Singapore Airlines pays staff 8-month salary bonus after S$2.67bil record profit

KUALA LUMPUR: Singapore Airlines' employees will receive bonuses equivalent to roughly eight months' salary, following its record financial performance.

An aviation news portal reported that the bonus, amounting to a 32-week profit-sharing incentive, reflects the airline's acknowledgment of its employees' unwavering dedication and hard work.

"This bonus, equal to 7.94 months of pay, is not merely a spontaneous act of gratitude but is entrenched in a longstanding agreement with the airline's unions, embodying a harmonious relationship between the company and its workforce," it said.

The airline achieved a net profit of S$2.67 billion (about US$2.0 billion) for the financial year 2023-2024 (FY23/24), representing a 24 per cent increase over the previous year.

"The group reported total revenue of S$19,013 million, marking a 7.0 per cent increase compared to the previous year. Passenger flown revenue rose significantly by 17.3 per cent, reaching S$15,685 million, driven by a rebound in North Asia and robust passenger traffic growth," it said.

Consequently, Singapore Airlines' operating profit reached a record S$2,728 million, up 1.3 per cent from the previous year. The demand for air travel remained strong throughout FY23/24, with Singapore Airlines and Scoot together experiencing a 37.6 per cent year-on-year increase in passengers.

Passenger traffic rose by 26.6 per cent, outpacing capacity growth and resulting in a record passenger load factor of 88.0 per cent.Singapore Airlines and Scoot achieved load factors of 87.1 per cent and 91.2 per cent respectively.

"The board of directors proposed a final dividend of 38 cents per share for FY23/24, resulting in a total payout of 48 cents per share.

"Looking ahead, the group anticipates continued healthy demand for air travel, albeit with potential challenges such as increasing competition and downward pressure on passenger yields," it added.

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