KUALA LUMPUR: The Malaysia Aviation Group (MAG) has returned to the black by posting a first-ever net profit of RM766mil for the financial year ended Dec 31, 2023, from a net loss of RM344mil a year ago.
This is the first time the airline group has registered a profit since its inception in 2015.
Its revenue was recorded at RM13.85bil for the year.
Group managing director Datuk Captain Izham Ismail said the strong performance was on the back of robust passenger traffic from the premium segment, stronger international network flow, better capacity management and partnership collaboration.
Passenger traffic and capacity surged 47% and 61% respectively.
“The group is poised for a remarkable comeback, solidifying our commitment to making 2024 the year of credibility,” he said during the group’s financial results briefing today.
According to Izham, the group is now well-positioned to reinvest in the cabin’s hard product, and enhance its offerings, while executing fleet expansion strategies.
