Key Notes
- Singapore Airlines Group revenue rose 16.8% to a half-year record of S$11.3 billion, with 21.8 million passengers carried.
- Net fuel costs increased 56%, while half-year operating profit fell 29.1% and net profit declined 43.9%.
- Second-quarter earnings improved, while the airline group outlined winter expansion and continued Middle East suspensions.
Singapore Airlines Group posted record half-year revenue of S$11.3 billion as passenger numbers and ticket yields rose, but sharply higher fuel costs cut net profit by 43.9%. The results show how strong travel demand is helping airlines absorb a fuel shock without fully protecting their earnings.
The group’s results release, published on November 11, covers the six months ended September 30, 2026, the first half of its 2026/27 financial year. It includes Singapore Airlines and low-cost subsidiary Scoot. Monetary figures below are in Singapore dollars.
More Passengers and Higher Yields Lift Revenue
Revenue rose 16.8% to S$11.297 billion. Singapore Airlines and Scoot carried a half-year record of 21.8 million passengers, up 5% from a year earlier, while passenger revenue increased to S$9.095 billion.
Higher yields were a major part of that growth. Revenue earned per passenger-kilometer rose 12.1%, while cargo revenue increased 30.2% to S$1.394 billion. The combination gave the group a stronger revenue base even as the cost of operating its network rose.
The group’s passenger load factor was 86.8%, down 0.9 percentage points. Available capacity grew slightly faster than passenger traffic, so the record passenger total did not translate into a higher proportion of seats filled.
Fuel Costs Squeeze Half-Year Profit
The financial statements show net fuel costs, after hedging, rising 56% to S$3.974 billion. Total expenditure increased 20.9% to S$10.728 billion, outpacing revenue growth.
Half-year operating profit fell 29.1% to S$569 million, and net profit declined to S$134 million. The company attributed much of the pressure to elevated jet fuel prices amid the Middle East conflict, partly cushioned by gains on fuel hedges.
That pressure has wider implications for fares. The group said it had adjusted passenger fares and cargo rates, but those changes had not fully offset sustained high fuel prices. We recently covered the broader fuel-cost warning from Asia-Pacific airlines as the industry weighs costs against demand.
A Stronger Second Quarter
The July–September quarter was stronger than the first three months of the financial year. Quarterly revenue rose 14.3% year on year to S$5.583 billion, while operating profit increased 16.3% to S$463 million.
Second-quarter net profit reached S$210 million, up from S$52 million a year earlier. Alongside stronger operations, the group benefited from a lower share of losses at associated companies, mainly Air India. That improvement softened the half-year decline.
Winter Expansion Continues Alongside Suspensions
The results release also outlines more winter flights to destinations including Milan, Munich, Adelaide, Auckland, Ho Chi Minh City and Da Nang. Seasonal Hokkaido services are planned from November 30, 2026, to January 24, 2027, with Madrid via Barcelona and Western Sydney among the new destinations scheduled for the season.
Middle East flying remains more constrained. In the November 11 update, the group said Singapore Airlines’ Dubai services and Scoot’s Jeddah flights remained suspended, while the launch of Riyadh service had been deferred to March 2027. Travelers should check their operating airline’s current schedule before booking around those routes.
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