SIA CEO Goh Choon Phong's annual pay falls to S$7.01 million despite record profit

Singapore Airlines (SIA) chief executive officer Goh Choon Phong received an annual remuneration of S$7.01 million (US$5.47 million) for the financial year ending 31 March 2025. This figure was revealed in the national carrier’s annual report published on 25 June. The latest remuneration marked a 13.5 per cent decline from the S$8.11 million that Goh received the previous year. His FY2024/25 package consisted of a base salary of S$1.46 million, bonuses of S$3.12 million, and shares and benefits amounting to S$2.44 million.

Record net profit driven by Air India-Vistara merger

Despite the decline in the CEO’s pay, SIA posted a record net profit of S$2.78 billion for the financial year. This was a modest increase from the S$2.68 billion profit recorded the year before. The company attributed this performance largely to a one-off gain of approximately S$1.1 billion resulting from the merger between Air India and Vistara. However, SIA’s operating profit fell by 37 per cent year-on-year to S$1.71 billion. The airline cited a 5.5 per cent drop in passenger yields, attributing this to heightened competition as airlines worldwide expanded capacity. Eligible employees received a profit-sharing bonus of 7.45 months. This was slightly less than the 7.94 months’ worth of bonus awarded in the previous year, which had been the highest in the airline’s history. In a letter to shareholders, chairman Peter Seah stated the airline delivered “another impressive performance” despite rising geopolitical tensions, inflation, and global trade issues. “While aviation landscape is rapidly evolving, the SIA Group is in a strong position to not only withstand these changes but to shape them,” he added in the report.