Singapore Airlines CEO’s pay package rises to S$9.7m as revenue hits record S$20.5b

[SINGAPORE] Singapore Airlines’ (SIA) chief executive Goh Choon Phong received nearly S$9.7 million in total remuneration for the financial year ended March 31, as SIA Group logged its highest-ever revenue of S$20.5 billion.

About 49 per cent of Goh’s package was in shares, while 35 per cent comprised bonuses awarded. His base salary was about S$1.5 million.

He received around S$7 million in the previous year.

Goh’s total pay includes conditional shares that were awarded in July 2025 for the airline’s FY2024/2025 performance, under a long-term share-based scheme introduced during the Covid-19 crisis to incentivise and retain key executives.

The sixth and final tranche of this strategic share award was disbursed in July 2025 to recognise senior management’s efforts in helping the airline recover fully from the pandemic.

As this scheme is being phased out, the overlap of the final award and other grants under SIA’s ongoing share plans has resulted in a temporary spike in share-based compensation in FY2025/2026, the report noted.

SIA chief commercial officer Lee Lik Hsin and chief operations officer Tan Kai Ping received remuneration of nearly S$3.8 million to S$4 million, including the July 2025 strategic share award.

Meanwhile, non-executive directors received remuneration of between around S$160,000 and S$824,000.

The highest paid of these directors is SIA chairman Peter Seah Lim Huat, who received S$824,610.

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The report said the board and its compensation committee consider the resulting total compensation for the chief executive and executive vice-presidents “appropriate and not excessive, given the efforts and dedication of the senior management in managing the airline in a post-Covid operating environment”.

In his letter to shareholders, Seah noted that airlines have faced rising geopolitical tensions, macroeconomic uncertainty, and continued supply chain disruptions in the past year.

The Middle East conflict also drove up jet fuel prices – the SIA Group’s largest expense – increasing inflationary pressures and operational uncertainty, he said.

But demand for air travel remains strong, and SIA Group carried a record 42.2 million passengers, up 7.7 per cent from the year before, he added.

SIA’s operating profit rose 39 per cent, supported by higher yields and lower full-year net fuel cost.

Net profit fell 57.4 per cent, largely due to the absence of the previous year’s S$1.1 billion non-cash accounting gain from the merger of Air India and Vistara, coupled with the group’s share of full-year losses from Air India.

“This performance reflected the SIA Group’s ability to build on its strong foundations – a robust balance sheet, cutting-edge digital capabilities, as well as talented and resilient employees – while keeping a strategic focus on sustaining our industry leadership over the long term,” Seah said.

He added that the group’s nimble response to the Middle East conflict also bucked the broader industry trend of shrinking capacity and networks, referring to how SIA added more flights to Europe as other airlines cut back.

Despite Air India’s “well-publicised headwinds”, Seah reiterated that SIA’s investment gives it a stake in one of the world’s largest aviation markets, where a growing middle class is fuelling demand for air travel.

He added that there has been progress in Air India’s long-term transformation journey.

“The SIA Group is operating from a position of strength in an uncertain environment. We will invest in our people, product, and digital capabilities, while remaining disciplined in capacity deployment and cost management,” he said.

SIA shares closed nearly 2 per cent higher at $7.64 on June 25. THE STRAITS TIMES