KUALA LUMPUR (Feb 29): Malaysia Airports Holdings Bhd's (MAHB) net profit for the financial year ended Dec 31, 2023 (FY2023) surged 188% to RM543.17 million or 29.17 sen per share from RM187.19 million or 7.82 sen per share, due to to an increase in revenue, other income and share of profit from associates and joint ventures.

In a bourse filing on Thursday, the airports operator said revenue for the year jumped to RM4.91 billion from RM3.13 billion.

MAHB said net profit for the fourth quarter dropped to RM287.69 million from RM359.14 million despite higher revenue of RM1.37 billion versus RM1 billion previously.

MAHB declared a final dividend of 10.8 sen per share in respect of FY2023.

Reviewing its performance, MAHB said that overall, Malaysia operations recorded a significant increase in revenue by 79.3% from RM1.7 billion to RM3.05 billion.

“Whereas, Türkiye and Qatar operations recorded an increase in revenue by 32.9% from RM1.33 billion to RM1.76 billion and 1.8% from RM98.3 million to RM100.1 million respectively,” it said.

On its prospects, MAHB said its 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.

It said 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 Jan 8, 2023.

“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,” it said.

In a separate statement, MAHB acting group chief executive officer Mohamed Rastam Shahrom said amid improved operating conditions, the airports operator has managed to deliver improved financial performance, and making good progress in 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,” he said.

At the midday break, MAHB shares dipped 1.54% or 13 sen to RM8.32, with 767,100 shares traded.