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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, more than doubling year-over-year, with revenue at RM4.26 billion and EBITDA at RM2.07 billion, driven by strong passenger recovery and commercial growth.
Passenger movements totaled 101.2 million across Malaysia and Turkey, up 13.9% year-over-year and at 96.3% of 2019 levels, 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 growth expected.
Strategic initiatives include digitalization, self-service bag drops, commercial space expansion, and retail resets, leading to higher occupancy and spend per ticket.
Major airport expansions in Penang and Kota Kinabalu are underway, positioning for future growth.
Financial highlights
Revenue increased 20.3% year-over-year to RM4,262.4 million, with EBITDA up 30.9% to RM2,066.0 million and net profit at RM606.2 million.
Aeronautical revenue rose by 22.1% to RM2,384.2 million; commercial rental and non-aeronautical revenue up 19.4% to RM1,623.9 million.
Malaysia operations EBITDA up 53.9% to RM1,028.5 million; Türkiye operations EBITDA up 14.0% to RM1,037.5 million.
Cash and money market investments stood at RM2,493.6 million, with borrowings at RM4,596.7 million.
Basic EPS for YTD: 33.74 sen (YTD 2023: 12.77 sen).
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 will double terminal capacities, funded by government mechanisms.
Commercial occupancy targeted at 86% by year-end, with over 30 new outlets to open in FY24.
Strategic focus remains on infrastructure upgrades, operational efficiency, and enhanced passenger services.
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