Singapore Airlines reports a record profit of S$2.67 billion for 2023-2024, leading to substantial employee bonuses and reflecting strong recovery in travel demand.

The payout exceeds Singapore Airlines’ previous year’s earnings peak, resulting in a profit-sharing bonus equivalent to 6.65 months’ pay and up to 1.5 months’ salary as an ex-gratia bonus related to the pandemic.

The city-state’s flagship carrier reported a record annual profit of S$2.67 billion ($1.98 billion) for the fiscal year 2023-2024, a 24% increase from the previous year, according to a filing on Wednesday. The airline noted that near-term demand for flights remains strong, driven by a robust travel appetite and a thriving cargo sector, despite facing competitive pressures, rising costs, geopolitical tensions, and economic uncertainty.

Singapore Airlines benefited from a quicker reopening and recovery compared to many of its competitors after the lifting of Covid restrictions. By March, monthly passenger volumes were approximately 97% of pre-pandemic levels.

This windfall for Singapore Airlines’ employees is similar to the experience of Emirates’ staff, who are reportedly receiving five months of bonus following a record annual profit of $5.1 billion. The Gulf carrier also distributed a similar bonus last year.

Shares in Singapore Airlines rose by 0.4% on Thursday, bringing this year’s gains to 4.3%.

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