Singapore Airlines Group’s first-half profit fell 43.9% as jet fuel costs rose much faster than sales, showing the pressure elevated energy expenses can place on airlines serving global passenger and cargo markets.
The unaudited results, announced Nov. 11, cover the six months ended Sept. 30, 2026. Net profit attributable to owners was S$133.9 million, down from S$238.5 million a year earlier. Revenue rose 16.8% to a record S$11.297 billion, while total expenditure climbed 20.9% to S$10.728 billion. Operating profit declined 29.1% to S$569.2 million. The first-half earnings decline came despite the revenue record.
Average jet fuel prices reached US$171 per barrel, up 86.7% from a year earlier. Fuel costs before hedging rose 90.3% to S$4.705 billion. A hedging gain of S$731 million, compared with a S$75 million loss in the prior-year period, limited the increase in net fuel costs to 56%, bringing them to S$3.974 billion.
Passenger and cargo business supported sales. Singapore Airlines and Scoot carried 21.8 million passengers, up 5%, and passenger revenue increased 16.8% to S$9.095 billion. Cargo revenue rose 30.2% to S$1.394 billion.
Second-quarter net profit was S$209.7 million, compared with S$52.4 million a year earlier, while operating profit rose 16.3% to S$463.7 million. Singapore Airlines said stronger operating profit and a smaller share of losses at associated companies, mainly Air India, helped the quarter; weaker first-quarter operating profit was the main drag on the half-year result. For the six months, lower associated-company losses added S$68 million to profit year over year, and lower tax expenses added S$70 million.
The company said fare and cargo-rate adjustments had not fully offset sustained high fuel prices. It warned that a prolonged Middle East conflict could add inflationary cost pressure and affect demand for passenger travel and air freight. The board declared an ordinary dividend of 2 Singapore cents and a special dividend of 5 cents per share, payable Dec. 11 to shareholders on record Nov. 26.
