$SINGAPORE AIRLINES LTD(C6L.SI)$has renewed as the title sponsor of the Formula 1 Singapore Airlines Grand Prix for three more years, starting with the edition later this year.

SIA, which is starting to recover from the pandemic, first signed as the title sponsor back in 2014. It has since renewed the sponsorship three times. This year’s F1 in Singapore will be held between Sept 30 and Oct 2.

“This year’s highly anticipated Formula 1 Singapore Grand Prix will be an important milestone for Singapore, marking the return of a major international sporting event to the city after a two-year disruption due to the pandemic,” says Lee Lik Hsin, SIA’s executive vice president, commercial.

“SIA’s extension of its title sponsorship signals our continued support for both tourism and sports, complements the expansion of our global network, and will bolster Singapore’s recovery as a key international air hub,” he adds.

Brandon Snow, F1’s managing director of commercial recalls how the Singapore Grand Prix is the original F1 night race, and claims that this iconic Formula 1 event is “loved by fans and drivers”.

“This year’s race will see further use of renewable energy and sustainable materials, and the commitments from Singapore Airlines towards sustainable aviation fuels reflect the continued alignment between all partners and Formula 1 in reducing environmental impact,” he adds.

The monetary terms of the sponsorship were not disclosed.

Back in 2020, with the outbreak of the pandemic hurting air travel, SIA raised some $15 billion from investors notably its controlling shareholder Temasek Holdings.

For the quarter ended Dec 31 2021, SIA reported it has gone back into the black with earnings of $85 million.

The company will report its full year earnings for year ended March 31 on May 18.

SIA shares last traded at $5.16, down 0.9% for the day and up 2.99% year to date.

@TigerStars