Singapore Airlines Group reported a 43.9% year-over-year decline in first-half net profit to S$133.9 million, despite record revenue. The airline cited higher jet fuel prices during the Middle East conflict as a drag on earnings.
The six-month period ended Sept. 30, 2026. Net profit attributable to owners was down from S$238.5 million in the year-earlier period. Revenue reached S$11.297 billion, a 16.8% increase.
Singapore Airlines and Scoot carried 21.8 million passengers. Passenger flown revenue totaled S$9.095 billion, up 16.8% year over year, while cargo revenue rose 30.2% to S$1.394 billion.
Total expenditure was S$10.728 billion, up 20.9%. Fuel expense before hedging reached S$4.705 billion after rising 90.3%. The average jet fuel price for the period was US$171 a barrel, 86.7% above its year-earlier level. Hedging gains limited the increase in net fuel cost to 56%, bringing it to S$3.974 billion.
Operating profit for the half was S$569.2 million, down 29.1%; the weaker first quarter was the main drag. Second-quarter operating profit was S$463.7 million, up 16.3% year over year. Net profit for the quarter was S$209.7 million, compared with S$52.4 million a year earlier.
The group’s results include its parent airline, subsidiaries, joint ventures and associated companies. Singapore Airlines' share of Air India's losses was S$361.7 million, versus S$429.5 million a year earlier. Singapore Airlines said fare and cargo-rate changes covered only part of the sustained increase in fuel costs. It cautioned that a prolonged conflict could add inflationary pressure and weaken demand for travel and air freight.
The board declared an interim ordinary dividend of 2 Singapore cents per share and a special dividend of 5 cents. Both payments are due Dec. 11 to shareholders on record Nov. 26. The group’s next scheduled results event is its third-quarter business update on Feb. 18, 2027.
