Malaysia Aviation Group (MAG) has recorded a net profit after interest and tax (NIAT) of RM54 million for the financial year 2024, marking its third consecutive year of profitability despite a challenging operating environment. The national aviation group also reported an operating profit of RM113 million and a solid EBITDA of RM788 million, underscoring its financial resilience and operational discipline.
The Group’s performance came in the face of significant headwinds, including supply chain disruptions that extended aircraft maintenance periods and delayed new aircraft deliveries. These challenges prompted MAG to cut network capacity by 18% in the traditionally strong fourth quarter — a move that impacted annual revenue, which dipped slightly by 1% to RM13.68 billion. Nevertheless, the Group managed to grow its Available Seat Kilometres (ASK) by 6% year-on-year, signaling improved operational efficiency.
Passenger demand remained healthy, particularly in the premium segment, with both passenger and cargo operations reporting stronger load factors. MAG continued to grow its international footprint through the launch of new routes and strengthened global partnerships.
Notably, MAG has maintained a strong cash position, ending the year with RM3.0 billion in reserves and no capital injections from its sole shareholder, Khazanah Nasional Berhad, since October 2021.
The Group’s bottom line was further bolstered by a RM426 million reversal of impairments previously booked during the COVID-19 pandemic in 2020. These included Rights of Use Assets, Aircraft, Property, Plant and Equipment, and Intangible Assets. The reversal reflects the recovery in capacity, seat factor, and yield over the last two financial years.
MAG’s sustained profitability highlights the Group’s strategic agility and continued focus on financial discipline as it navigates a complex global aviation landscape.
MAG FY 2024 Performance YoY
| Passenger (m) | 16.6 | 14.5 |
| Passenger Load Factor (%) | 80 | 77 |
| Passenger Yield (MYR Sen) | 30.1 | 33.3 |
| On-Time Performance (%) | 73 | 72 |
Operational Highlights: Airlines and Non-Airlines Business Segments
Airline Business Segment
- Malaysia Airlines Berhad (MAB) posted an operating profit of RM139 million, a 87% decline from RM1.09 billion in 2023 due to lower yield and detrimental impact of capacity cut in Q4 2024.
- MAB’s yearly capacity increased by 7%, with a 17% rise in passengers carried and a load factor of 81% compared to 77% in 2023.
- MAB introduced three new destinations: Male (Maldives), Da Nang (Vietnam), and Chiang Mai (Thailand), and resumed flights to Kolkata, India.
- MAB’s on time performance (OTP) improvement was impeded by aircraft constraints, with just a 1% improvement year-on-year.
- Firefly’s loss widened year-on-year due to the commencement of its jet operations in Subang Airport. Load factor registered a 10 ppt increase year-on-year but yield declined by 19% due to jets operation from Subang Airport.
- Amal by Malaysia Airlines recorded a 36% improvement in its financial performance year-on-year.
- Non-Airline Business Segment
- MAB Kargo, the Group’s cargo division, posted a higher operating profit, supported by additional capacity and higher load factor. The load for belly and freighter cargo was 8 percentage pointand 3 percentage point higher respectively.
- AeroDarat Services, the ground handling solution provider, reported a remarkable improvement in its financial performance. Operating profit increased three times on the back of higher flights handled for the Group and foreign carrier business segment.
- MAB Academy, the Group’s premiere training and development arm, achieved better results than the previous year, while MAB Engineering Services faced challenges due to skilled workforce shortages.
In 2024, MAG and its subsidiaries received significant global recognition for their products and services. Malaysia Airlines was awarded the APEX Four-Star Major Airline status and ranked among the Top 10 for World’s Best Cabin Crew by Skytrax, while also moving up to #39 (from #47) in the World’s Best Airline rankings. The mainline also received awards for its in-flight dining, reflecting its commitment to enhancing its onboard offerings, including through the introduction of its Best of Asia menu. Additionally, the Enrich loyalty programme continued to earn accolades for its strong performance in member engagement and customer loyalty.
Datuk Captain Izham Ismail, Group Managing Director of MAG said, “2024 has been a testament to MAG’s resilience and commitment to both growth and sustainability. While facing operational challenges, we have not only maintained profitability but also ensured that we are strategically positioned for the future. As we work towards our vision of Destination 2030, a future of stability and growth, we remain deeply focused on two guiding principles: commercial sustainability and nation building. Our vision is clear – to continue playing a key role in the nation’s economic development while ensuring the long-term strength and competitiveness of the Group.
A central element of this strategy is our continued investment in modernising and expanding our fleet. By 2030, we aim to operate a modernised, new generation narrowbody fleet of 55 aircraft comprising the Boeing 737-8 and 737-10, significantly enhancing our operational efficiency and flexibility to better serve both domestic and international markets. In parallel, we are progressively integrating the A330neo aircraft into our long-haul network, further elevating the travel experience for our customers. Two aircraft have already entered service, operating to Melbourne, Bali and Auckland, with eight more expected this year.
As our fleet modernisation progresses, we are also strengthening our network to maximise connectivity and meet growing demand. With forward bookings increasing approximately 9% year-on-year, our mainline will continue to expand its presence in key markets including ASEAN, Australia, New Zealand, and South Asia, reinforcing our role as the gateway to Asia and beyond. This strategic growth is further complemented by our return to Paris on 22 March 2025, marking the second European destination in our network.
Meanwhile, our non-airline businesses will continue to support MAG’s broader strategic objectives. MAB Academy’s new simulator building, set to complete by Q2 2025, is poised to enhance regional training capabilities as a premiere aviation training provider. To support MAG’s fleet expansion and growing demand for maintenance, repair and overhaul (MRO) services, MAB Engineering Services will continue to strengthen its talent pipeline, while Hangar 4 in Subang (SZB) remains on track to open in Q1 2026, further enhancing our maintenance capacity. At the same time, MAG’s catering operations (MCAT) continues to grow from strength to strength, having transitioned to the new MCAT West facility, which is well-positioned to support the Group’s future in-flight catering aspirations and expansion.
These strategic investments not only position MAG for success but also demonstrate our ongoing contribution to the nation’s growth by fostering employment, improving connectivity, and driving economic activity. As we move forward, we remain committed to building a strong, commercially sustainable organisation that contributes meaningfully to Malaysia’s development, all while delivering exceptional value to the stakeholders we serve.”
