Section Heading

Section Heading

Section Heading

Quarterly Report For The Financial Period Ended 31 December 2023

Financials Archive

Get Adobe Reader Note: Files are in Adobe (PDF) format.
Please download the free Adobe Acrobat Reader to view these documents.

Condensed Unaudited Consolidated Statement Of Profit Or Loss for The Period Ended 31 December 2023

Income Statement

Condensed Unaudited Consolidated Statement of Financial Position As At 31 December 2023

Income Statement

Performance Review

Income Statement

4Q 2023 vs 4Q 2022 (Q-on-Q)

Revenue

The Group’s revenue for the current quarter increased by 36.8% over the corresponding quarter in the prior year to RM1,371.5 million. This growth was driven by higher passenger volumes resulting from the airlines route expansion, resumption of Northern Asia flights and the launch of new airlines operations in the current quarter.

Revenue from airport operations increased by 38.7% from RM927.5 million to RM1,286.5 million. Aeronautical segment revenue increased from RM544.3 million to RM751.7 million as compared to the corresponding quarter in the prior year. This surge was driven by the recovery in traffic, with total passenger numbers for the Group reaching 30.7 million from 25.7 million passengers in the corresponding quarter last year. Malaysia operations saw a surge in passenger traffic, reaching 21.2 million passengers compared to 17.4 million passengers in the corresponding quarter in the prior year. Similarly, Türkiye operations continued to show passenger traffic growth, increasing from 10.2 million to 10.4 million passengers during the same period. Non-aeronautical segment revenue increased from RM383.2 million to RM534.8 million, largely due to better contribution of commercial revenue from Malaysia and Türkiye operations.

Revenue from the non-airport operations increased by 12.9% or RM9.7 million from RM75.3 million to RM85.0 million due to higher revenue from hotel, agriculture, project and repair maintenance businesses.

Overall, Malaysia and Türkiye operations had recorded an increase in revenue by 45.9% from RM600.0 million to RM875.6 million and 25.5% from RM375.6 million to RM471.5 million, respectively. Whilst, Qatar operations recorded a marginal decrease in revenue from RM27.2 million to RM24.4 million.

Profit/(loss) before tax and zakat (PBT/LBT)

In the current quarter under review, the Group recorded a PBT of RM221.8 million on the back of higher revenue and gain on the fair value of the investment in GHIAL. However, the PBT for the current quarter decreased by 50.4% as compared to RM445.2 million recorded in the corresponding quarter in the prior year due to the reduction in utilisation fees. Excluding the RM535.9 million impact of the utilisation fee reduction reflected in the corresponding quarter in the prior year, the PBT for the current quarter increased by RM312.5 million.

Malaysia operations showed a significant improvement, registering a PBT of RM157.1 million, a turned around from the LBT of RM61.1 million recorded in the corresponding quarter in the prior year, driven by higher revenue, coupled with the gain on fair value of investment in GHIAL. Whilst, Türkiye operations recorded PBT of RM65.8 million decreased as compared to the PBT of RM504.4 million in the same quarter last year, due to the reduction of utilisation fee recognised in the same quarter last year. Qatar operations recorded LBT of RM1.1 million, as compared to PBT of RM1.9 million recorded in the corresponding quarter in the prior year.

Share of results of Associates and Joint Ventures (JV)

In the current quarter under review, the share of results from associates recorded profits of RM15.4 million, slightly lower as compared to RM16.2 million for the corresponding quarter in the prior year. Lower share of profits were mainly contributed by lower profits from MFMA Development Sdn. Bhd. ("MFMA") and KL Aviation Fuelling System Sdn. Bhd. ("KAF") from RM14.8 million to RM12.3 million and from RM2.4 million to RM1.6 million, respectively, in the current quarter compared to the corresponding quarter in the prior year. However, this decrease was offset by higher share of profits from Cooling Energy Supply Sdn. Bhd. ("CES") which turned from a loss of RM1.7 million to profit of RM0.2 million and Alibaba KLIA Aeropolis Sdn. Bhd. ("Alibaba KLIA Aeropolis") increased in its share of profit from RM0.7 million to RM1.3 million.

Share of results of joint ventures in the current quarter under review recorded profits of RM5.4 million, higher compared to RM4.7 million recorded in the corresponding quarter in the prior year. This is contributed by both its joint ventures, Segi Astana Sdn. Bhd. ("SASB") and Airport Cooling Energy Supply Sdn. Bhd. ("ACES") each contributing RM2.7 million, respectively.


Commentary On Prospects

MAHB network of airports recorded 119.5 million passenger movements in the year 2023, surpassing 100 million total passengers movements for the first time since 2020. This achievement was partly driven by the increase in air travel demand, approvals of more slots at other international airports, the reactivation of additional aircraft, new aircraft deliveries and the gradual reopening of China’s borders from 8 January 2023.

The International Air Transport Association ("IATA") in their December 2023 report indicated that the Asia Pacific and global passengers in 2024 are expected to reach 110% and 109% of 2019 levels, respectively. The Airport Council International ("ACI") forecasted Asia Pacific region passenger recovery to reach 99.5% of 2019 levels in 2024, while global passenger recovery is expected to reach 102.3% of 2019 level for the same period. The Malaysian Aviation Commission’s ("MAVCOM") Waypoint Report, issued in December 2023, forecasted overall Malaysia passenger movements for 2024 to grow between 93.9 million to 107.1 million passengers, representing an increase of 10.0% to 25.0% over 2023. The latest airlines’ seat capacity filing for 2024 shows a 13% increase over 2023, with the visa-free entry for Chinese and Indian passengers expected to boost for traffic recovery, particularly in the Northeast Asia Region.

MAHB’s prospects remains favourable, supported by passenger traffic growth and further strengthened by the Group's on-going strategy in enhancing its airline and hub connectivity, rejuvenating commercial and retail spaces as well as accelerating off-terminal opportunities.