Fortune magazine has named Singapore Airlines (SIA) the best airline in the world. It was also named the most admired Asian company in the magazine's list of the world's 50 most admired companies, which was released on Wednesday (Feb 2).
Singapore Airlines was ranked 32nd overall, up to two places from 34th last year. This is the company's 20th appearance on the annual list.
Apple, Amazon, and Microsoft were the top three companies, with Pfizer coming in fourth. It's Apple's 15th year in a row at the top of the charts.
SIA landed in the first place, ahead of Toyota Motor, the only other Asian business on the list, which finished in 34th place. BMW, Bank of America, PepsiCo, IBM, and Visa were among the other global titans defeated.
The yearly ranking is touted as the "definitive report card on business reputations" by global consulting company Korn Ferry, which collaborates with Fortune on the list.
It was based on a poll of 3,740 executives, directors, and analysts from various industries who were asked to select the firms they most respected in any industry.
Companies were judged on nine criteria, including their ability to attract talent, management excellence, and social responsibility.
SIA climbed to the top of the global airline rankings this year, up from No. 2 last year. It finished ahead of Delta Air Lines and Air France-KLM, which were second and third in the airline rankings, respectively. The ranking is based on replies from airline industry executives.
The global airline industry has faced unprecedented challenges in the last two years, according to SIA CEO Goh Choon Phong.
"This recognition by Fortune is an acknowledgment of SIA's unwavering focus on providing industry-leading products and world-class service to our customers, as well as the spirit of innovation that permeates all areas of our business despite the disruption caused by the pandemic," said Mr. Goh to The Straits Times, adding that the company will build on ongoing efforts to emerge stronger as a leading international airline.
"It is also a tribute to the resilience and dedication of our people."
Since the onset of the Covid-19 epidemic in early 2020, the airline group has raised $21.6 billion in new liquidity. A considerable portion of revenue was utilized for one-time expenses early in the epidemic, such as refunds to clients during the global shutdown, bond repayment, and bridging loan repayment.
On September 30 of last year, SIA had $13.5 billion on its balance sheet at the end of the first half of its financial year. It recorded a net loss of $837 million, a 75.9% improvement from the previous year's loss of $2,630 million. According to SIA, this was mostly attributable to improved operational performance.
Source : Fortune Magazine, The Straits Times