Malaysia Aviation Group achieved record net profit after interest and tax of RM1.146bil in Q422.
For full year 2022, the Group recorded net operating profit of RM556mil, while net loss after interest and tax for the year reduced 79% to RM344mil from RM1.65bil a year ago. Cash balance stood at RM4.6bil at end 31 Dec 2022.
The Group also saw improvement across all its business segments during the year. Cargo subsidiary, MABkargo Berhad (MABkargo) recorded marginally weaker performance compared to a year ago amid softening of global freight demand and increased capacity in the market in the 2H22.
Main airline, Malaysia Airlines Berhad’s (MAB) total revenue tripled compared to the year before, underpinned by strong demand on the international sector for both passenger travel and cargo freight.
These significant results have been attributed to strong demand and high yield gains across passenger and cargo business segments, as well as strong and effective internal cost management and cashflow optimisation – all of which have been achieved despite significant pressures globally, including increases in fuel prices and labour costs, a weaker Malaysian Ringgit (MYR) and lower than pre-pandemic flight capacity levels.