CEO Morning Brief

MAHB Posts RM95 Mil Net Profit in 3Q on Lower Finance Costs, Higher Revenue

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Publish date: Thu, 30 Nov 2023, 08:40 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (Nov 29): Malaysia Airports Holdings Bhd (MAHB) registered a net profit of RM94.76 million in the third quarter ended Sept 30, 2023 (3QFY2023) against a net loss of RM9.04 million in the previous year, on the back of an increase in revenue, other income, and improved share of profits from associates and joint ventures plus lower finance costs.

In a local bourse filing on Wednesday, the airport operator said its quarterly revenue jumped by 48.32% to RM1.28 billion from RM863.61 million, fuelled by higher revenue contribution from its Malaysia, Türkiye and Qatar operations.

For the nine-month period ended Sept 30, 2023 (9MFY2023), the group posted a net profit of RM255.47 million against a net loss of RM171.94 million, underpinned by lower finance costs and higher revenue.

Revenue climbed by 66.98% to RM3.54 billion from RM2.12 billion reported in the same period last year.

On a quarterly basis, MAHB’s net profit came in lower from RM102.53 million in the immediate preceding quarter (2QFY2023) while revenue was higher compared to RM1.23 billion in 2QFY2023.

Commenting on the group’s financial performance, MAHB acting group chief executive officer Mohamed Rastam Shahrom said given the group’s improved financial performance and operating environment, it is focusing on improving passenger journey and experience across its network of airports.

“Together with ongoing airport modernisation and commercial rejuvenation, digitalisation and service improvements, we are confident that the group will sustain its value accretion position in the near term,” he said.

MAHB added the group continues to be encouraged by the buoyant demand for air travel and is hopeful that passenger movements will continue its trajectory in the final quarter of the year, driven by resumption and introduction of new airline services, school holiday peak travel season and a continued recovery of Chinese inbound traffic.

The group also has been actively intensifying efforts to expand network connectivity at its airports, which it anticipates will result in the number of airlines operating at KL International Airport (KUL) in 2024 exceeding 2019's figure.

Shares in MAHB finished unchanged at RM7.30, giving it a market capitalisation of RM12.18 billion.

Year to date, the stock has climbed by 11.11%.

Source: TheEdge - 30 Nov 2023

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