KUALA LUMPUR – Malaysia Airports Holdings Bhd (MAHB) posted a net profit of RM205.80 million for the second quarter ended June 30, 2024 (Q2 FY2024), a twofold rise from RM102.53 million last year.
Revenue for the quarter under review increased to RM1.37 billion from RM1.23 billion previously, an increase of 11.9%.
The airport operator said that this revenue growth was driven by higher passenger volumes from new airline operations, airlines resuming routes and introducing new services, the implementation of a 30-day visa-free policy for Chinese and Indian travellers to Malaysia, and the haj season.
“Overall, Malaysia and Turkey operations recorded an increase in revenue of 9.5% from RM780.6 million to RM855.1 million and 16.7% from RM426.4 million to RM497.7 million, respectively.
“Qatar operations recorded a marginal increase in revenue from RM25.0 million to RM26.1 million,” it said in a Bursa Malaysia filing today.
For the cumulative half-year, net profit also surged more than twofold to RM395.79 million from RM160.71 million, and revenue increased to RM2.73 billion from RM2.26 billion in 2023.
MAHB said that it has demonstrated a strong commitment to profitability and sustained growth in cash flows since the financial year 2022 (FY2022), bolstered by the steady recovery in passenger traffic.
“MAHB anticipates further growth in FY2024, with passenger traffic expected to approach pre-pandemic levels.
“On the local front, the relaxation of visa requirements has significantly boosted passenger arrivals, particularly from key markets such as China and India,” it said.
MAHB added that it will continue to collaborate closely with the Malaysian government to enhance the passenger experience and streamline arrivals, such as the expansion of eGate facilities for travellers from 63 countries, including China and India. – August 30, 2024