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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 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 SGDUSD
Gross Profit3,031.20M2,205.86M
Operating income1,649.50M1,200.37M
Income before tax2,668M1,941.55M
Net income2,156.80M1,569.54M
Diluted EPS0.340.25
Dividends Per Share0.380.27
Total Assets50,190M37,749.61M
Total liabilities29,940.20M22,519.04M
Total equity19,858.30M14,936.10M
Operating cash flow9,153.60M6,661.26M
Currency in SGDCurrency in USD

Historical Data

 Mar 2019Mar 2020Mar 2021Mar 2022Mar 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 2019Mar 2020Mar 2021Mar 2022Mar 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
Operating margin9.27%
Profit margin12.13%


  • 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


  • 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

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Last Updated on 22 Sep, 2023

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