KUALA LUMPUR: Malaysia Airports Holdings Bhd's net profit more than doubled to RM543.2 million for the year ended Dec 31,2023 (FY23) from a net profit of RM187.2 million in FY22.
This was driven by the continued recovery in passenger traffic as well as higher commercial and retail contribution.
MAHB noted that its earnings came in higher than the pre-pandemic net profit it posted in FY19 at RM537 million.
Its revenue rose 57.2 per cent year-on-year (YoY) to RM4.91 billion versus RM3.13 billion previously, despite passenger traffic not fully recovered to pre-pandemic levels.
With a total of 119.5 million passenger movements in FY23, passenger traffic increased 42.4 per cent against FY22, and recovered by 84.6 per cent against FY19.
Passenger movements from the Malaysia operations increased to 81.9 million, up 55.4 per cent against the previous year and recovery of 77.8 per cent against pre-pandemic levels.
Its Türkiye operations saw an increase of 20.5 per cent in passenger movements, recording 37.6 million passengers in FY23.
The number of passengers in FY23 also surpassed the 36.0 million passengers recorded in FY19, with international passengers making up 52 per cent of the total passenger movements in FY23.
The resurgence in passenger traffic is attributed to several factors, including the increase in traveller's confidence and demand, expansion of airline routes, the resumption of Northern Asia traffic rights, launch of new airline operations and China's reopening of borders on Jan 8, 2023.
MAHB posted a 57.1 per cent growth in its non-aeronautical revenue, primarily due to better contribution of commercial and retail revenue from both its Malaysia and Türkiye operations.
"Amid improved operating conditions we have managed to deliver improved financial performance, and we are making good progress in our airport modernisation, digitalisation and commercial rejuvenation programmes.
"We are now laying the foundation for future growth and sustained value accretion with our three-year strategic business plan, while remaining committed to improving our passengers' journey and experience across our network of airports, in alignment with our vision to be a global airport group that champions connectivity and sustainability," said acting group chief executive officer Mohamed Rastam Shahrom in a statement.
For the fourth quarter ended Dec 31, 2023 (Q4 2023), the company's net profit dropped to RM287.7 million versus RM359.14 million in the corresponding period the preoccupation.
Revenue rose 36.8 per cent to RM1.37 billion from RM1 billion in Q4 2022.
The company continues to be encouraged by the buoyant demand for air travel, with the latest airlines seat capacity filing for 2024 showed a 13 per cent increase over 2023.
To meet the rising demand for air travel, MAHB is enhancing network connectivity at its airports, aiming for a greater number of airlines operating at Kuala Lumpur International Airport in 2024 compared to 2019.