Malaysia Aviation Group (MAG) has reported a Net Profit After Interest and Tax (NIAT) of RM54 million for the financial year 2024, marking its third consecutive year of operating profitability. The Group recorded an operating profit of RM113 million and a strong EBITDA of RM788 million, reflecting resilient performance despite headwinds such as supply chain disruptions and aircraft delivery delays that led to an 18% capacity reduction in Q4 2024.
Passenger demand remained strong, with an improved average load factor of 80%—a 3 percentage point increase from 2023—boosting both passenger and cargo performance. MAG’s full-year revenue stood at RM13.68 billion, showing only a marginal 1% year-on-year decline despite the capacity cuts. Available Seat Kilometre (ASK) rose by 6%, and premium segment traffic remained solid. The Group also strengthened its international presence through strategic route expansions and global partnerships.
Supporting the positive NIAT was a RM426 million reversal of impairments on aircraft and other assets, initially booked during the COVID-19 downturn in 2020. This reversal reflects improved performance indicators, including seat factors and yield. MAG maintained a healthy cash balance of RM3.0 billion as of 31 December 2024, with no additional capital support from majority shareholder Khazanah Nasional Berhad since October 2021.
