Ancillary revenue per passenger grew 4% year-on-year to MYR247, resulting in a 40% surge in total ancillary revenue to MYR267.5 million.
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AirAsiaAirAsia X Berhad (AirAsia X) announced a 23% year-on-year increase in revenue to MYR795 million for the third quarter ending 30 September 2024, supported by a strong passenger load factor (PLF) of 84% and a net profit of MYR121.6 million, attributed to foreign exchange gains, according to its unaudited financial results.
In a statement released over the weekend, the airline attributed the revenue growth to a 34% year-on-year rise in passenger numbers, with a PLF of 84%, up four percentage points from the previous year. Revenue for 3Q24 reached MYR795.0 million, compared to MYR648.4 million in 3Q23.
Normalized Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) stood at MYR76.2 million for the quarter, down from MYR132.1 million in 3Q23, when provisions were reversed. Despite the typically softer third quarter, the company achieved a net operating profit of nearly MYR3 million and recorded a net profit of MYR121.6 million, driven by a net foreign exchange gain.
AirAsia X carried 1,084,049 passengers during the quarter, a 34% increase year-on-year, as seat capacity rose by 27% to 1,284,871. The airline operated 16 aircraft, up from 14 in the same period last year. Ancillary revenue per passenger grew 4% year-on-year to MYR247, resulting in a 40% surge in total ancillary revenue to MYR267.5 million. The average base fare was MYR443, influenced by promotional campaigns for new routes, including Changsha and Chongqing.
Cost per Available Seat Kilometre (CASK) was reported at 13.98 sen (US¢3.14), while CASK excluding fuel remained competitive at 6.57 sen (US¢1.48). Unit costs rose due to operational expansions over the past year.
AirAsia X Thailand (TAAX), the company’s associate, recorded a 5% year-on-year increase in revenue to MYR300.7 million, with 342,533 passengers carried and a PLF of 80%. TAAX reported an average fare of MYR613 and ancillary revenue per passenger of MYR132, contributing to a net profit of MYR55 million for 3Q24.
As of June 2024, AirAsia X’s total fleet size remained at 18 A330s, with 16 active and operational. TAAX operated eight A330s, with six active.
CEO Benyamin Ismail commented on the progress of fleet reactivation, stating that one additional aircraft was returned to service in November, leaving only one grounded. The airline is also in advanced discussions with a lessor for a new aircraft to join the fleet in early 2025, aiming for a total of 19 aircraft by mid-year.
The company also secured shareholder approval on 16 October 2024 for the acquisition of Capital A’s aviation business. Efforts are ongoing to meet the necessary conditions for completion, including a proposed private placement, with book-building expected following regulatory approvals.
Source: AirAsia
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