The group’s revenue for gateway services, food solutions and cargo volumes saw increases, on the back of travel recovery.

SATS reported earnings for the 3QFY2025 ended Dec 31, 2024 of $70.4 million, up 123.5% y-o-y from the previous reporting period, due to scale and operating leverage derived from higher business volume and rate increases from customers. 

For the 9MFY2025, the group reported earnings of $205.1 million up 765.4% y-o-y. 

The group reported a revenue increase of 12.5% y-o-y for the 3QFY2025 period to $1.52 billion, due to continued business volume growth and rate increases. 

Revenue for the 9MFY2024 saw a 14% y-o-y increase to $4.34 billion, up from the $3.81 billion in the same period a year ago. 

In 3QFY2025, revenue for Gateway Services increased by 10.1% y-o-y to $1.17 billion, reflecting both favourable market conditions and continued market share gains. 

SAT’s cargo volumes exceeded IATA’s global growth benchmarks, supported by broad-based demand and the shift of some ocean freight to air cargo due to Red Sea disruptions.

Food Solutions' revenue increased by 21.1% y-o-y to $356.7 million driven by the increased demand for inflight meals as travel recovers.

For the 9MFY2025, Gateway revenue increased to $3.32 billion, reflecting robust air cargo volumes across multiple sectors, including high-tech shipments, e-commerce and other cargo streams, complemented by volume shifts from ocean freight due to ongoing geopolitical uncertainties.

Food Solutions' revenue improved by 25.9% to $1.02 billion as aviation travel continues to recover and the demand for inflight meals increased.

The group’s expenditure increased by 9.7% to $3.57 billion y-o-y in line with the increase in business volume. Included in 9MFYFY25 expenditure was a charge of $17.9 million for unrealised foreign exchange losses, mainly due to translation of USD and Euro intercompany loan balances at the end of the period.

The group’s total equity increased by $155.0 million, reaching S$2.71 billion as at Dec 31, 2024. 

While geopolitical uncertainties weigh on the general business environment and tariff increases possibly having a negative impact on trade flows, SATS is confident of its resiliency.

“We note that IATA anticipates an 8% increase in global passenger traffic in 2025, which will support our Asian food and overall ground-handling business. While the outlook for the cargo business may be volatile, we will continue to leverage our network, expertise, and market leadership position to help our customers adapt to the demand for air cargo logistics services as supply chains worldwide adjust to the new operating environment,” the release notes. 

Kerry Mok, President and Chief Executive Officer of SATS, said: “Scale and operating efficiencies, boosted by strong seasonal demand, delivered profitability for the SATS group. The recovery of passenger volumes at Changi Airport in 2024 to 99.1% of pre-pandemic levels also contributed to our improved performance.”

Shares in SATS closed 1 cent higher or 0.304% up at $3.30 on Feb 21.