Flying high: SIAEC’s net profit projected to recover to $92m in FY23

The expected recovery is on the back of increasing flight activities at Changi Airport.

SIA Engineering Company (SIAEC) will be on a high following the increasing flight activities at Changi Export, as its net profit is projected to recover to $92m in FY23 or 57% of its pre-COVID level (FY19).

UOB Kay Hian, in its report, said the aircraft maintenance expert will be the first to regain positive core net profit should the narrowing of its core net losses also continue.

The analyst explained that SIAEC is at a faster lane of recovery versus other aviation plays whose financial performances are more geared to the relatively lagged passenger volume growth because its revenue is hinged on its line maintenance service.

Apart from its net profit, the company’s dividend will likewise rebound to a “meaningful level” in FY23 given its strong net cash, according to the analyst.

“There is also hope for a special dividend payout by FY24, given its parent SIA’s cash needs for MCB redemption,” UOB Kay Hian added.

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