The parent company of Malaysia Airlines, Malaysia Aviation Group (MAG), just experienced its greatest quarter ever. The firm claimed that in the fourth quarter of last year, it generated a record RM1.146 billion net profit after interest and taxes. This is despite increased fuel and labor costs, a weaker ringgit (MYR), and lower than pre-pandemic flying capacity levels. It is attributable to strong demand, greater yield across the passenger and cargo business categories, as well as good cost control and cashflow optimization. The firm reported a net operating profit of RM556 million for the entire 2022 fiscal year, while its net loss after interest and taxes decreased by 79% to RM344 million from RM1.65 billion the previous year. The cash balance as of December 31, 2022, was RM4.6 billion.
Throughout the year, the organization experienced growth in each of its business segments. Due to a decrease in the demand for freight globally and more supply entering the market in the second half of 2022, the performance of the cargo subsidiary MABkargo Bhd (MABkargo) was somewhat worse than it was a year before.
The national carrier, Malaysia Airlines Berhad's (MAB) overall income increased compared to the previous year, supported by high demand for both passenger and cargo freight on the international market.