Singapore Airlines Reports Mixed Results Amid Fuel Costs

Singapore Airlines (SIA) has released its financial results for the first half of the 2026 fiscal year, revealing a net profit of S$133.9 million as of November 11, 2026. This figure represents a 43.9 per cent decrease compared to the S$238.5 million reported during the same period last year.

While the half-year performance faced challenges, the airline saw a recovery in the second quarter. According to The Business Times, SIA posted a Q2 net profit of S$209.7 million for the period ending September 30, a significant increase from S$52.4 million in the corresponding period of the previous year.

Why it is trending now

The search interest follows the release of the airline's regulatory filing on Wednesday, November 11. The financial results highlight a complex environment for the flag carrier, marked by record revenues alongside significant pressure from rising operational expenses. The airline reported that fuel costs before hedging climbed by 63.3 per cent, largely attributed to the ongoing conflict in the Middle East.

Key facts

• SIA's total expenditure rose more than 20 per cent to S$10.73 billion, as reported by CNA.
• Revenue for the second quarter reached a record S$5.6 billion, a 14.3 per cent year-on-year increase according to The Business Times.
• The airline's operating profit for the second quarter rose 16.3 per cent to S$463.7 million.
• Hedging gains of S$355 million provided a partial cushion against the surge in jet fuel prices.
• Visible Alpha consensus had projected a lower profit of S$65.3 million for the half-year period.

Why this is trending in Singapore

As the national flag carrier, Singapore Airlines is a major employer and a key indicator of the health of the local travel and aviation sector. Public interest is driven by the airline's role in the national economy and its status as a bellwether for travel demand in the region.

Background and context

The airline industry has faced volatile fuel prices throughout 2026. SIA's performance in the first half of the year was particularly hampered by a weaker first quarter, where operating profit fell by 73.8 per cent. The recent second-quarter figures show a recovery driven by stronger unit revenue and improved performance from associate airlines, including Air India.

What happens next

The airline will continue to manage the impact of fluctuating fuel costs and regional geopolitical tensions. The company has declared interim ordinary and special dividends totaling S$0.07 per share. Future performance will depend on the airline's ability to maintain unit revenue growth and manage its expenditure levels in response to global fuel market conditions.