At the onset of the pandemic in 2020, the group said it acted swiftly and decisively to shore up liquidity and build its financial resilience. This strong liquidity position and the confidence it engendered, enabled the group to take a long-term view and make several strategic decisions ahead of the recovery in global air travel. Group passenger capacity reached 79% of pre-pandemic levels in March 2023, higher than the 58% level for international scheduled services of Asia-Pacific airlines. SIA and Scoot collectively carried 26.5 million passengers, up six-times from a year before. The passenger load factor (PLF) jumped 55.3 percentage points to 85.4%, the highest in the Group's history. SIA achieved a record PLF of 85.8%, while Scoot delivered a PLF of 83.9%.
The cargo segment's performance moderated year-on-year as the demand for air freight declined and as supply chain disruptions brought about by the pandemic subsided. Macroeconomic headwinds dampened consumer demand, while high inventory levels led to a slowdown in new orders. Cargo yields fell year-on-year as industry belly hold capacity increased with the progressive restoration of passenger flights. Nevertheless, cargo revenue remained 83% above the pre-pandemic level recorded in calendar year 2019.
Group revenue increased by $10,160 million (+133.4%) year-on-year to a record $17,775 million. Passenger flown revenue rose $10,560 million (+376.3%) to $13,366 million as traffic grew 449.9%, outpacing the capacity expansion of 94.0%. Revenue per available seatkilometre (RASK) was 10 cents, the highest yearly RASK in the group's history. Cargo flown revenue fell $735 million (-16.9%) to $3,604 million as a result of lower cargo loads (-11.4%) and yields (-6.2%). Notwithstanding, this was the second-highest annual cargo revenue figure in the group's history.
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