SIA Engineering Company (S59) Q1 24/25 earnings summary

Executive summary

• Revenue grew 2.6% year-over-year to $268.7 million in 1Q FY2024-25, with net profit up $6.2 million to $33.2 million.

• Demand for MRO services remained robust, with flights handled in Singapore rising 11.5% year-over-year and flight recovery reaching 95% of pre-pandemic levels.

• Strategic partnership with Air India for a new Base Maintenance facility in Bangalore announced, expanding international presence.

Financial highlights

• Operating profit increased to $1.0 million, up $0.6 million year-over-year.

• Share of profits from associates and JVs rose by $6.1 million to $28.0 million.

• Equity attributable to owners rose 2.1% to $1,722.8 million from 31 March 2024.

• Total assets increased 2.4% to $2,138.6 million as of 30 June 2024.

Outlook and guidance

• MRO demand expected to remain healthy as flight activity continues to recover.

• Industry faces ongoing challenges from tight labor markets, supply chain constraints, and elevated costs.

• Focus remains on operational efficiency, cost discipline, and expanding capabilities and geographic reach.