Just like the rest of the aviation sector, when the pandemic broke out, investors flew the coop on Sats, sending its share price down by half from about $5.10 before the Covid-19 pandemic, to a low of $2.52 during the selloff on March 23, 2020.
Two years on, with vaccination and the gradual reopening, shares of Sats have recovered as well. On April 27, it closed at $4.63, valuing the airport ground-handling and in-flight catering service provider at $5.2 billion.
The rise in the share price is backed by investors’ optimism with the improving numbers. For the most recent 3QFY2022 ended Dec 31, 2021, Sats reported revenue of $307.8 million, up 22.6% y-o-y. Patmi came in at $5.1 million, a reversal from a $2.8 million loss in the same period a year before. If government reliefs were stripped out, Sats would record a loss of $33 million, compared to a $52.8 million loss in 3QFY2021.