SIA CEO’s annual pay down 13.5% to $7m even as airline posts record earnings
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SIA CEO Goh Choon Phong's pay package in the FY2023/2024 was $8.1 million.
ST PHOTO: GIN TAY
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SINGAPORE - Singapore Airlines (SIA) chief executive Goh Choon Phong saw his pay fall by 13.5 per cent to $7.01 million in the financial year ended March 31, when the flag carrier’s earnings reached a record high.
According to SIA’s annual report, released on June 25, Mr Goh’s total remuneration package comprised $1.46 million in basic salary, $3.12 million in bonuses and $2.29 million in shares, with the rest of more than $145,000 in benefits.
Mr Goh’s remuneration for FY2023-2024 was $8.1 million.
His right-hand men, chief commercial officer Lee Lik Hsin and chief operations officer Tan Kai Ping, each drew a total remuneration of between $3 million and $3.2 million for FY2024-2025.
Each of them was paid between $3.5 million and $3.75 million for FY2023-2024.
This came as SIA posted a record net profit of $2.8 billion
The airline rewarded eligible employees with 7.45 months of profit-sharing bonuses in the last financial year, down from 7.94 months in the year before.
The company’s record profit was boosted by a one-off non-cash accounting gain of $1.1 billion from the Air India-Vistara merger, it said in a filing on the Singapore Exchange on May 15.
In his letter to shareholders in the annual report, SIA chairman Peter Seah said that after the merger, SIA Group has a 25.1 per cent stake in the enlarged Air India Group, making it “the only non-Indian airline with direct participation in one of the world’s fastest-growing aviation markets”.
Group revenue also climbed 2.8 per cent from the year before to hit a record $19.54 billion, driven by resilient demand for air travel and cargo uplift.
SIA and its budget airline Scoot also carried a record 39.4 million passengers, up 8.1 per cent, it said.
Despite carrying more passengers, passenger yields – the amount earned per passenger for each kilometre flown – dipped 5.5 per cent to 10.3 cents per revenue passenger-kilometre.
This was amid intensified competition due to industry-wide capacity injection, SIA said.
Passenger traffic growth, which stood at 6.4 per cent, also lagged behind its capacity expansion of 8.2 per cent.
Meanwhile, its cargo flown revenue improved by $94 million, or 4.4 per cent, buoyed by the strong demand for e-commerce and perishables, as well as the spillover from disruptions to sea freight.
