Malaysia Aviation Group (MAG) has reported a net profit after interest and tax (NIAT) of RM54 million for the 2024 financial year, marking its third consecutive year of positive operating results despite capacity reductions and supply chain disruptions. The group also recorded an operating profit of RM113 million and a strong EBITDA of RM788 million. As at 31 December 2024, MAG maintained a cash balance of RM3.0 billion, with no capital injections from its shareholder Khazanah Nasional Berhad since October 2021.
Cargo and support divisions contribute to growth
MAB Kargo posted a higher operating profit, supported by stronger load factors across belly and freighter cargo. AeroDarat Services tripled its profit, driven by increased volumes from both group and foreign airlines.
MAB Academy, the group’s training division, improved its results and will open a new simulator building in Q2 2025. MAB Engineering Services continued to face skilled workforce shortages but is on track to open Hangar 4 at Subang in Q1 2026. MAG’s catering arm, MCAT, has transitioned operations to the new MCAT West facility to support future expansion.
Vision for 2030 drives forward momentum
Group Managing Director, Datuk Captain Izham Ismail, said 2024 was a testament to MAG’s resilience.
“While facing operational challenges, we have not only maintained profitability but ensured we are strategically positioned for the future. As we work towards our Destination 2030 vision, we remain focused on commercial sustainability and nation building,” he said.
MAG’s fleet modernisation remains a central strategy. The group plans to operate 55 new-generation Boeing 737 aircraft by 2030 and is integrating Airbus A330neo aircraft across its long-haul network. Two aircraft are already operating flights to Melbourne, Bali and Auckland, with eight more due to arrive in 2025.
With forward bookings up by approximately nine per cent year-on-year, Malaysia Airlines is set to grow its footprint in ASEAN, Australia, New Zealand and South Asia. This includes the return of services to Paris from 22 March 2025, making it the airline’s second European destination.
