The Singapore Airlines C6L (SIA) Group is launching the Singapore Airlines Foundation with a $30 million endowment contributed by SIA.
According to a May 17 announcement, the foundation will serve as a platform to support individuals and communities in need within Singapore, as well as contribute to the growth of the country’s aviation industry.
To be established as a company limited by guarantee, the foundation will be funded from income earned on the endowment.
The foundation is expected to launch with two programmes, which aim to provide financial aid to students in need and inspire them through immersive experiences in the aviation industry and mentorship schemes.
First, the Youth Uplift Programme is designed to empower students from families in need, and help them prepare for successful careers especially in the aviation industry, says SIA.
The foundation will offer financial assistance to eligible students at Singapore’s Institute of Technical Education (ITE) colleges, polytechnics or universities. Participants will also get industry experience through a three- to six-month traineeship with the SIA Group.
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In addition, students will undergo courses from the Singapore Airlines Academy to enhance their personal and professional skills, and receive mentorship from SIA employees.
Applications are expected to open in July.
Second, the Youth Outreach Programme is designed to “ignite a passion in the aviation industry” among upper secondary school and junior college students, says SIA.
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The five-day programme with the SIA Group during their school holidays will offer them a look at the group’s behind-the-scenes operations.
SIA CEO Goh Choon Phong says the foundation represents “a significant milestone in the SIA Group’s long tradition of service and contribution to communities worldwide”. “Its programmes will support those in need, inspire and empower the next generation of aviation professionals, and help catalyse the long-term growth of Singapore’s air hub.”
In 2017, in celebration of its 70th anniversary, SIA raised $2.55 million for Community Chest through three fundraising events.
In 2023, the airline helped raise $2.6 million for Cerebral Palsy Alliance Singapore and SPD, two agencies supporting communities with special needs, through its SIA Cares fundraising drive.
SIA reported on May 16 record full-year earnings of $2.68 billion. Net profit for the year improved by 24% y-o-y, while revenue increased by 7% y-o-y to $19 billion. Operating profit, which excluded one-offs and exceptional items, was up 1.3% y-o-y to $2.7 billion.
The group-wide passenger load factor, an industry metric used to determine how much passenger carrying capacity is used, improved by 2.6 percentage points to hit 88.0%.
The airline will reward shareholders with a final dividend of 38 cents, totalling 48 cents for the year, up from 38 cents for the previous financial year.
SIA shares closed 5 cents higher, or 0.74% up, at $6.78 on May 17, prior to the announcement.
