Singapore Airlines and Scoot Report Record Passenger Numbers

In a remarkable show of resilience and demand, Singapore Airlines (SIA) and its low-cost subsidiary, Scoot, reported a historic milestone in December 2024, carrying a record-breaking 3.6 million passengers.

Passenger Growth Compared to Previous Year

This impressive figure marks a 7.1 percent increase compared to the same month the previous year, as detailed in the group's latest operational update released after market hours on January 15.

Breakdown of Passenger Numbers

Breaking down the numbers, SIA transported approximately 2.4 million passengers, reflecting a significant 9.6 percent growth from 2.2 million in December 2023. Meanwhile, Scoot welcomed 1.1 million passengers—up 2.3 percent from last year, underscoring the continued appeal of low-cost travel options.

Annual Performance of SIA Group

Throughout the entirety of 2024, SIA Group accomplished a substantial feat by serving 39 million passengers, which translates to a 12.7 percent increase from the 34.6 million passengers served in 2023.

Traffic and Capacity Growth

Additionally, passenger traffic—a vital metric for measuring demand—rose by 6 percent in December, fueled by a combination of leisure travel and business needs. The airlines also saw an uptick in passenger capacity with a notable 7.1 percent growth in the number of seats available to travelers.

Cargo Operations Performance

Cargo operations have not lagged either, with cargo loads witnessing a robust 13.6 percent annual increase, surpassing the 11.3 percent rise noted in cargo capacity.

Factors Contributing to Increased Cargo Volumes

SIA attributes this surge to various factors beyond the traditional year-end sky-high travel demand. Notably, there was a significant boost from perishables traffic, particularly following China's recent lifting of its ban on Australian live rock lobster imports.

Passenger Network Expansion

By the end of December 2024, the SIA Group's extensive passenger network reached a remarkable 129 destinations across 36 countries and territories. SIA specifically served 80 destinations while its budget counterpart, Scoot, operated on 72 routes.

Future Outlook for SIA Group

As the aviation industry continues to recover post-pandemic, SIA's steadfast performance amid increasing demand reaffirms its status as a leading global airline. With its stocks holding steady at $6.27 as of January 15, shareholder confidence remains solid, paving the way for future growth as travel returns to pre-pandemic levels.