Singapore Airlines Ltd.

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Company Background

Singapore Airlines (SIA) considers itself a "premium" airline. It prides itself on quality service, differentiating itself from its fast-growing low-cost peers. Wholly owned subsidiary SilkAir flies short-haul regional routes, also providing premium services. Goh Choon Phong has been the airline operator's CEO since December 2010; he has been with Singapore Airlines since 1990. The airline began as Malayan Airways in 1947 before going independent under its current name. Singapore sovereign wealth fund Temasek Holdings owns more than 50% of the company.

SIA has stakes in two low-cost carriers. Tiger Airways Holdings was established in 2004 and now operates in Asia and Australia under the Tigerair brand. It is restructuring after posting three consecutive annual losses. Wholly owned Scoot, set up in 2011 to handle middle- to long-haul routes, is reportedly loss-making. After selling off a 49% stake in Virgin Atlantic to Delta Air Lines, SIA shifted its attention to India. Vistara, a New Delhi-based joint-venture with the Tata Group will initially fly only over India, though plans are to assign it international routes once regulatory approvals are given.

Business Summary

Singapore Airlines Ltd. engages in passenger and cargo air transportation. It operates through the following segments: Singapore Airlines, SilkAir, Budget Aviation, SIAEC, and Others. The Singapore Airlines segment provides passenger air transportation under the Singapore Airlines brand with a focus on full-service passenger serving short and long haul markets. The SilkAir segment covers passenger air transportation under the SilkAir brand with a focus on full-service passenger serving regional markets. The Budget Aviation segment provides passenger air transportation under the Scoot brand with a focus on the lowcost passenger segment. The SIAEC segment provides airframe maintenance and overhaul services, line maintenance, technical ground handling services and fleet management. The company was founded on January 28, 1972 and is headquartered in Singapore.

Financial Highlights

Mar 2019	SGD	USD
Revenue	16,323.20M	12,019.25M
Gross Profit	1,970.50M	1,450.93M
Operating income	1,068.10M	786.47M
Income before tax	868.60M	639.57M
Net income	682.70M	502.69M
EBITDA	2,457.90M	1,809.82M
Diluted EPS	0.57	0.42
Dividends Per Share	0.30	0.22
Total Assets	30,632.80M	22,615.57M
Total liabilities	16,949.60M	12,513.54M
Total equity	13,286.80M	9,809.37M
Operating cash flow	2,837.80M	2,089.55M
	Currency in SGD	Currency in USD

Historical Data

SGD | USD

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
Revenue	15,565.50M	15,238.70M	14,868.50M	15,806.10M	16,323.20M
Gross Profit	1,608.70M	1,679.70M	1,463M	2,518.50M	1,970.50M
Operating income	938.30M	939.50M	659.40M	1,598.20M	1,068.10M
Income before tax	520M	972.40M	518.60M	1,593.20M	868.60M
Net income	367.90M	804.40M	360.40M	1,301.60M	682.70M
EBITDA	2,503M	2,515.20M	2,251.30M	2,790.70M	2,457.90M
Diluted EPS	0.31	0.68	0.30	1.09	0.57
Dividends Per Share	0.22	0.45	0.20	0.40	0.30
Total Assets	24,236.90M	24,130.60M	24,854.70M	26,021.40M	30,632.80M
Total liabilities	11,306.80M	10,997.70M	11,384.50M	12,793M	16,949.60M
Total equity	12,463.60M	12,754.70M	13,083M	12,860.30M	13,286.80M
Operating cash flow	2,209M	3,224.30M	2,693M	2,714.40M	2,837.80M

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
Revenue	12,079.84M	10,990.85M	10,744.39M	11,651.49M	12,019.25M
Gross Profit	1,248.45M	1,211.47M	1,057.20M	1,856.51M	1,450.93M
Operating income	728.18M	677.61M	476.50M	1,178.11M	786.47M
Income before tax	403.55M	701.33M	374.75M	1,174.43M	639.57M
Net income	285.51M	580.17M	260.43M	959.47M	502.69M
EBITDA	1,942.49M	1,814.07M	1,626.85M	2,057.17M	1,809.82M
Diluted EPS	0.24	0.49	0.21	0.80	0.42
Dividends Per Share	0.17	0.32	0.14	0.29	0.22
Total Assets	17,669.24M	17,919.64M	17,787.66M	19,843.88M	22,615.57M
Total liabilities	8,242.91M	8,167.01M	8,147.49M	9,755.92M	12,513.54M
Total equity	9,086.24M	9,471.78M	9,363.05M	9,807.24M	9,809.37M
Operating cash flow	1,714.32M	2,325.51M	1,946.03M	2,000.92M	2,089.55M

Valuation Measures

Mar 2019
PER	16.74
ROA	2.41%
ROE	5.22%
Operating margin	6.54%
Profit margin	4.18%

Key executives

CEO & Non-Independent Executive Director: Choon Phong Goh
Executive Vice President-Operations: Swee Wah Mak
Senior Vice President-Finance: Stephen Barnes
Senior Vice President-Information Technology: Wei Jun Wang
Senior Vice President-Product & Services: Meng Hung Tan

Shareholders

Temasek Holdings Pte Ltd. (Investment Company) (54.7%)
BlackRock Fund Advisors (1.6%)
The Vanguard Group, Inc. (1.2%)
Singapore Airlines Ltd. (1.2%)
Norges Bank Investment Management (0.8%)
Dimensional Fund Advisors LP (0.7%)
BNP Paribas Asset Management France SAS (0.3%)
Geode Capital Management LLC (0.3%)
BlackRock Advisors (UK) Ltd. (0.2%)
State Street Global Advisors Singapore Ltd. (0.1%)

Contact Details

Website:http://singaporeair.com
Address: Airline House, 25 Airline Road, Singapore, 819829, Singapore
Phone: +65.6541.4030

Related Companies

Singapore Airlines Ltd. (Brazil)
Scoot Tigerair Pte Ltd.
Singapore Airlines Korea
Singapore Airlines Ltd. (Ireland)
Silkair (Singapore) Pte Ltd.
RCMS Properties Pvt Ltd.
Singapore Aviation & General Insurance Co. Pte Ltd.
Singapore Airlines Ltd. Sucursal en Espana
Singapore Airlines Cargo Pte Ltd. (California)
Tiger Airways Holdings Pte Ltd.
SIA Properties Pte Ltd.
SIA Engineering Co. Ltd.

Competitors

China Airlines Ltd.
Qantas Airways Limited
PT Garuda Indonesia (Persero) Tbk Class B
Air New Zealand Limited
China Southern Airlines Company Limited Class H
Thai Airways International Public Co. Ltd.
PAL Holdings, Inc.
Regional Express Holdings Limited
Norwegian Air Shuttle ASA
AirAsia Group Bhd.
Cebu Air Inc.
International Consolidated Airlines Group SA
JG Summit Holdings Inc.
Asia Aviation Public Co., Ltd.
Spring Airlines Co., Ltd. Class A
Nippon Yusen Kabushiki Kaisha

Last Updated on 3 Apr, 2020