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Singapore Airlines Ltd.

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 and SIAEC. 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 2021 SGDUSD
Gross Profit-1,506.70M-1,102.76M
Operating income-2,137.40M-1,564.37M
Income before tax-4,844.40M-3,545.64M
Net income-4,270.70M-3,125.74M
Diluted EPS-1.15-0.84
Dividends Per Share00
Total Assets37,581.30M27,970.60M
Total liabilities21,303.20M15,855.31M
Total equity15,905.90M11,838.27M
Operating cash flow-3,443.20M-2,520.09M
Currency in SGDCurrency in USD

Historical Data

 Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021
Revenue 14,868.50M 15,806.10M 16,323.20M 15,975.90M 3,815.90M
Gross Profit 1,463M 2,518.50M 1,970.50M 1,203.70M -1,506.70M
Operating income 659.40M 1,598.20M 1,068.10M 295.50M -2,137.40M
Income before tax 518.60M 1,593.20M 868.60M -141.50M -4,844.40M
Net income 360.40M 1,301.60M 682.70M -212M -4,270.70M
EBITDA 2,251.30M 2,790.70M 2,457.90M 2,487.20M 4.30M
Diluted EPS 0.21 0.77 0.40 -0.12 -1.15
Dividends Per Share 0.14 0.28 0.21 0.05 0
Total Assets 24,854.70M 26,021.40M 30,632.80M 33,712.80M 37,581.30M
Total liabilities 11,384.50M 12,793M 16,949.60M 23,980.10M 21,303.20M
Total equity 13,083M 12,860.30M 13,286.80M 9,314.10M 15,905.90M
Operating cash flow 2,693M 2,714.40M 2,837.80M 2,657.30M -3,443.20M
 Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021
Revenue 10,744.39M 11,651.49M 12,019.25M 11,645.13M 2,792.87M
Gross Profit 1,057.20M 1,856.51M 1,450.93M 877.39M -1,102.76M
Operating income 476.50M 1,178.11M 786.47M 215.39M -1,564.37M
Income before tax 374.75M 1,174.43M 639.57M -103.14M -3,545.64M
Net income 260.43M 959.47M 502.69M -154.53M -3,125.74M
EBITDA 1,626.85M 2,057.17M 1,809.82M 1,812.96M 3.14M
Diluted EPS 0.15 0.56 0.29 -0.09 -0.84
Dividends Per Share 0.10 0.20 0.15 0.04 0
Total Assets 17,787.66M 19,843.88M 22,615.57M 23,677.21M 27,970.60M
Total liabilities 8,147.49M 9,755.92M 12,513.54M 16,841.73M 15,855.31M
Total equity 9,363.05M 9,807.24M 9,809.37M 6,541.48M 11,838.27M
Operating cash flow 1,946.03M 2,000.92M 2,089.55M 1,936.95M -2,520.09M

Valuation Measures

Mar 2021
Operating margin-56.01%
Profit margin-111.91%

Key executives

  • CEO & Non-Independent Executive Director: Choon Phong Goh
  • Executive Vice President-Operations: Swee Wah Mak
  • Chief Financial Officer: Kai Ping Tan
  • Senior Vice President-Engineering: Hwa Peng Lau
  • Senior Vice President-Information Technology: Wei Jun Wang


  • Temasek Holdings Pte Ltd. (Investment Company) (55.5%)
  • The Vanguard Group, Inc. (1.0%)
  • BlackRock Fund Advisors (0.8%)
  • Norges Bank Investment Management (0.7%)
  • Singapore Airlines Ltd. (0.3%)
  • iFAST Corp. Ltd. (0.2%)
  • Dimensional Fund Advisors LP (0.2%)
  • State Street Global Advisors Singapore Ltd. (0.2%)
  • Geode Capital Management LLC (0.2%)
  • BlackRock Advisors (UK) Ltd. (0.1%)

Contact Details

  • Website:
  • Address: Airline House, 25 Airline Road, Singapore, 819829, Singapore
  • Phone: +65.6541.4030

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Last Updated on 25 Jan, 2022

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