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Malaysia Aviation Group records first-ever net profit
March 22nd 2024
Malaysia Aviation Group (MAG) posted its first-ever net profit in 2023, reporting RM766 million (US$162 million) net profit after tax and interest (NIAT). Read More » The 2023 financial results are significantly better than 2022 when MAG recorded a net loss of RM344 million. MAG's main airline, Malaysia Airlines (MAS), achieved an operating profit of RM1.099 billion in 2023, more than 13 times higher than the RM80 million it recorded in 2022, attributable to higher capacity and robust yield amid strong passenger travel demand. By the end of December 2023, MAS had reinstated 86% of its pre-pandemic capacity with a targeted full recovery expected by the second quarter of 2024. "MAG should be profitable this year unless something serious happens. It could be geopolitics, a fast-track recession, very aggressive overcapacity, or yield collapse, but if we look at what it is in the forecast for 2024, with the current trend, God willing, MAG should achieve another profitable year this year,” Datuk Captain Izham Ismail, MAG managing director said during the press conference on March 21.
