- SATS' operations continues to be resilient due to capacity redeployment to routes with higher demand amid trade volatility, and new contract wins due to business development efforts.
- After the successful integration of WFS, SATS has transitioned from station-specific or project-based incremental wins toward network-wide cargo handling mandates. FY26 wins, such as its overseas hub-carrier contract with Riyadh Air, US multi-station cargo contract with Turkish Airlines, and its contract renewal for cargo handling in the US and Europe with Saudia Cargo, underscore its significance as a global air cargo operator.
Key Highlights
WFS acquisition boosts global air cargo platform.
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- SATS secured S$180mil annualised revenue from new contracts in FY24, followed by additional multi-station cargo contract wins across the Americas in FY25-26. This has driven a shift in revenue contribution by geography, where markets exc. SG accounted for ~ 20% of revenue in FY23, rising sharply to ~ 65% post-acquisition in FY25.
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Cargo segment showing above expected resilience.
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