Singapore Airlines Group Reports Strong March Growth

‍DALLAS — Singapore Airlines (SQ) Group continues its positive trajectory, reporting significant passenger and cargo traffic growth for March 2024.

Passenger traffic for the Group grew by a significant 13.9% compared to March 2023, with a capacity increase of 15.5%. This translates to the Group carrying nearly 3.3 million passengers in March, reflecting a remarkable 20.7% year-on-year growth. The gradual growth was consistent across all regions, highlighting the continued, gradual recovery of the travel industry.

Both Singapore Airlines (SQ) and Scoot (TR), the Group's low-cost subsidiary, contributed to the Group's positive results. SQ achieved a monthly passenger load factor (PLF) of 86.3%, while TR maintained an impressive PLF of 93.1%.

Cargo Demand Reaches New Highs

Cargo loads also experienced an upswing, rising by 15.6% year-on-year in March. This marks the highest monthly cargo volume for the Group in the Financial Year 2023/24 (FY2023/24). This growth is attributed to an increased inventory movement by shippers and the demand for charters associated with various entertainment events.

This surge in cargo demand outpaced the 6.0% capacity expansion for the same period. As a result, the cargo load factor reached a new monthly high of 60.0% for FY2023/24, reflecting a 4.9 percentage point improvement compared to March 2023.

Expanding Network Offers More Connectivity

As of the end of March 2024, the Group's passenger network spanned 118 destinations across 35 countries and territories. SQ served 73 destinations, while its low-cost arm offered flights to 67 destinations. The Group's cargo network also saw expansion, reaching 123 destinations in 37 countries and territories.

The positive performance in March 2024 highlights the Group's continuous commitment to providing commendable service to passengers and cargo customers worldwide.