Singapore Airlines Group Posts Record Revenue in H1 FY2026/27
Recorded a half-year revenue of S$11.3 billion, up 16.8% year-on-year, the highest in the Group's history.
Net profit declined 43.9% to S$134 million despite stronger revenue growth.
Operating profit fell 29.1% to S$569 million, mainly due to significantly higher fuel costs.
Strong Passenger & Cargo Performance
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SIA and Scoot carried a record 21.8 million passengers, up 5.0%.
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Passenger revenue increased 16.8% to S$9.1 billion.
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Cargo revenue rose 30.2% to S$1.39 billion.
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Passenger yields increased 12.1%, while cargo yields improved 25.4%.
Impact of Elevated Fuel Prices
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Average jet fuel prices surged 86.7% year-on-year to US$171 per barrel due to the Middle East conflict.
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Net fuel costs increased 56% to S$3.97 billion.
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Fuel expenses remained the primary drag on profitability despite hedging gains.
Second Quarter Improvement
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Q2 revenue reached a record S$5.58 billion, up 14.3%.
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Q2 operating profit increased 16.3% to S$463 million.
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Q2 net profit rose sharply to S$210 million, compared to S$52 million a year earlier.
Strong Balance Sheet
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Cash and bank balances stood at S$8.12 billion.
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Total liquidity reached S$8.98 billion.
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Debt-equity ratio improved from 0.62x to 0.61x.
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Maintains one of the strongest balance sheets in the airline industry.
Network Expansion
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Group passenger network expanded to 136 destinations in 35 countries and territories.
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New and expanded services include:
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Hangzhou (China)
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Belitung and Pontianak (Indonesia)
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Additional flights to Amsterdam, London Gatwick and Manchester
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Upcoming routes:
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Madrid (Spain) via Barcelona
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Western Sydney International Airport (Australia)
Strategic Investments & Partnerships
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Continued focus on its 25.1% stake in Air India as part of its multi-hub strategy.
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Expanded cooperation with:
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Air India
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Malaysia Airlines
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Air China
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Vietnam Airlines
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Extended cargo partnership with DHL Express.
Customer Experience Investments
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Unveiled a new premium travel experience featuring:
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Next-generation cabin products across all classes
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Enhanced KrisWorld entertainment
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New dining concepts and amenities
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Improved lounges and ground services
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High-speed onboard connectivity
Awards & Recognition
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Named World's Best Airline 2026 by Skytrax.
Won:
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Best Airline in Asia
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World's Best Economy Class
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World's Best Economy Class Onboard Catering
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Scoot was named World's Best Long-Haul Low-Cost Carrier for the sixth time.
Shareholder Returns
Declared:
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Interim ordinary dividend: 2 cents per share
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Interim special dividend: 5 cents per share
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Total interim dividend: 7 cents per share, payable on 11 December 2026.
Key Takeaway
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Singapore Airlines Group delivered record revenue and strong passenger and cargo growth in the first half of FY2026/27. However, elevated jet fuel prices driven by the Middle East conflict significantly impacted profitability. Despite this, the Group remains financially robust, continues expanding its network and partnerships, and is investing heavily in its future customer experience.
