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MAG’s performance improved by 60% YoY on the back of a successful restructuring and stronger cargo performance despite 70% capacity reduction in passenger ASK YoY.



  • MAG achieved positive EBITDA of +RM433mil, compared to -RM1,761mil a year ago.

  • MAG passenger traffic and capacity down by 56% and 70% YoY respectively due to continued domestic and global travel restrictions for the most part of 2021.

  • MAG On-time Performance (OTP) slightly down at 89.2%, compared to 90% a year ago due to additional COVID-19 SOPs at most airports.

  • MAB Kargo revenue grew by 52% YoY, with load factor increasing by an average of 7% and yield by an average of 12%.

  • MAB Customer Satisfaction Index up 3 percentage points YoY and Net Promoter Score up 30points from a year ago.


KLIA, 21 April 2022: Malaysia Aviation Group (“MAG” or “the Group”) achieved positive EBITDA (earnings before interest, taxes, depreciation, and amortization) of +RM433mil, compared to -RM1,761mil a year ago, reducing its loss for the financial year ended 31 December 2021 (“FY2021”) by 60% compared to 2020, following sustainable strategies underlined in its enhanced Long-Term Business Plan 2.0 (“LTBP2.0”).


This was achieved through strong cargo performance by MAB Kargo, generating revenue of RM3bil as a result of high global demand, allowing increased freighter and belly utilisation via passenger-to-cargo flights.


Despite lower passenger traffic and reduced capacity for Malaysia Airlines (MAB) by 62% and 71%respectively in 2021, MAB recorded 57% higher yield in passenger revenue, assisted by its Airline Revenue Maximization Solution (ARMS) which provides a complete and comprehensive picture of an airline’s revenue and cost ecosystem, personalising fares and offers to customers at a willing-to-pay rate using predictive forecasting features.


The restructuring the Group undertook in 2021 gave MAG the opportunity to holistically repair its balance sheet and address decades-long legacy issues, resulting in a reduction in the Group’s liabilities of over RM15billion, and eliminating RM10bil in debt. Lower operating cost from its cost savings/avoidance initiatives across the Group as well as lower leasing cost post its successful restructuring further contributed to the improved performance in 2021.


As a Group, MAG launched its Sustainability Blueprint in April 2021, aimed to promote socio-economic development and achieve net-zero carbon emissions by 2050 across its businesses. Since then, MAG recorded 2.6mil kg of jet fuel savings equivalent to RM7mil and 8.1mil kg of carbon reduction from operations across its cargo and commercial flights.





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Operational Highlights


Airline Business


  • While the Group’s strong focus in 2021 remained on cost management, its main airline business MAB continued to improve on its end-to-end customer experience and enhanced product offerings to recover and regain customer confidence in travelling quickly.

  • MAB recorded an improvement in Customer Satisfaction Index (CSI), which was 84% Year-to-Date (YTD) compared to 81% in 2020 with the airline’s NetPromoter Score (NPS) increased to +54 points in the period compared to 24points in 2020.

  • MAB flew the first flight using a blend mixture of approximately 38% Sustainable Aviation Fuel (SAF) as a commitment to make SAF the cleaner and more viable energy option for regular flights by 2025.

  • Firefly jet operations was disrupted by the COVID-19 pandemic where domestic travel remains restricted for the most part of FY 2021.

  • MASwings continues to maintain most of its network schedule in FY2021 to support the rural air connectivity within Sabah and Sarawak during the pandemic.

  • AMAL, the pilgrimage arm of Malaysia Airlines, recommenced scheduled flights to Jeddah and Madinah in November 2021 after a 20-month hiatus following the reopening of Saudi Arabia for fully vaccinated international travellers.


Aviation Services


  • MABKargo outperformed its target by 71%. Achieving higher CTKM by 26% against target and delivering 28% in average increase cargo yield against budget. MAB Engineering has gained good traction in expanding its third-party maintenance, repair and overhaul segment since its launch in 2019. To date, it has seen revenue grow at a 208% CAGR for base maintenance and 61% CAGR for line maintenance.

  • Despite being heavily reliant on the airline business, AeroDarat Services recorded an improvement of 20% on its financial performance year on year on the back of higher foreign carrier business and effective cost management during the year.


E-Commerce & Travel Services


  • Journify, an integrated one-stop lifestyle digital platform representing the e-commerce and travel services business portfolio of MAG was launched in July 2021 to redefine its customers’ experience with an enhanced e-commerce platform.

  • To date, Journify has nearly 100 merchants related to travel lifestyle and homegrown products.




With the gradual reopening of international borders, MAG is seeing strong uptake in passenger demand and sales contributing to the Group’s cash balance which remains solid. Cargo operations will continue to lead the market as the demand for cargo movement in the ASPAC region is expected to grow by 5%.


MAB and its sister airlines will gradually add capacity for both domestic and international routes, expecting to achieve more than 70% capacity to pre-pandemic level. Firefly has reinstated its jet operations from new hub, Penang International Airport starting 11 April 2022.


The current Russian/Ukraine conflict has raised concerns and challenges in managing operational cost, which is directly impacted by the escalating fuel price. Fuel price at current levels of USD110/bbl to USD130/bbl makes up to 40% - 45% of the Group’s total operational cost, an increase of about 35% -40% from a year ago. All companies within the Group have taken immediate steps to manage the impact of higher fuel cost. Safety remains the top priority for the Group and measures has been taken to avoid the conflict zone.





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