Singapore Airlines Ltd. employees, including pilots, can receive a profit-sharing bonus of seven.94 months, the Straits Times reported, citing a press release by CEO Goh Choon Phong.
For comparison, a neighborhood newspaper reported Thursday.
Singapore Airlines declined to comment.
The airline said short-term demand for flights remained strong as strong travel appetite drove record full-year profit that beat even estimates despite a rather weaker fourth quarter.
The city’s flag carrier also highlighted strong cargo demand towards the tip of the financial 12 months as various shippers shift to air transport on account of security concerns within the Red Sea region.
“Cargo demand increased towards the end of the 2023/24 financial year on the back of healthy e-commerce demand and resilient and growing segments such as perishables and concerts,” the corporate said on Wednesday.
The carrier reported an annual net profit of A$2.68 billion ($1.99 billion) for the financial 12 months ended March 2024, up from A$2.16 billion a 12 months ago.
It also declared a final dividend of 38 Singapore cents apiece, up from 28 Singapore cents a 12 months ago.
However, Singapore Airlines expects passenger earnings – a measure of the typical per-mile fare per passenger – to proceed to say no as airlines expand capability, particularly within the Asia-Pacific region.
“The aviation industry continues to face challenges including rising geopolitical tensions, an uncertain macroeconomic climate, supply chain constraints and high inflation in many parts of the world,” it said.
Singapore Airlines has benefited from a faster reopening and rebuilding in comparison with many other airlines after Covid-19 restrictions were lifted. Monthly passenger numbers in March were around 97 percent of pre-pandemic levels.
This windfall for Singapore Airlines staff mirrors the experience of Emirates employees, which is reported to be giving employees a five-month bonus after achieving a record annual profit of $5.1 billion. Last 12 months, Gulf carrier also paid an analogous amount.
Singapore Airlines said it intends to redeem all remaining zero-coupon compulsory convertible bonds (MCBs) it issued in June 2021 to shore up its balance sheet amid the near-total cessation of air travel through the pandemic.
The latest redemption, to be paid to eligible bondholders on June 24, will see the corporate meet its accrued principal amount payable of A$1.74 billion.
Additional reporting by Reuters
