Singapore Airlines’ financial performance has resulted in a profit in the third quarter of its 2023-24 financial year. In its latest financial data released on the 20th February, the company made 659 million Singapore dollars in the three months up to 31st December 2023. This is 4.9% higher than the 628 million Singapore dollars made in the time period in 2022. This improvement is a continuation of what we have seen in the first two quarters, whereby the company has been profitable.
The improvement in profit however, was less marked when compared to the same time period in the previous year for the first and second quarters. In addition profit made continues the downward trajectory from the 737 million Singapore dollars made in the first quarter and the 707 million Singapore dollars made in the second quarter of this year. Nevertheless, Singapore Airlines’ financial performance has still resulted in a profit and has also improved, although modestly, from the same time in 2022.
Record Revenue
In terms of revenue, Singapore Airlines’ financial performance in the third quarter has resulted in a figure of 5.082 billion Singapore dollars which, like the company’s profit, has improved by 4.9% over the past year. In the third quarter of 2022 Singapore Airlines’ revenue was 4.846 billion Singapore dollars. The fact that quarterly revenue has increased over the past year does show that the company is improving popularity with customers.
The revenue Singapore Airlines made in the third quarter was also a record for the company according to its report. It is the first time in its history that Singapore Airlines’ revenue for a particular quarter has exceeded the 5 billion Singapore dollar mark. This is therefore also an achievement in terms of Singapore Airlines’ financial performance. Singapore Airlines’ revenue and profit have also increased the same extent over the past year indicating the cost control in this quarter has remained stable.
Other Developments
In addition to an overall positive Singapore Airlines’ financial performance, there are also a number of other developments. The company has added 10 planes altogether for the group, 3 for passengers and 7 for freight. In addition the company has re-affirmed its commitment to Sustainable Aviation Fuel (SAF) announcing that 5% of its total fuel consumption will be from the fuel by 2030. As we know SAF is made from sustainable plant based fuels and has significantly lower carbon emissions when compared to traditional oil based fuels.
As one can see, Singapore Airlines is continuing to develop, as well as improve its sustainability credentials. In terms of Singapore Airlines’ financial performance, the company is in the profit zone and has stated that its revenue is at record levels. Profit is however reduced when compared to the first and second quarters. In addition the rate of improvement when compared to the same period last year is also less than when compared to earlier quarters of the year. Nevertheless, the record revenue as well as the fact that the company did still make an improved profit is good news for the company. We have to wait to see how this progresses.
