Capital A Berhad has published its full year 2023 financial results, with its aviation business recording RM13.5 bn ($2.84 bn) annual revenue; up 143% from the full year 2022.
Despite only operating with 80% of 2019’s aircraft numbers, the group also managed to surpass FY19 revenue by 25%, something its parent company describes as ‘a testament to sustained demand for travel and related services, underscoring the resilience of the ecosystem’. In 2024, the group intends to recover 90% of 2019 capacity.
After entering into a non-binding letter of offer with AirAsia X Berhad for the divestment of Capital A’s aviation business, CEO of AirAsia Aviation Group Bo Lingman hopes to “streamline operations and enhance the valuation of the airline group as a standalone entity”. Citing reduced domestic competition in Malaysia and Thailand, the group also intends to extend its domestic capacity, as well as increasing services on routes to China and India.
In the fourth quarter of 2023, segmental aviation revenue and EBITDA were RM4.6 bn ($0.97bn) and RM504 million ($106 million) respectively, contributing to an annual revenue of RM13.7bn ($2.89bn) and EBITDA of RM1.8bn ($0.38bn).
Capital A aviation business annual revenue up 143% from previous year
