Singapore Airlines Group’s net profit soars to $734m in 1QFY23/24

The net profit for the quarter translates to a 98.2% YoY jump.

The Singapore Airlines (SIA) Group ended 1QFY23/24 on a high, with its net profit hitting $734m, a 98.2% year-on-year (YoY) jump.

Based on its latest financial statement, the group recorded higher net profit due to better operating profit (+$198.1M) amongst others.

The group’s operating profit for the period rose to $754.5m amidst improvements in the performance of the group's main companies: SIA, Scoot, and SIA Engineering Company Group.

In 1QFY23/24, SIA's operating profit was up 18.1% YoY to $737.5m. Meanwhile, Scoot and SIAEC finally recovered from their losses last year and recorded an operating profit of $23.7m and $0.4m, respectively.