MAHB’s FY23 net profit soars, exceeding pre-pandemic levels

MALAYSIA Airports Holdings Bhd (MAHB)saw a significant financial turnaround in the financial year ended Dec 31, 2023 (FY23), with net profit more than doubling to RM543.2 million from RM187.2 million in FY22.

The surge was attributed to the ongoing recovery in passenger traffic and increased contributions from commercial and retail sectors.

Despite passenger traffic not fully reaching pre-pandemic levels, revenue rose 57.2% YoY to RM4.91 billion.

The total passenger movements for FY23 reached 119.5 million, a 42.4% increase over FY22 and an 84.6% recovery compared to FY19.

The Malaysian operations saw a notable rise of 55.4%, reaching 81.9 million passengers, while Türkiye operations recorded a 20.5% increase with 37.6 million passengers. International passengers constituted 52% of the total movements in FY23.

Factors contributing to the resurgence in passenger traffic included increased traveler confidence, expanded airline routes, the resumption of Northern Asia traffic rights, the launch of new airline operations, and China’s border reopening in January 2023.

MAHB reported a 57.1% growth in non-aeronautical revenue, driven by improved commercial and retail contributions from Malaysia and Türkiye operations.

The company’s strategic business plan focuses on airport modernization, digitalization, and commercial rejuvenation.

In Q4 2023, net profit dropped to RM287.7 million compared to RM359.14 million in the same period the previous year, while revenue rose 36.8% to RM1.37 billion.

Despite this, MAHB remains optimistic about air travel demand and plans to enhance network connectivity at its airports, targeting a greater number of airlines operating at Kuala Lumpur International Airport in 2024 compared to 2019.

MAHB shares gained 3 sen or 0.36% to close at RM8.48 today, while ist market capitalisation stood at RM14.149 billion. — TMR