28-6-2023 (SINGAPORE) Singapore Airlines (SIA) has announced an 88% increase in the annual salary of its CEO, Goh Choon Phong, for the fiscal year 2022/23. His salary rose from S$3.59 million to S$6.73 million, according to the airline’s annual report released on Wednesday. This includes a base pay of S$1.14 million, bonuses of S$2.96 million, and shares and benefits worth S$2.63 million.
SIA reported a net profit of S$2.16 billion for the year ended March 31, marking a robust recovery in travel demand and reversing three straight years of losses caused by the COVID-19 pandemic. The airline also declared a final dividend of S$0.28 per share, bringing the total dividend payout for the financial year to S$0.38 per share.
SIA has around 24,000 employees on its payroll and announced last month that eligible employees would receive around eight months’ bonus in recognition of their dedication, hard work, and sacrifices during the pandemic. The airline will also award 0.5 months of ex-gratia bonus for each of the last three financial years to eligible employees, with senior management excluded.
Market analysts have described SIA’s dividend payout as “generous” and supportive of investor sentiment, with shares of the airline on an upward trajectory since the start of the year. However, analysts have also noted that a “near-term correction” may be due, with strong fundamentals already priced in. As of Wednesday afternoon, shares of SIA were trading at S$7.51, down 0.4%.
