SINGAPORE—Increasing air traffic at Singapore Changi Airport and rising demand for engine MRO spurred line maintenance growth at SIA Engineering Company (SIAEC), which reported double-digit revenue and profit growth for its fiscal 2024-25 on May 9.
The aftermarket services company said it benefited from an 8% year-over-year increase in flights handled at Changi, with flight volumes continuing to trend upward in the fiscal 2024-25 fourth quarter, which ended Mar. 31.
However, older aircraft continue to require longer hangar stays due to more extensive checks and the ongoing shortage of available spare parts stemming from supply chain issues.
Looking ahead, SIAEC stated that the MRO industry continues to see sustained demand, with tariff-related impacts on the company remaining “limited.”
“There could be potential second-order, indirect effects, which are now difficult to assess, but measures are already being put in place to mitigate the potential impact of higher tariffs,” the company said in a statement. “We are closely monitoring geopolitical developments, changes in trade policies and industry trends, including air travel demand and aircraft fleet utilization, to look out for emerging risks and opportunities.”
SIAEC reported full year revenue of S$1.2 billion ($930 million), an increase of 13.8% year-on-year. Its full year net profit jumped 43.8% year-over-year to S$139.6 million.
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