Passenger flown revenue nudged up 0.6% y-o-y to S$8.2b. Passenger carriage grew 5.0%, but yields declined 4.5% on intense competition. Passenger load factor (PLF) was 0.5 percentage points (ppt) lower at 86.8%.
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FY25 revenue in line.
FY25 revenue was in line with our expectations at 101% of our full year forecast, while core PATMI (excluding one-off gain on disposal) was a slight beat at 104%.
On a full year basis, SIA’s revenue grew 2.8% to a record S$19.5b. This was outpaced by non-fuel expenditures, which jumped 11% to S$12.4b, while net fuel costs grew 6.1% to S$5.4b. Operating profit therefore fell 37.3%, while net profit rose 3.9% to a record S$2.8b on the aforementioned accounting gain.
Expenditure outpaced revenue growth.
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Together with an exceptional accounting gain on disposal of Vistrara (S$1.1b) recognized in 3QFY25, SIA turned in a record net profit of S$2.0b, which is 65% higher y-o-y.
5.8% dividend yield.
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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/.
