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Malaysia Airports Holdings Berhad (AIRPORT) investor relations material
Malaysia Airports Holdings Berhad Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Nine-month 2024 profit after tax reached RM606.2 million, up over 100% year-over-year and 19% from 2019, with revenue at RM4.26 billion and EBITDA at RM2.07 billion, driven by strong passenger growth and commercial performance.
Passenger movements totaled 101.2 million, up 13.9% year-over-year and at 96.3% of 2019 levels, with Malaysia's international seat capacity at 90.5% and Turkey's at 171% of 2019.
Number of scheduled airlines in Malaysia exceeded pre-pandemic levels, reaching 74, with further growth and new routes expected.
Commercial reset and retail initiatives led to higher occupancy (84%) and Eraman's spend per ticket at RM325, surpassing pre-pandemic levels.
Strategic airport expansions in Penang and Kota Kinabalu and enhanced airline connectivity position for future growth.
Financial highlights
Revenue increased 20.3% year-over-year to RM4,262.4 million, mainly from aeronautical and commercial rental segments.
EBITDA rose 30.9% to RM2,066.0 million; net profit margin improved to 18.2%; EBITDA margin at 48.5%.
Operating costs rose 3% due to higher maintenance and staff costs, partially offset by a RM50 million recovery in doubtful debts.
Cash and money market investments stood at RM2,493.6 million, with borrowings at RM4,596.7 million and gross gearing at 0.56 times.
All associates, JVs, and subsidiaries remained profitable, a marked improvement from 2023.
Outlook and guidance
Passenger traffic is expected to approach pre-pandemic levels, supported by relaxed visa requirements, new airline routes, and Visit Malaysia 2026.
Ongoing airport expansions in Penang and Kota Kinabalu to double terminal capacities, funded by government mechanisms.
Commercial occupancy targeted at 86% by year-end; over 30 new outlets to open in FY24.
Malaysia is forecasted to achieve 95.4–97.6 million passengers for 2024, with Asia-Pacific air travel projected to grow 13% year-over-year.
Strategic focus remains on infrastructure upgrades, operational efficiency, and enhanced passenger services.
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