Singapore Airlines Ltd. awarded Chief Executive Officer Goh Choon Phong S$7.01 million ($5.5 million) last financial year, a drop of almost 14%.

Just over two-fifths of the renumeration was a bonus of S$3.1 million, the carrier’s most recent annual report published Wednesday showed.

While Goh’s overall pay declined, his remuneration was still the second best since he took the helm in 2011. In the 2023-2024 financial year, Goh received total compensation of S$8.1 million.

Singapore Airlines posted record levels of profitability and sales last year but warned of significant headwinds, including trade uncertainties and other factors that could impact consumer and business confidence.

Staff were rewarded with a payout equivalent to 7.45 months’ bonus, slightly lower than the 7.94 months in the prior year.

And Goh’s pay is still much smaller than airline bosses in the US.

United Airlines Holdings Inc. CEO Scott Kirby took home almost $34 million last year while Delta Air Lines Inc.’s Ed Bastian received $27.1 million.