In the fiscal year 2024, Malaysia Aviation Group (MAG), the parent company of Malaysia Airlines, Firefly, MASwings, AMAL, Enrich and Journify, reported a net profit after interest and tax (NIAT) of RM54 million, its third straight year of operational profitability.
According to the statement released on 17 April 2025, MAG said it achieved an operating profit of RM 113 million and a solid Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) of RM 788 million despite facing operational challenges, including capacity cuts in the fourth quarter of 2024.
The Group has stated the 18% reduction in capacity was driven by global supply chain disruption, which lengthened maintenance times and delayed new aircraft deliveries.
Despite this, MAG maintained resilient performance with an improved average load factor of 80%, up three percentage points from 2023, supported by strong demand in both premium passenger and cargo segments.
Annual revenue came in at RM13.68 billion, a marginal 1% decrease year on year even as Available Seat Kilometre (ASK) rose 6%.
As of 31 December 2024, the Group maintained a healthy cash balance of RM3.0 billion, without any new capital injection from its sole shareholder, Khazanah Nasional Berhad, since October 2021.
The Group’s net profit was also supported by a reversal of impairments worth RM426 million. These impairments, previously recognised during the COVID-19 pandemic in 2020, were reversed due to improved performance in capacity, revenue, seat factor and yield over the past two financial years.
Shahriena Shukri is a journalist covering business and economic news in Malaysia, providing insights on market trends, corporate developments, and financial policies. More about Shahriena Shukri.
