Singapore: Singapore Airlines Group reported a record half year revenue of S$11.30 billion for the six months ended 30 September 2026, marking a 16.8% increase from the same period last year. However, net profit fell 43.9% to S$133.9 million, compared with S$238.5 million a year earlier, as higher fuel costs weighed on the group’s financial performance.
The airline attributed the increase in revenue to stronger passenger and cargo demand, alongside higher yields across both segments. Singapore Airlines and its low cost subsidiary Scoot carried a combined 21.8 million passengers during the first half, up 5% year on year. Passenger revenue increased 16.8% to S$9.10 billion, while cargo revenue rose 30.2% to S$1.39 billion, supported by a 25.4% improvement in cargo yields.
Despite the revenue growth, total expenditure increased 20.9% to S$10.73 billion. Fuel costs before hedging rose 90.3% to S$4.71 billion, with average jet fuel prices reaching US$171 per barrel, an increase of 86.7% compared with the previous year. The airline said the rise in fuel prices amid the ongoing conflict in the Middle East was the main factor behind the higher expenditure. Fuel hedging gains partially offset the increase, limiting the rise in net fuel costs to 56% at S$3.97 billion. Consequently, operating profit declined 29.1% to S$569.2 million.
The second quarter showed an improvement compared with the same period last year. Operating profit increased 16.3% to S$463.7 million, while net profit rose to S$209.7 million from S$52.4 million. The improvement was supported by stronger passenger and cargo yields, as well as a lower share of losses from associated companies, mainly Air India. For the first half, the reduced share of losses from associated companies helped partially offset the decline in operating profit.
Singapore Airlines also declared an interim ordinary dividend of 2 Singapore cents per share and a special dividend of 5 cents per share, bringing the total first half dividend to 7 cents per share. Both payments are scheduled for 11 December 2026 to shareholders on record as of 26 November. Looking ahead, the group said passenger demand remained healthy and cargo demand firm, but warned that elevated fuel prices and geopolitical uncertainty continued to create pressure on costs and the wider operating environment.
