PETALING JAYA (BERNAMA) – The Malaysia Aviation Group (MAG) recorded a net operating profit of MYR556 million for financial year 2022 (FY22), while net loss after interest and tax for the year was reduced by 79 per cent to MYR344 million from MYR1.65 billion a year ago.
Its cash balance stood at MYR4.6 billion at December 31, 2022. Group managing director Captain Izham Ismail said the group achieved a record net profit after interest and tax of MYR1.15 billion in the fourth quarter of 2022 (4Q 2022).
He said the 4Q results were one of its best quarter performances in the past two decades, driven by robust demand, higher yield across passenger and cargo business segments as well as effective cost management and cash flow optimisation.
“The group also saw improvement across all its business segments during the year, while the cargo subsidiary, MABkargo Bhd (MABkargo) recorded marginally weaker performance compared to a year ago amid softening global freight demand and increased capacity in the market in the second half of 2022 (2H22),” he said during the 2022 Annual Performance media briefing yesterday.
Meanwhile, Malaysia Airlines Bhd’s (MAB) total revenue has tripled compared to FY21, underpinned by strong demand in the international sector for both passenger travel and cargo freight.
“MAB achieved to break even at operating profit level, an exceptional turnaround from an operating loss of MYR612 million a year ago, while passengers carried was 6.7 times higher than the previous year,” he said.
However, Firefly remained in a loss position for 2022, on the back of weak yield and demand for both its ATR aircraft and jet operations, while Amal recorded its first year of profit from a loss position a year ago with the resumption of Hajj and Umrah travels.
