The group cited increased passenger traffic for the recovery. In H1 2022, it recorded 34.1 million passenger movements across the airports it manages in Malaysia, Qatar and Turkey.
This was a three-fold increase over H1 2021 and about half of the figure recorded before the Covid-19 pandemic began.
As a result of the huge increases in passenger traffic, the group recorded a revenue of RM1.26 billion for H1 2022, a 90.9% jump from the same period last year.
It recorded earnings before interest, taxes, depreciation and amortisation (EBITDA) of RM471.7 million.
The group recorded an EBITDA of RM26.1 million for its Malaysia operations and RM5.7 million for its Qatar operations.
In Turkey, where it manages the Istanbul Sabiha Gokcen (ISG) International Airport, EBITDA rose 97.6% to RM439.9 million compared with the first half of the previous financial year.
In a statement issued today, Malaysia Airports said the reopening of Malaysia’s borders led to a 6.8-time increase in passenger traffic to 20.3 million in H1 2022 compared with H1 2021.
In June 2022, the international passenger numbers reached 29.6% of the June 2019 level, before the Covid-19 pandemic. In the same month, the international load factor stood at 72.9%.
In its Turkey operations, Malaysia Airports saw 13.8 million passengers pass through ISG, equivalent to 81.6% of traffic during the same period of 2019.
At ISG, the international passenger traffic was 5.1% higher than pre-pandemic levels. ISG was ranked the eighth busiest airport in Europe in H1 2022.
The group said that in total, it registered 34.1 million passenger movements in H1 2022, a three-fold increase over H1 2021. This was about 50% of pre-Covid passenger volumes.
Moody’s Investors Service has announced that it has changed its outlook for Malaysia Airports Holdings Bhd from “negative” to “stable” and reaffirmed its A3 rating.
“The outlook change and rating affirmation reflect our expectation that the airport’s funds from operations (FFO) to debt will strengthen to above the A3 rating tolerance level of 7% to 8% within the next 12 to 18 months, on the back of the projected recovery in passenger traffic under our base-case scenario,” Moody’s said.