PETALING JAYA: Malaysia Airlines’ parent looks to double its revenue by the end of the decade on the back of a new five-year plan, following its success in turning profitable and eliminating RM10bil in legacy debt.
The Malaysia Aviation Group (MAG) has forecast a topline of RM24.6bil by 2030, up from RM13.8bil in 2024.
In a briefing, MAG’s group chief strategy officer Bryan Foong Chee Yeong told reporters that over 60% of topline growth will come from third-party revenue.
The group, which is wholly-owned by Malaysia’s sovereign wealth fund Khazanah Nasional Bhd, also expects to raise its operating profit margin to 9% by 2030.
In 2024, the operating profit margin stood low at 0.9%.
As for the current financial year of 2025, outgoing group managing director Datuk Captain Izham Ismail said it will be a “profitable year but marginal”.
“This is because we have to spend a lot on aircraft maintenance and overhaul costs. We invested in customer experience, catering and many others.”
Izham said the group “endured the pain” this year, in order to have more financial legroom from 2026 onwards.
Despite that, year-to-date till Sept 2025, MAG’s passenger revenue was up 3%, cargo revenue up by 8% and other revenue increased by 17%.
Earnings before interest, taxes, depreciation and amortisation improved marginally by 2%, driven by stronger performance of aviation services such as maintenance, repair, and overhaul, cargo, catering and Malaysia Airlines’ academy.
During the briefing, MAG also unveiled its Long-Term Business Plan 3.0 (LTBP3.0), a five-year (2026-2030) roadmap.
Izham said LTBP3.0 marks a shift from stabilisation to scaled and disciplined growth.
“It sharpens our premium position and deepens the value we create across our broader aviation ecosystem.
“At the heart of this plan is a focused network and fleet strategy that positions us for the next horizon of growth, enabling us to serve customers with greater reach, efficiency and an elevated customer experience, and our ambition to see Malaysia Airlines ranked among Skytrax’s Top 10 Global Airlines by 2030.
“It is a bold aspiration, perhaps a distant dream to some, but one we are fully committed to realising by building on what we have achieved, accelerating where we are strongest and investing strategically to secure long-term, sustainable value for our customers, partners and the wider nation.”
Izham will be retiring from his position as group managing director effective Jan 31, 2026, following a career spanning more than four decades with the company.
MAG had appointed Nasaruddin A. Bakar as president and group chief executive officer, a new designation succeeding the former group managing director.
