The Singapore Airline Group has achieved a record revenue of $14,716 million for the nine months ending December 31, 2024, marking a $472 million increase (+3.3%) compared to the same period last year. This strong performance was driven by a notable rise in both passenger flown revenue (+1.6%, $189 million) and cargo flown revenue (+5.9%, $96 million). Despite heightened competition, passenger and cargo yields decreased by 6.4% and 10.2%, respectively.
Cargo performance was particularly robust, with cargo flown revenue increasing by $54 million (+9.7%), driven by a 14.6% year-on-year growth in cargo loads. Demand for cargo was bolstered by strong e-commerce activity, a surge in freighter charters, and a boost in perishables traffic. The cargo capacity grew by 12.8%, and the cargo load factor saw an increase of 0.9 percentage points to 56.4%. However, yields were 4.5% lower than the previous year.
Operating expenditure rose by $1,210 million (+10.0%) due to an overall capacity expansion of 10.5%. Net fuel costs were $305 million (+8.2%) higher, primarily from an increase in volume uplift (+$437 million) and a lower fuel hedging gain (+$274 million), partially offset by an 8.1% drop in fuel prices (-$367 million). As a result, operating profit declined by $738 million (-34.1%) to $1,425 million.
The cargo network has expanded to 133 destinations across 37 countries and territories, further enhancing the Group's global reach.
Looking ahead, while e-commerce and perishables traffic are expected to support cargo demand, yield moderation is anticipated as airlines resume passenger flights and increase bellyhold cargo capacity. Shippers are also likely to lock down their space requirements and rates in advance. The Group will continue to monitor market developments closely and optimize freighter deployment as necessary.
Despite facing industry headwinds such as cost inflation, supply chain constraints, geopolitical tensions, and economic uncertainty, the Group remains well-positioned to navigate these challenges. Its strong financial standing, talented workforce, and industry-leading digital capabilities provide a solid foundation for future growth.
