Malaysia Aviation Group Achieves Positive NIAT of RM54mil and Third Consecutive Operating Profit on the Back of Operational Headwinds

Bengaluru: Malaysia Aviation Group reports a positive Net Profit After Interest and Tax (NIAT) of RM54 million for the year 2024, marking a third consecutive year of positive operating profit at RM113million. This performance is further underscored by a robust Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of RM788 million, achieved despite operational headwinds, including proactive network cuts in Q4 2024, which reduced capacity by 18%.

The Group maintained a strong cash balance of RM3.0 billion as of 31 December 2024, without any capital injections from its main shareholder, Khazanah Nasional Berhad, since October 2021.

The capacity cuts, driven by supply chain disruptions which extended maintenance times and delays in new aircraft delivery, were implemented during a traditionally strong quarter, impacting the Group’s full-year revenue, which stood at RM13,679mil – a marginal 1% decrease year-on-year on the back of a 6% increase in Available Seat Kilometre (ASK). However, passenger traffic remained robust in the premium segment with stronger load factors for both passenger and cargo segments. The Group also expanded its international network through new routes and deep partnership collaborations.

The Group’s positive NIAT was further supported by a reversal of impairment on Rights of Use Assets, Aircraft, Property, Plant and Equipment and Intangible Assets amounting to RM426 million. These impairments, initially recognised during the COVID-19 pandemic in 2020, were reversed due to improved capacity, revenue, seat factor, and yield experienced in the financial years 2023 and 2024.