MAHB records higher 3Q net profit of RM94.76mil

KUALA LUMPUR: Malaysia Airports Holdings Bhd (MAHB) posted a higher net profit of RM94.76 million for the third quarter ended Sept 30, 2023 (3Q FY2023) versus a net loss of RM9.04 million amid improved revenue and share of profits from associates and joint ventures and lower finance costs.

Revenue climbed to RM1.28 billion from RM863.61 million, driven by higher passenger volumes.

In a filing with Bursa Malaysia today, MAHB said the improved performance was contributed by airline route expansions, the resumption of northern Asia traffic flights, the launch of new airline operations, summer season travel and a series of public and school holidays.

The airport operator said quarter-on-quarter, the 3Q revenue from airport operations jumped 49.7 per cent from RM799.3 million to RM1.2 billion, while aeronautical segment revenue increased from RM449.8 million to RM701.8 million amid the recovery in traffic.

MAHB said passenger numbers for the group reached 32.7 million from 24.1 million passengers in the corresponding quarter last year.

"Of the total, Malaysia operations traffic amounted to 21.8 million passengers, higher compared to 15 million passengers in the corresponding quarter in the prior year," it said.

Similarly, MAHB said its Turkiye operations continued to show passenger traffic recovery, increasing from 9.1 million to 10.9 million passengers during the same period.

Meanwhile, non-aeronautical segment revenue increased from RM349.5 million to RM494.5 million, largely due to better contribution of commercial revenue from Malaysia and Türkiye operations.

MAHB said revenue from the non-airport operations went up from RM64.3 million to RM79.9 million due to higher revenue from the project and repair maintenance and hotel businesses.

"Overall, Malaysia operations had recorded an increase in revenue by 61.8 per cent from RM472.4 million to RM764.5 million.

"Whereas, Turkiye and Qatar operations recorded an increase in revenue by 32.8 per cent from RM365.8 million to RM485.9 million and 2.0 per cent from RM25.4 million to RM25.9 million, respectively," it noted.

MAHB said the share of results from associates recorded profits of RM8.7 million, which was RM9.9 million higher than the share of losses of RM1.2 million for the corresponding quarter in FY2022.

It said the higher share of profits was mainly contributed by KL Aviation Fuelling System Sdn Bhd (KAF), MFMA Development Sdn Bhd (MFMA) and Cooling Energy Supply Sdn Bhd (CES) of RM8.7 million, RM0.9 million and RM0.5 million, respectively.

"However, this was offset by the share of losses from Alibaba KLIA Aeropolis Sdn Bhd of RM1.4 million," it said.

MAHB said the share of results of joint ventures in the quarter under review recorded profits of RM1.8 million, lower by RM2.4 million as compared to RM4.2 million in 3Q FY2022.

"The lower share of profits was mainly contributed by the lower contribution from Segi Astana Sdn Bhd (SASB) and Airport Cooling Energy Supply Sdn Bhd (ACES) of RM1 million and RM0.8 million, respectively," it said.

For the nine-month period ended Sept 30, 2023, MAHB recorded a net profit of RM255.47 million compared to a net loss of RM171.94 million on the back of a higher revenue of RM3.54 billion.

MAHB said the outlook for the group continues to be resilient as it rides on ongoing passenger traffic recovery and improving commercial operations.

"Nevertheless, MAHB remains steadfast in its cost and revenue optimisation measures to cushion the impact of inflation and continued economic uncertainties," it said.

MAHB said it also does not foresee any material impact on its operations and traffic volumes arising from the suspension of MYAirline on Oct 12, 2023.

"The destinations and routes previously serviced by MYAirline are now seamlessly covered by AirAsia, Batik Air, and Malaysia Airlines.

"As a result, passengers will continue to have multiple options for air travel to the same destinations," it added. - Bernama