PETALING JAYA: Malaysia Aviation Group (MAG) the parent company of Malaysia Airlines saw its best ever quarter performance since the past two decades.
The group said it achieved a record net profit after interest and tax of RM1.146bil in the fourth quarter last year.
This is due to robust demand, higher yield across passenger and cargo business segments as well as effective cost management and cashflow optimisation, despite higher fuel prices and labour costs, weaker ringgit (MYR) and lower than pre-pandemic flight capacity levels.
For full year 2022, the group recorded net operating profit of RM556mil, while net loss after interest and tax for the year reduced 79% to RM344mil from RM1.65bil a year ago.
Cash balance stood at RM4.6bil at the end of Dec 31, 2022.
The group also saw improvement across all its business segments during the year. Cargo subsidiary, MABkargo Bhd (MABkargo) recorded marginally weaker performance compared to a year ago amid softening of global freight demand and increased capacity in the market in the the second half of 2022.
The main airline, Malaysia Airlines Berhad’s (MAB) total revenue tripled compared to the year before, underpinned by strong demand on the international sector for both passenger travel and cargo freight.
