S$1.1 billion from the merger of its 49%-owned Vistara with Air India, completed last November.
Group revenue rose 2.8% year-on-year to a record S$19.54 billion, fueled by steady air travel and cargo demand. Cargo revenue increased 4.4% on the back of demand for e-commerce and perishables, and shipping disruptions caused by Red Sea tensions, though freight yields slipped 7.8% due to rising competition.
Operating profit, however, dropped 37% to S$1.71 billion as passenger yields fell 5.5%, pressured by expanded capacity across the global airline industry, CNA reported.
Singapore Airlines noted that the sector remains under pressure from shifting tariff policies, trade tensions, economic and geopolitical uncertainty, and lingering supply chain issues, but said it would stay alert and respond swiftly to evolving conditions.
