Singapore Airlines (SIA) Group reported net profit of S$134 million for the six months ended 30 September 2026, down 43.9% year-on-year, as a near-doubling of jet-fuel costs outweighed buoyant traffic and stronger yields that lifted revenue to a record S$11.30 billion, up 16.8 % from a year earlier.
Basic earnings per share slipped to 4.3 Singapore cents from 7.9 cents a year ago, while diluted EPS retreated to 4.2 cents from 7.9 cents. The board declared an interim ordinary dividend of 2 cents and an interim special dividend of 5 cents per share, both payable on 11 December 2026 to shareholders on record as of 26 November 2026. The special dividend is the second instalment of the three-year, 10-cents-a-share annual return announced in November 2025.
Operating profit for the half slipped 29.1% YoY to S$569 million as total expenditure climbed 20.9% to S$10.73 billion. Net fuel cost rose 56.0% to S$3.97 billion, reflecting an 86.7% jump in average jet-fuel prices to US$171 a barrel, partly offset by S$731 million of hedging gains. Non-fuel costs increased 6.8% to S$6.75 billion on capacity growth and wider inflationary pressures.
Passenger flown revenue surged 16.8% to S$9.10 billion, propelled by a 12.1% rise in yields to 11.1 Singapore cents per revenue passenger-kilometre and a 5.0% increase in traffic to a first-half record 21.8 million travellers. Group passenger load factor eased 0.9 percentage point to 86.8% as capacity expanded 4.9% YoY. Cargo revenue advanced 30.2% to S$1.39 billion, supported by a 25.4% improvement in cargo yield and a 2.0-point gain in load factor to 58.5%.
The second quarter showed sequential improvement: operating profit rose 16.3% YoY to S$464 million and net profit quadrupled to S$210 million, helped by sustained strong yields and lower associated-company losses, chiefly at Air India.
Elevated fuel prices remained the primary headwind, accounting for most of the S$1.86 billion increase in expenditure. The Middle East conflict drove energy costs higher and forced the suspension of Scoot’s Jeddah and SIA’s Dubai flights, while the planned launch of Riyadh services was postponed to March 2027.
During the half, the Group continued to expand its network to 136 passenger destinations across 35 countries and territories, took delivery of four narrow-body aircraft, and maintained an average fleet age just under eight years. It also unveiled a new suite of cabins, inflight entertainment upgrades and lounge enhancements, and deepened partnerships with Air India, Malaysia Airlines, Air China and Vietnam Airlines.
Looking ahead, SIA sees passenger demand remaining healthy and cargo volumes buoyed by semiconductor and cloud-computing shipments, though management cautions that protracted geopolitical tensions and high fuel prices could pressure costs and demand. The company pledged disciplined cost control while sustaining strategic investments, including its 25.1% stake in the Air India Group and ongoing adoption of sustainable aviation fuel to support its 2050 net-zero target.