The Malaysian Aviation Group (MAG) posted RM1.146 billion in net profit for 2022, its record best for a fourth quarter in a financial calendar year.
Its chief executive officer Izham Ismail said the group achieved a net operating profit of RM556 million, while its net loss after interest and tax for 2022 was reduced by 79 per cent to RM344 million from RM1.65 billion a year ago.
MAG also saw improvements across all its business segments last year.
He attributed this to strong demand in the international sector for both passenger travel and cargo freight.
“MAG has emerged from the pandemic on a strong financial footing and is charting an upward financial trajectory. However, there are still many areas for improvement especially in on time performance and customer experience,” he said during a press conference at MAG headquarters here today.
Izham said MAG is fully committed to addressing the gaps.
“The travel demand outlook remains strong in the near term, although the macroeconomics environment remains very challenging with sustained high fuel prices, volatile forex, higher operating costs due to inflation, labour constraints, recession and geopolitical risks,” he added.
His optimism is based on China reopening its international borders last January.
“MAB aims to regain the remaining capacity for its entire network which currently stands at 85 per cent and fully recovering its services to China and North Asia by the end of the first half on 2023.
“This will spur economic growth between Malaysia and China, boosting the overall business and trade links between the two countries,” he said.
Izham also said now is a time for Malaysia to change the way it promotes the country to visitors abroad in order to beat competition from regional neighbours like Thailand, Singapore and Cambodia.
He said the lack of Chinese tourists in the past three years since the Covid-19 started has affected industry players hard.
“Reinventing the product of Malaysia is very important. The traditional product of Malaysia may be irrelevant.
“Is going to the islands still relevant? Yes, but we need new products like wildlife. Future customers are millennials, and what do they like?
“Wildlife, forest, all these products, even scuba diving, mountains and golf too; we have over 300 golf courses. So Malaysia needs to reinvent its products rather than the traditional island, beaches and sceneries,” Izham said. – MALAY MAIL ONLINE
