KUALA LUMPUR (Feb 3): Ahmad Luqman Mohd Azmi, the former CEO of Malaysia Aviation Group’s (MAG) airlines business, has been appointed executive director of logistics services provider MMAG Holdings Bhd (KL:MMAG) effective immediately.
In announcing Ahmad Luqman’s appointment to its board, MMAG noted his previous executive experience at MAG.
Ahmad Luqman was appointed the CEO of airlines business (MAG) in January 2023. Prior to the appointment, he was the group chief operations officer of Malaysia Airlines Bhd since February 2018.
In 2015, Ahmad Luqman served as CEO of MAB Kargo Sdn Bhd (MASkargo).
“Under his tenure, MASkargo saw an 18% growth in business volume through freighter network realignment and strategic partnerships,” the group added.
The airfreight business is one of MMAG’s three main business segments.
For the six months ended Sept 30, 2024, the air freight business contributed 40% of MMAG’s revenue versus the mobile and fulfilment segment’s 43.4% and cargo and logistic services segment’s 16.5%.
MMAG posted a net loss of RM95.71 million for the six-month period on a revenue of RM824.44 million. The company attributed the loss to higher costs associated with business expansion and optimisation.
In July last year, MMAG changed its financial year end to end-September from end-March.
Shares in MMAG gained 2.5 sen at 51.5 sen, valuing the company at RM1.18 billion.