Singapore Airlines (SIA) posted 2QFY24 revenue of S$4.68b, representing a growth of 4.3% y-o-y and ~4.6% q-o-q. This was driven by a 17.3% y-o-y increase in passenger flown revenue to S$3.87b, as a 28.9% increase in traffic outpaced a 26% increase in capacity during the period, uplifting group passenger load factors (PLFs) by 2 percentage points (ppt) to 88.6%.
Record 2QFY24 operating profit
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Altogether, SIA reported a record 2QFY24 operating profit of S$799m, up 17.8% y-o-y.
1HFY24 profit up 25.9% y-o-y
For 1HFY24, SIA’s group revenue and expenditure rose by 8.9% and 5.9% to S$9.16b and S$7.61m respectively, flowing through to a record operating profit of S$1.55b, up 25.9% y-o-y.
1HFY24 net income of S$1.45b constituted ~60% of our initial forecast.
SIA has declared an interim dividend of S$0.10 per share, which is unchanged y-o-y. See SIA's dividend dates.
Cautiously optimistic outlook
Demand for air travel to remain healthy
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Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.
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