SIA CEO’s annual pay rises 88% to S$6.73 million
Mr Goh Choon Phong’s annual remuneration for FY2022/23 comprises a base pay of S$1.14 million, bonuses of S$2.96 million as well as shares and benefits amounting to S$2.63 million.
Chief executive officer of Singapore Airlines, Mr Goh Choon Phong, at the A380 product launch. (Photo: Tang See Kit)
SINGAPORE: With Singapore Airlines (SIA) emerging from the woes of the COVID-19 pandemic to deliver a record annual profit, the salary of its chief executive officer has also gone up.
Mr Goh Choon Phong’s annual salary for FY2022/23 came in at S$6.73 million (US$4.98 million), an 88 per cent jump from S$3.59 million in the previous year, according to the airline’s annual report released on Wednesday (Jun 28).
His annual remuneration comprises a base pay of S$1.14 million, bonuses of S$2.96 million, as well as shares and benefits amounting to S$2.63 million.
Propelled by a robust recovery in travel demand, SIA reported a net profit of S$2.16 billion for the year ended Mar 31, rebounding from a loss of S$962 million a year earlier.
The upbeat earnings results – a record in its 76-year history – also reversed three straight years of losses brought about by the pandemic.
With that, the national carrier announced last month that eligible employees would receive around eight months’ bonus in recognition of their “dedication, hard work and sacrifices, including pay cuts” during the pandemic.
SIA will also award 0.5 months of ex-gratia bonus for each of the last three financial years, or a maximum total of 1.5 months, to eligible employees. Senior management will not receive this additional ex-gratia bonus, it said.
Currently, the group has around 24,000 employees on its payroll.
SIA has also declared a final dividend of S$0.28 per share – a figure that market analysts described as “generous” and supportive of investor sentiment. Including the interim dividend of S$0.10 per share, the total dividend payout for the financial year stands at S$0.38 per share.
Shares of SIA have been on an upward trajectory since the start of the year, with news of the record earnings boosting share prices up to a three-year high of S$7.91 on Jun 15.
The stock has since retreated and analysts noted that a “near-term correction” may be due with positives such as strong fundamentals having been priced in.
Shares of SIA were last seen trading at S$7.51, down 0.4 per cent, on Wednesday afternoon.
