Singapore’s blue chips and resilient SGX stocks continue to provide a masterclass in resilience and strategic pivots.
As we move further into 2026, the latest earnings reports from our national carrier, a healthcare stalwart, and a transport giant reveal how local businesses are navigating a post-pandemic world defined by normalised demand and shifting cost structures.
While some are grappling with one-off accounting adjustments and contract losses, others are finding new life through specialized services and improved operational efficiencies.
Here is a deep dive into the latest numbers from three homegrown favorites.
Singapore Airlines (SGX: C6L): Record Revenue Meets Merger Headwinds
Singapore Airlines (SIA), continues to soar on the back of insatiable travel demand, reporting a record revenue of S$5.5 billion for the third quarter of fiscal year 2025/2026 (3QFY2025/2026), a 5.5% increase year on year (YoY).
This top-line growth translated into a robust operating profit of S$791.9 million, surging 25.9% as the group benefited from disciplined cost management and a 6.3% rise in passenger numbers.
The budget arm, Scoot, was particularly impressive, posting a 15.3% growth in passengers.
Key performance metrics remained healthy, with the passenger load factor reaching 87.5% and yields improving slightly to 10.9 cents per revenue passenger-kilometre.
However, the bottom line told a more complex story.
Net profit plummeted 68.9% to S$504.6 million.
This sharp decline was primarily due to a high base effect from a S$1.1 billion non-cash gain related to the Vistara-Air India merger in the previous year.
Additionally, SIA’s share of losses from Air India expanded significantly to S$178 million.
On the balance sheet side, the group remains a cash-generating machine, producing S$1.1 billion in estimated free cash flow for the first nine months.
Its debt-to-equity ratio improved to 0.66 times, down from 0.82 times.
While cargo yields remain soft, management is staying nimble.
Investors should note that while the interim and special dividends paid in December were lower than the previous year, a remaining special dividend of S$0.07 per share is still pending shareholder approval.
Raffles Medical Group (SGX: BSL): Healthy Growth and Digital Ambitions
Raffles Medical Group, or RMG, delivered a sturdy performance for FY2025, proving that the demand for private healthcare remains inelastic.
Total revenue grew 1.8% to S$765.3 million, underpinned by the Hospital Services segment, which saw a 3.5% rise to S$357.8 million due to higher patient volumes.
The Insurance Services arm also contributed positively with a 4.1% revenue increase following successful contract repricing.
While Healthcare Services dipped slightly by 3.1%, the group’s overall profitability was impressive.
Net profit attributable to owners rose 13.4% to S$70.6 million, aided by better claims experience and a S$4.7 million fair value gain on properties.
A standout highlight for RMG was its cash flow generation.
Free cash flow surged nearly 40% to S$91.3 million, thanks to reduced capital expenditure.
This financial strength allowed the board to propose a final dividend of S$0.03 per share, a 20% increase from the previous year.
The group’s balance sheet remains rock-solid with a net cash position of S$261.1 million.
Looking toward FY2026, RMG is not resting on its laurels.
The group is pivoting toward preventive care with the launch of the RafflesHealthyLongevityCentre (scheduled to open in the first quarter of 2026) and is aggressively integrating AI applications into its clinical workflows.
By focusing on higher-value hospital services and digital efficiency, RMG appears well-positioned to offset any volatility in general outpatient consumption.
SBS Transit (SGX: S61): Rail Strength Offsets Bus Contract Losses
SBS Transit faced a year of transition in FY2025, as the loss of the Jurong West bus package weighed on its top line.
Total revenue slipped 2.7% to S$1.5 billion, and net profit fell 13.0% to S$61.2 million.
The decline was exacerbated by a significant drop in interest income and higher rail licence charges.
However, these headwinds were partially mitigated by lower energy costs and a burgeoning rail segment.
Rail revenue grew on the back of increased ridership and fare adjustments, proving to be the group’s defensive engine.
Despite the dip in earnings, SBS Transit’s cash flow and dividend story remains highly attractive for income-seeking investors.
The company generated a whopping S$104.3 million in free cash flow, a massive jump from the S$21.5 million recorded a year ago.
Furthermore, the group remains debt-free with S$384.3 million in the bank.
This capital strength paved the way for a massive total dividend payout of S$0.4960 for the year, representing a 73% increase over FY2024, largely driven by a substantial special dividend.
While the upcoming loss of the Tampines bus package in July 2026 will create further revenue pressure, the continued growth of the rail network and the upcoming Jurong Region Line provide a clear roadmap for recovery.
Get Smart: The Investor’s Takeaway
The common thread across these three giants is the transition from post-pandemic recovery growth to operational excellence.
SIA is navigating the accounting complexities of its Indian expansion, RMG is doubling down on specialized longevity care, and SBS Transit is leaning into rail to offset bus franchise losses.
For investors, the focus should remain on cash flow and balance sheet strength.
All three companies have maintained robust cash positions, allowing them to reward shareholders even during periods of earnings volatility.
Diversification across these sectors remains a prudent strategy as Singapore’s economy enters a more mature growth phase.
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Disclosure: The Smart Investor owns shares of RMG.
