Singapore Airlines reports 43.9% decline in half-year net profit

Singapore Airlines’ net profit fell to S$133.9 million in the half-year ending September 30, 2026, a 43.9 per cent decrease from S$238.5 million a year earlier. The group’s November 11 bourse filing attributed the earnings pressure to higher jet fuel prices caused by the Middle East conflict.

Average jet fuel prices reached US$171 per barrel, up 86.7 per cent year on year, while operating profit declined 29.1 per cent to S$569.2 million from S$802.9 million. Gains from fuel hedging amounted to S$806 million, cushioning some of the impact. A smaller share of losses from associate Air India, along with lower tax expenses, partly limited the net profit decline.

Revenue climbed to a record S$11.3 billion, rising 16.8 per cent from S$9.7 billion. The group transported a record 21.8 million passengers, with passenger yields increasing 12.1 per cent and cargo yields gaining 25.4 per cent.

Shareholders will receive an interim dividend of S$0.02 per share plus an interim special dividend of S$0.05 per share on December 11, 2026. The combined S$0.07 payment is below the previous year’s S$0.08. Earnings per share decreased from S$0.079 to S$0.043.

For the second quarter, net profit increased from S$52.4 million to S$209.7 million. Quarterly operating profit reached S$463.7 million, a 16.3 per cent increase.

SIA described passenger demand as healthy and cargo demand as firm. It said changes to air fares and cargo rates had not fully covered the effects of sustained high fuel prices. The group said it would continue managing costs with discipline while making strategic investments in SIA and Scoot.