SIA Group sees record half-year results over summer peak

Tuesday, November 7, 2023

The strong demand for air travel kept on continuing in the Northern Summer travel season, led by a major revival in terms of the traffic of the passengers to North Asia with the full opening of Hong Kong SAR, China, Japan, and Taiwan once again. This caused in record half-year operation and huge profits for the SIA Group.

In the initial six months of FY2023/24, SIA and Scoot carried a 17.4 million passengers. This was an increase of 52.3% on an annual basis. Passenger traffic grew 38.0% from 2022, overtaking the capacity expansion of 29.0%. Because of this, the Group passenger load factor enhanced by 5.8 percentage points to 88.8%. This was the highest ever half yearly PLF. SIA and Scoot attained record PLFs of 88.0% and 91.3% respectively.

For air freight, the demand remained soft because of the inventory overhang, along with macroeconomic and geopolitical headwinds. Annually, the cargo load factor dropped 8.4 percentage points to 52.7% as cargo loads declined to 6.0%, as the capacity raised 8.9% mostly because of the augmented passenger aircraft bellyhold space.

Also, on cargo yields, rising competition and softer demand contributed to the downward pressure which dropped by 46.2% from 2022. However, at 41.8 cents per load tonne-kilometre, cargo yields remained 37.0%.

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