MAG managing director Izham Ismail said it also recorded an operating profit of RM113 million and earnings before interest, taxes, depreciation, and amortisation (Ebitda) of RM788 million.
“This was achieved despite operational headwinds, including proactive network cuts in the fourth quarter (Q4) of FY2024, which reduced capacity by 18%.
“The group also maintained a strong cash balance of RM3 billion as of Dec 31, 2024, without any capital injections from its main shareholder, Khazanah Nasional Bhd, since October 2021,” he added.
Izham said the reduction in capacity had been driven by supply chain disruptions that extended maintenance timelines and delayed aircraft deliveries.
As a result, MAG’s full-year revenue came in at RM13.68 billion — a dip of 1% from the previous year — despite a 6% rise in available seat kilometres (ASK).
Passenger traffic remained strong, particularly in the premium segment, with MAG reporting a load factor of 80%, up from 77% in 2023. Malaysia Airlines carried 16.6 million passengers in 2024, a 17% increase year-on-year.
The group’s positive NIAT was further supported by a reversal of impairment on rights-of-use assets, aircraft, property, plant and equipment and intangible assets amounting to RM426 million.
“These impairments, initially recognised during the Covid-19 pandemic in 2020, were reversed due to improved capacity, revenue, seat factor, and yield experienced in the financial years 2023 and 2024,” Izham said.
Performance across business units
Malaysia Airlines posted an operating profit of RM139 million — a significant drop from RM1.09 billion in 2023 — primarily due to reduced yields and the Q4 capacity cuts.
Nevertheless, its capacity grew 7% over the year, with three new destinations introduced: Male (Maldives), Da Nang (Vietnam), and Chiang Mai (Thailand). The airline also resumed services to Kolkata, India.
Besides Malaysia Airlines, MAG’s airlines business also includes Firefly and Amal.
Firefly’s losses widened as it launched jet operations out of Subang Airport, with yields dropping 19% despite a 10-point rise in load factor. Amal, the group’s pilgrimage-centric carrier, reported a 36% improvement in financial performance.
On the cargo front, MAB Kargo (MASkargo) posted stronger results due to increased capacity and improved load factors. AeroDarat, the group’s ground-handling arm, tripled its operating profit through handling more flights from both group and foreign carriers.
However, MAB Engineering Services faced manpower constraints, while MAB Academy, MAG’s training division, improved its performance year-on-year.
Investing in the future
As part of its long-term plan, MAG said it will continue its fleet modernisation strategy. By 2030, it aims to operate 55 next-generation Boeing 737 narrow-body aircraft and progressively integrate Airbus A330neo wide-body jets into its network.
Two A330neo aircraft are already in service on routes to Melbourne, Bali, and Auckland, with eight more expected this year.
MAG is also investing in infrastructure including a new simulator building for MAB Academy, slated for completion by Q2 2025, and the expansion of maintenance capabilities with Hangar 4 in Subang expected to open in Q1 2026.
The group is also set to return to Paris on March 22, 2025, its second European destination after London, as part of its strategy to strengthen connectivity and reinforce its position as a regional aviation hub.