Why Singapore Airlines Has Recovered So Strongly
Demand is not the problem. In 1QFY2026/2027, SIA and Scoot carried a record 10.9 million passengers, up 6.3% YoY, while...Few companies have enjoyed as dramatic a turnaround as Singapore Airlines Limited (SGX: C6L), or SIA.
From grounding most of its fleet during COVID-19 to posting record financials and handing shareholders special dividends, the national carrier has exceeded expectations, with the share price following suit, trading at S$7.70 as of 31 August 2026, near the upper bound of its yearly range.
The question worth asking isn’t how far it has come; it’s what could derail the next stage of recovery.
Then, on 28 July 2026 (1QFY2026/2027), came a reality check.
Despite a record top line, SIA’s bottom lines left much to be desired: operating profit slipped 73.8% year on year (YoY) and the group swung to a net loss, weighed down by fuel costs and a wider share of losses from Air India.
