Revenue of Singapore Airlines FY 2015-2024

The Singapore Airlines Group generated a revenue of about 19 billion Singapore dollars in the fiscal year 2023/2024. Due to the COVID-19 pandemic, Singapore Airlines' revenue in 2020/2021 dropped to about 3.8 billion Singapore dollars from the 15.98 billion Singapore dollars recorded in the previous fiscal year. However, total revenue reached its highest level over the period measured in 2023/2024, indicating a clear sign of recovery. 

The crash of 2020

Up to 2019, Singapore Airlines had been recording upward performance for several years. The number of passengers increased steadily between 2014 and 2020. However, with restrictions and border closures coming into force in early 2020, the number of passengers fell sharply. This led Singapore Airlines to record operating losses of over 2.5 billion Singapore dollars in fiscal year 2020/2021.

Still a strong position in the region

To cope with this crisis, the Singapore Airlines Group increased its cargo activity, with revenues rising over the past year to about 4.4 billion Singapore dollars in fiscal year 2021/2022. In addition, the airline benefits from a key location in the region, with Changi Airport consistently ranked as one of the world's best and most valuable airports, serving as a regional hub for international flights. This central position is now being reinforced in the wake of the pandemic, with state investment allowing Singapore Airlines and its subsidiary Scoot to expand their operations while competitors in the region face financial difficulties.