The Future of Marketing Is Not Just Marketing

For FY2018/19 Singapore Airlines’ EBITDA was S$1.07 billion with revenue of S$16.3 billion, a margin of 6.5 percent. That figure plummeted to negative S$2.51 billion two years later, the deepest loss in the group’s history. The figures doubled and doubled so that by FY2022/23, EBITDA was up to S$2.69 billion. By FY2023/24, it increased to S$2.73 billion with a margin of 14.3 percent. Record net profit of S$2.55 billion followed in FY2024/25. The recovery did not just put the airline back in the pre-crisis position. It vaulted past it by a factor of two and a half.

What makes this performance special isn't simply the size but its structural improbability. Singapore Airl