for its fiscal 2022’s second half , the ground handler has also announced an improved set of financial numbers for FY2022.
As a result, both of SATS’ divisions saw revenue grow year on year – Gateway Services’ revenue increased 19.5% year on year to S$275.2 million while Food Solutions’ revenue grew by 10.8% year on year to S$330.6 million. For FY2022, with the help of a tax credit worth S$31.4 million and a gain on the disposal of an associate of S$28.9 million, SATS reported a net profit of S$20.4 million, reversing the S$78.9 million a year ago.
In line with the ramp-up in operations, staff strength inched up by around 7% from 11,400 employees to 12,200.Despite the losses incurred over the last two fiscal years, SATS still has a robust balance sheet with S$800.6 million in cash and long-term investments as of the end of March 2022.The group is thus sitting on a comfortable net cash balance of S$289.8 million.
Some initiatives the group has taken up include the SATS Global Innovation Centre, SATS Food Hub, and FoodFlix.