On May 16, 2023, the SIA Group announced its audited financial results for the fiscal year ending March 31, 2023. The group achieved its highest net profit ever, driven by strong demand, record revenue, and passenger load factor.
The cargo segment experienced a decline in performance due to lower demand and increased belly-hold capacity.
Despite challenges from geopolitical and economic uncertainties, the group remains committed to providing excellent products and services.
Passenger capacity reached 79% of pre-Covid levels, and the group recorded a significant increase in revenue. Near-term cargo demand is expected to remain soft.
The airline industry faces challenges from high cost inflation and increasing competition.