Malaysian Aviation Group Records First Profit Since 2010
Source: Berita Harian
Kuala Lumpur: Malaysia Aviation Group (MAG) has achieved a net profit for the first time since 2010, reporting RM766 million in the full financial year of 2023. This is a significant turnaround from a net loss of RM344 million in the previous year.
The group also reported an operating profit of RM889 million for the reviewed year, marking a 64% increase from RM540 million in 2022.
As of December 31, 2023, MAG boasts a solid cash reserve of RM4.3 billion. Notably, this financial stability was achieved without any capital injections from its major shareholder, Khazanah Nasional Bhd, since October 2021.
MAG Group Managing Director, Datuk Captain Izham Ismail, attributed the strong performance to robust passenger traffic in the premium segment, an intensified international network, active capacity management, deepened partnership collaborations, and stronger passenger yields.
“This was accomplished despite facing higher operational and labor costs, a weaker ringgit, supply chain challenges due to rising costs and unpredictable delivery commitments, fuel prices, and increased interest rates,” he said during a press conference today.
Source : Berita Harian
