SATS (SGX:S58)'s 1HFY26 (financial year ending 31 Mar 2026) revenue and PATMI grew 9.1% and 11.2% y-o-y respectively, beating our expectations
Broad-based revenue growth.
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Meanwhile, Food Solutions revenue inched up 1% y-o-y to S$356.5m. Gross meals produced grew 1.4% to 29.3m meals. Growth was largely driven by the non-aviation segment – notably, SATS provided end-to-end logistics, transport, maintenance, and food supply support to the Singapore Armed Forces at Exercise Wallaby – while the aviation segment was stable y-o-y.
A solid beat all around.
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On a 1HFY26 basis, revenue / operating profit / PATMI were up 9.1% / 17.7% / 11.2% y-o-y to S$3.1b / S$282.6m / S$149.8m, respectively. SATS’s 1HY26 revenue and PATMI constituted 54.1% and 57.2% of our initial full year forecasts, respectively.
SATS has declared interim dividend of 2 Singapore cents per share (1HFY25: 1.5 Singapore cents per share), which will be paid out on 5 Dec 2025.
Strong performance underscores resilience of the company.
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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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