Malaysia Airports Records RM606.2 million Net Profit in 9M2024 Driven by Long Term Growth Strategy
Malaysia Airports (the Group) today reported its financial results for the quarter ended 30 September 2024 (3Q2024) and the first nine months of the year (9M2024), reporting 9M2024 revenue of RM4.26 billion, 20.3% higher compared to the same period last year (9M2023). The Group’s Earnings Before Interest Taxes, Depreciation and Amortisation (EBITDA) rose to RM2,066.0 million from RM1,578.7 million a year ago. Its 3Q2024 group revenue stood at RM1,532.2 million, an increase of 20.0% from the corresponding period last year (3Q2023), while its 3Q2024 EBITDA rose to RM744.6 million from RM553.2 million in 3Q2023.
Malaysia operations reflected continued improvement in its financial performance with revenue of RM2,706.2 million in 9M2024, an increase of 24.0% compared to 9M23, driven by improvement in both its airport and non-airport segments in tandem with the increase in passenger movements. As for Türkiye operations, revenue increased by 14.5% to RM1,477.0 million compared to the same period a year ago driven by the robust growth in international passenger movements with major airlines focusing on higher-yielding international routes.
The Group’s passenger traffic breached the hundred million mark with 101.2 million passengers as of 9M24, reflecting a recovery of 96.3% against the same period in 2019. Traffic for the Group’s Malaysia operations increased by 15.0% over 9M23 with 69.8 million passenger movements for 9M24, with an international to domestic mix of 53:47. Meanwhile operations in Türkiye saw an increase of 11.6% in passenger movements to 31.4 million in 9M24 compared to 9M23, surpassing pre-pandemic levels by 15.9%.
For 9M2024, the Group recorded a 137.3% increase in its net profit position, recording a net profit of RM606.2 million compared to RM255.5 million in 9M2023. For 3Q2024, its net profit stood at RM210.4 million, up 122.0% from RM94.8 million a year ago.
The Group remains optimistic that passenger movements in Malaysia will continue its trajectory in the final quarter of the year, driven by the school holiday peak travel season and a continued recovery of Chinese inbound traffic. In addition, the Group has been actively intensifying its efforts to expand network connectivity at its airports, with the number of airlines operating at airports in Malaysia in 2024 already exceeding 2019. This proactive approach aligns with the Group’s commitment to meet the escalating demand for air travel and further solidify its position in the aviation industry.