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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.
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Q3 2024 earnings summary26 Nov, 2024

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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Frequently asked questions

Malaysia Airports Holdings Berhad is a Malaysian company involved in the management, operation, and maintenance of airports across Malaysia and in selected international locations. The company operates Kuala Lumpur International Airport (KLIA) and oversees a network of domestic and international airports, providing a range of services, including passenger terminal management, ground handling, and cargo operations. Additionally, Malaysia Airports engages in airport-related commercial activities, such as retail and property management, to support the travel and tourism industries. The company also offers consultancy and technical services in airport operations. The company is headquartered in Sepang, Malaysia, and its shares are listed on the Bursa Malaysia.

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