SIA CEO positive airline can navigate challenges

The year 2024 is coming to a close, and for SIA, it has been a year of flying high before encountering turbulence. In January, its KrisFlyer rewards programme crossed 8m members; in March, it carried out the biggest revamp of its premium economy class, now in its 10th year. The good news was capped on May 15, when SIA posted a record S$2.7bil full-year profit for the year ended March and rewarded its staff with eight months’ bonus. Five days later, Flight SQ321 with 211 passengers and 18 crew on board hit severe turbulence, resulting in one death and dozens injured. It was the first such fatality on a commercial flight in nearly three decades. Financially, despite the industry seeing robust demand for air travel, SIA’s earnings as reported later in the year were hit by increasing competition and rising costs. Net profit for the six months to end-September tumbled 48.5% to S$742mil. SIA shares, which reached a 2024 high of S$7.37 on Feb 20, closed at S$6.31 on Nov 29 as analysts and investors take stock of where the airline is now headed. In an interview with The Straits Times, CE Goh Choon Phong said his team has a strong strategy to navigate the challenges ahead. Story has more.<br/>