Aviation-related businesses have enjoyed a breath of fresh air as borders slowly reopen.
SATS Ltd (SGX: S58) is one of the players that has directly benefited.
The ground handler and airline catering service provider reported a much better set of numbers for its fiscal 2022 first half (1H2022) ended 30 September 2021.
Revenue increased by 29.3% year on year to S$569.5 million, boosted by its successful expansion into non-food segments and higher cargo revenue to mitigate the fall in aviation-related revenue.
SATS chalked up an operating profit of S$4 million for 1H2022, reversing the S$36 million operating loss the year before.
Share of associates’ results was also positive at S$900,000, and net profit came in at S$13.2 million, helped by a tax credit of S$8.9 million.
The group also released a set of slides for its Capital Markets Day where it outlined its growth strategies and targets for the fiscal year 2025 (FY2025).