Malaysia Aviation Group (MAG) has unveiled its 2023 financial results, marking a remarkable comeback and the strongest performance in ten years.
Established in 2015 as the parent company of Malaysia Airlines, MAG achieved a positive operating profit for the second consecutive year. Notably, Malaysia Airlines recorded its inaugural net profit after interest and tax (NIAT) since its inception.
MAG attributes this turnaround to several factors, including a surge in premium travel and robust passenger traffic. Effective capacity management and strategic expansion of the international network have optimized profitability while meeting travel demand.
The national carrier, Malaysia Airlines (MAB), witnessed a significant rise in operating profit driven by strong passenger demand and efficient aircraft capacity utilisation. With 86% of pre-pandemic capacity restored by the end of 2023, MAB is on track for a full comeback by Q2 2024.
All business segments within MAG experienced growth in 2023. From Firefly to MASkargo, each sector contributed to the uplift.
Group Managing Director Datuk Captain Izham Ismail is optimistic about the future, declaring 2024 as “the year of credibility”. MAG plans to integrate 12 new aircraft, aiming for a balanced fleet by 2033. Additionally, the group prioritises enhancing customer experience.