Singapore Airlines' half-year profit falls 43.9% to S$134 million as fuel costs surge despite record revenue

Singapore Airlines Group on Wednesday (November 11) reported its results for the first half of FY2026/27, the six months to September 30: net profit fell 43.9% year on year to S$134 million, from S$239 million a year earlier, while revenue rose 16.8% to a record S$11.29 billion. Operating profit fell 29.1% to S$569 million as fuel costs surged.

Jet fuel at US$171 a barrel; fuel bill up more than 90%

The group said average jet fuel prices reached US$171 a barrel over the six months, up 86.7% year on year, driven by the conflict in the Middle East. Fuel costs before hedging rose 90.3% to S$4.71 billion; hedging gains of S$731 million partly offset the increase, leaving net fuel costs up 56% at S$3.97 billion.

Stronger second quarter; record passenger numbers

The second quarter (July to September) was markedly stronger: net profit rose to S$210 million from S$52 million a year earlier, and operating profit rose 16.3% to S$463 million. Passenger demand stayed healthy, with the group carrying a record 21.8 million passengers, up 5% year on year. The half-year result still beat market expectations — analysts had on average forecast net profit of about S$65.3 million.

Amid the situation in West Asia, SIA has extended the suspension of its Dubai services until March 28, 2027, while Scoot's Jeddah services remain suspended and the launch of SIA flights to Riyadh has been pushed back to March 2027. The group said it would keep monitoring geopolitical developments and fuel prices.