Company made hundreds of millions but announced no bonus or pay rise. Is leaving the only option?

At a time when we’re seeing constant communication about rising bills our publicly listed company has generated hundreds of millions in profit. Yet because results were only a low single-digit percentage lower than last year we are being told to forgo not only our annual bonuses but even standard pay rises.

How can it be considered fair or moral for a company to make 3/4 of a billion in profit but because it earned ever so slightly less than the previous year employees are denied even inflation tracking pay increases?