KUALA LUMPUR — On Thursday, Malaysia Aviation Group (MAG), which oversees Malaysia Airlines, announced a net profit of 54 million ringgit ($12.24 million) for the fiscal year 2024.
Malaysia Airlines has had difficulty bouncing back from two tragic incidents in 2014. The airline also cut its flight capacity by 18 percent last year following an investigation conducted by Malaysia’s civil aviation authority, which uncovered multiple critical safety and maintenance problems.
MAG Managing Director Izham Ismail stated at a media briefing that even with the reduction in capacities, the demand for premium services stayed strong, showing improved load factors across both passenger and cargo sections.
MAG stated that the reduction in capacity during the last quarter of 2024 was due to supply chain issues which prolonged maintenance periods and delayed the arrival of new planes.
In 2014, Malaysia Airlines was removed from the stock exchange. Following this, sovereign wealth fund Khazanah Nasional acquired ownership of the revamped parent company, known as MAG.
In 2023, MAG announced its initial post-restructuring net profit following interest and taxes since 2015.
MAG has been consistently expanding and updating its vehicle collection.
The previous month, it announced plans to acquire 18 Boeing 737 MAX 8 planes and 12 Boeing 737 MAX 10 models, with the possibility of purchasing an additional 30 airplanes.
Izham stated that MAG was dedicated to updating its outdated aircraft fleet; however, they still faced challenges with operational disturbances.
He mentioned that global supply chain disruptions and delivery delays have affected the speed.
The MAG group comprises Malaysia Airlines, the short-haul carrier Firefly, and the pilgrimage-focused airline Amal.