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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
Profit after tax for the nine months of 2024 reached RM606.2 million, more than doubling year-over-year, driven by strong passenger movements and revenue growth in Malaysia and Turkey.
Passenger traffic totaled 101.2 million across Malaysia and Turkey, with Malaysia's international seat capacity at 90% of 2019 and Turkey's at 171%.
Number of scheduled airlines in Malaysia exceeded pre-pandemic levels, reaching 74, with further additions expected.
Commercial occupancy rate improved to 84%, surpassing 2019's 79%, and retail sales per ticket rose 39% versus pre-pandemic.
Strategic airport expansions (Penang, Kota Kinabalu) and enhanced airline connectivity position for future growth.
Financial highlights
Revenue for the period was RM4.26 billion, up 20.3% year-over-year, with aeronautical and commercial segments driving growth.
EBITDA reached RM2.07 billion, up 30.9% year-over-year.
Operating costs rose due to higher maintenance and staff costs, partially offset by provision write-backs.
Share of profits from associates and JVs totaled RM201 million, with all entities profitable.
Cash and money market investments stood at RM2.5 billion, slightly higher than end-2023.
Outlook and guidance
Passenger traffic is expected to approach or exceed pre-pandemic levels, supported by relaxed visa requirements and new airline routes.
Ongoing airport expansions in Penang and Kota Kinabalu to double terminal capacities, funded by government mechanisms.
Commercial reset initiatives and digitalization expected to further enhance non-aeronautical revenue and passenger experience.
Management anticipates further cost increases in Q4 due to bonus provisions and inflationary pressures, especially in Turkey.
Strategic focus remains on infrastructure upgrades, operational efficiency, and enhanced passenger services.
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