1-7-2024 (SINGAPORE)Â In a year marked by unprecedented success for Singapore Airlines (SIA), the national carrier’s financial triumph has extended far beyond its record-breaking profits. The company’s annual report, released on Monday (Jul 1), revealed a substantial 20.5 per cent increase in the remuneration of its Chief Executive Officer (CEO), Mr Goh Choon Phong, reflecting the airline’s remarkable performance.
Mr Goh’s annual salary for the fiscal year 2023/24 soared to an impressive S$8.1 million (US$5.98 million), a significant leap from the S$6.73 million he received in the previous year. This lucrative package comprises a base pay of S$1.44 million, bonuses amounting to S$2.18 million, and shares and benefits totaling approximately S$4.48 million.
The news of the CEO’s substantial pay rise comes on the heels of SIA’s announcement of a record annual net profit of S$2.68 billion for the fiscal year ended March 2024, surpassing the previous year’s impressive figure of S$2.16 billion. This remarkable achievement has been further bolstered by the airline’s decision to declare a final dividend of S$0.38 per share, an increase from the S$0.28 paid out a year ago.
In a testament to the company’s unwavering commitment to its employees, SIA announced in May that its staff would receive a profit-sharing bonus of approximately eight months’ salary – the highest in the airline’s illustrious history. This unprecedented gesture surpassed the previous year’s record of 6.65 months, underscoring the airline’s dedication to rewarding its workforce’s contributions to its phenomenal success.
The airline’s shares closed at S$6.88 on Monday, reflecting the market’s confidence in SIA’s continued growth and profitability.
