A solid performance to end the fiscal year
For FY2024, SIA saw total revenue rise 7% year on year to S$19 billion, aided by the full reopening of borders in North Asian countries such as China, Hong Kong, and Taiwan. However, total expenses climbed 8% year on year led by a 13.5% year-on-year increase in non-fuel expenditure....Air travel is booming with a strong surge in demand for holidays that has seen visitor numbers in Singapore hit 5.7 million year-to-date or 90% of pre-pandemic levels.
This news should be music to Singapore Airlines Limited’s (SGX: C6L), or SIA, ears.
The blue-chip airline had just released its fiscal 2024 (FY2024) earnings that saw both its operating and net profit hit new records.
However, SIA’s share price is up just 3.7% year to date and is roughly 15.8% below its 52-week high of S$8.05.
With the record profits, can the airline reclaim its 52-week high again? We dig deeper to find out.