Malaysia Aviation Group (MAG) has unveiled its ‘Long-Term Business Plan 3.0’ (LTBP3.0), a new five-year roadmap aimed at strengthening the group’s competitive position.
The plan is oriented towards key “aspirations” that the Group hopes to attain by 2030, most prominently the inclusion of Malaysia Airlines in Skytrax’s Top 10 Global Airlines (which would require a climb from its current ranking of #27).
MAG also wants to double its topline revenue to more than RM 24bn ($5.87bn) and drive more than 60% growth in third-party revenue across its aviation services businesses.
“Collectively, these targets are designed to strengthen MAG’s long-term financial resilience, elevate Malaysia’s global connectivity, and reinforce the Group’s role as a catalyst for national development,” the company said.
To achieve its long-term targets, LTBP3.0 is anchored across four strategic pillars, as described below.
- Becoming a premium APAC carrier: MAG plans to expand its capacity by over 50% by 2030, with an annual capacity growth rate of 8.5%. Its continued fleet renewal will include investment in 40 A330neos, 43 Boeing 737-8s, and 12 Boeing 737-10s, supporting its ambition to operate a mainline fleet of 116 aircraft by 2035.
- Deeper Partnerships: MAG will build “stronger, smarter” partnerships to extend its global reach, enabling travel across more than 1,100 destinations worldwide.
- Operational Leadership: MAG will build strong organisational capabilities by developing talent and technical expertise through "structured upskilling".
- Resilient Businesses: MAG will strengthen financial resilience by growing third-party businesses beyond its airline operations, supported by expanded cargo capabilities and other synergies.
“Guided by clear ambitions and a focused strategy, LTBP3.0 positions MAG to deliver disciplined growth, elevate customer experiences and create sustainable long-term value,” the company said.
“The plan provides a clear roadmap to strengthen the Group’s competitive position, expand its global reach and reinforce its role as a leading aviation and travel services group in the region.”
LTBP3.0 builds on the success of LTBP2.0, which was introduced in 2020 and concluded in 2025. Under LTBP2.0, the Group reduced its liabilities by more than RM 15bn ($3.67bn) and eliminated RM 10bn ($2.45bn) in legacy debt.
Since 2020, MAG has recorded its strongest performance in over a decade, including three consecutive years of operating profit and two consecutive years of positive net income after tax.
MAG has also taken delivery of 22 next-generation aircraft, and in 2024 its non-air revenue grew to 24% of its total revenue.
This was supported by consistent growth and new revenue streams, such as the leasing of Hangar 4 at Subang Airport to expand MRO capacity and capability.
MAG is a national holding company that is 100% owned by the country's sovereign wealth fund, Khazanah Nasional Berhad.
Its assets include flag carrier Malaysia Airlines; regional carriers Firefly and MASwings; pilgrimage travel company Amal by Malaysia Airlines; MRO MAB Engineering; cargo carrier MASkargo; ground handling provider AeroDarat; and training provider MAB Academy.