SIA CEO’s annual pay falls nearly 14% to S$7 million despite record profit
The national carrier had reported a record annual net profit of S$2.78 billion for the financial year.
Chief executive officer of Singapore Airlines, Mr Goh Choon Phong, at the A380 product launch. (Photo: Tang See Kit)
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SINGAPORE: The chief executive officer of Singapore Airlines (SIA) Goh Choon Phong received an annual salary of S$7.01 million (US$5.47 million) for the latest financial year ended Mar 31, according to the national carrier’s annual report released on Wednesday (Jun 25).
This marked a 13.5 per cent drop from the S$8.11 million salary package that he took home in the previous year.
Mr Goh’s annual remuneration for FY2024/25 comprises a base pay of S$1.46 million, bonuses of S$3.12 million, as well as shares and benefits amounting to S$2.44 million.
SIA reported a record annual net profit of S$2.78 billion for the financial year, up from S$2.68 billion a year earlier. The airline attributed this to a one-off gain of about S$1.1 billion from the merger of Air India and Vistara.
Its operating profit fell 37 per cent from a year earlier to S$1.71 billion, as passenger yields - a proxy for airfares - dropped by 5.5 per cent due to stiff competition as airlines globally added capacity.
Nevertheless, SIA rewarded eligible employees with a profit-sharing bonus of 7.45 months.
This was slightly below the 7.94 months' worth of profit-sharing bonus it issued in the previous year, the highest in the airline’s history.
In a letter to shareholders, chairman Peter Seah said the airline had delivered “another impressive performance” despite a year marked by rising geopolitical tensions, supply chain constraints, inflation and an increasingly uncertain macroeconomic landscape due to a global tariff war.
“While aviation landscape is rapidly evolving, the SIA Group is in a strong position to not only withstand these changes but to shape them,” he wrote in the annual report.
Shares of SIA closed at S$6.87, up 0.3 per cent, for the trading day.
