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 the provision of passenger and cargo air transportation services. It operates through the following segments: Full-Service Carrier (FSC), Low-Cost Carrier (LCC), Engineering Services, and Others. The FSC segment includes Singapore Airlines brand with a focus on full-service passenger serving short and long-haul markets. The LCC segment focuses on the Scoot brand serving low-cost passenger markets. The Engineering Services segment provides airframe maintenance and overhaul, line maintenance, technical ground handling, and fleet management services. The Others segment is involved in tour activities and selling merchandise. The company was founded on January 28, 1972 and is headquartered in Singapore.

Financial Highlights

Mar 2023	SGD	USD
Revenue	17,774.80M	12,935.08M
Gross Profit	3,031.20M	2,205.86M
Operating income	1,649.50M	1,200.37M
Income before tax	2,668M	1,941.55M
Net income	2,156.80M	1,569.54M
EBITDA	3,730M	2,714.39M
Diluted EPS	0.34	0.25
Dividends Per Share	0.38	0.27
Total Assets	50,190M	37,749.61M
Total liabilities	29,940.20M	22,519.04M
Total equity	19,858.30M	14,936.10M
Operating cash flow	9,153.60M	6,661.26M
	Currency in SGD	Currency in USD

Historical Data

SGD | USD

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Revenue	16,323.20M	15,975.90M	3,815.90M	7,614.80M	17,774.80M
Gross Profit	1,970.50M	1,203.70M	-1,506.70M	-198.60M	3,031.20M
Operating income	1,068.10M	295.50M	-2,137.40M	-867.80M	1,649.50M
Income before tax	868.60M	-141.50M	-4,844.40M	-973.90M	2,668M
Net income	682.70M	-212M	-4,270.70M	-962M	2,156.80M
EBITDA	2,457.90M	2,487.20M	4.30M	1,131.80M	3,730M
Diluted EPS	0.40	-0.12	-1.15	-0.16	0.34
Dividends Per Share	0.21	0.05	0	0	0.38
Total Assets	30,632.80M	33,712.80M	37,581.30M	49,723.30M	50,190M
Total liabilities	16,949.60M	23,980.10M	21,303.20M	26,922.90M	29,940.20M
Total equity	13,286.80M	9,314.10M	15,905.90M	22,411.90M	19,858.30M
Operating cash flow	2,837.80M	2,657.30M	-3,443.20M	2,833.90M	9,153.60M

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Revenue	12,019.25M	11,645.13M	2,792.87M	5,646.20M	12,935.08M
Gross Profit	1,450.93M	877.39M	-1,102.76M	-147.25M	2,205.86M
Operating income	786.47M	215.39M	-1,564.37M	-643.45M	1,200.37M
Income before tax	639.57M	-103.14M	-3,545.64M	-722.12M	1,941.55M
Net income	502.69M	-154.53M	-3,125.74M	-713.30M	1,569.54M
EBITDA	1,809.82M	1,812.96M	3.14M	839.20M	2,714.39M
Diluted EPS	0.29	-0.09	-0.84	-0.12	0.25
Dividends Per Share	0.15	0.04	0	0	0.27
Total Assets	22,615.57M	23,677.21M	27,970.60M	36,740.90M	37,749.61M
Total liabilities	12,513.54M	16,841.73M	15,855.31M	19,893.52M	22,519.04M
Total equity	9,809.37M	6,541.48M	11,838.27M	16,560.31M	14,936.10M
Operating cash flow	2,089.55M	1,936.95M	-2,520.09M	2,101.27M	6,661.26M

Valuation Measures

Mar 2023
PER	16.08
ROA	4.31%
ROE	10.20%
Operating margin	9.27%
Profit margin	12.13%

Management

CEO & Non-Independent Executive Director: Choon Phong Goh
Chief Operations Officer & Executive VP-Operations: Kai Ping Tan
Chief Financial Officer & Senior VP-Finance: Jo Ann Tan
Senior Vice President-Engineering: Hwa Peng Lau
Senior Vice President-Information Technology: Wei Jun Wang

Shareholders

Temasek Holdings Pte Ltd. (Investment Company) (53.4%)
The Vanguard Group, Inc. (1.4%)
BlackRock Fund Advisors (0.8%)
Norges Bank Investment Management (0.7%)
Dimensional Fund Advisors LP (0.3%)
Geode Capital Management LLC (0.3%)
State Street Global Advisors Singapore Ltd. (0.2%)
BlackRock Advisors (UK) Ltd. (0.1%)
Vanguard Global Advisers LLC (0.1%)
GOH CHOON PHONG (0.1%)

Contact Details

Website:https://www.singaporeair.com/en_uk/imprint/
Address: Airline House, 25 Airline Road, Singapore, 819829, Singapore
Phone: +65.6541.5314

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Competitors

Qantas Airways Limited
China Airlines Ltd.
PT Garuda Indonesia (Persero) Tbk Class B
China Southern Airlines Company Limited Class H
Turk Hava Yollari A.O.
Cebu Air Inc.
PAL Holdings, Inc.
Spring Airlines Co., Ltd. Class A
JG Summit Holdings Inc.
Asia Aviation Public Co., Ltd.

Last Updated on 22 Sep, 2023