Date of Report
17 September 2024

Broker
Maybank Research Pte. Ltd.

Passenger Capacity and Traffic Growth

In August 2024, Singapore Airlines (SIA) recorded a year-on-year (YoY) increase in passenger capacity of 10.8%, which outpaced the 7.7% YoY growth in passenger traffic. The Group’s overall passenger load factor (PLF) stood at 85.7%, reflecting a 2.5 percentage point decrease compared to the same period last year.

Performance by Airline

• SIA: Achieved a PLF of 84.9%.
• Scoot: Posted a higher PLF of 88.8%.

Together, SIA and Scoot carried a total of 3.3 million passengers in August 2024, marking a 9.4% YoY increase.

Cargo Operations Growth

Cargo loads for SIA grew by 20.9% YoY, driven by sustained demand from e-commerce and some spillover from disruptions in sea freight. Cargo capacity also expanded by 10.4% YoY. As a result, the cargo load factor improved to 56.1%, up by 4.9 percentage points YoY.