MAG Aims To Double Topline Revenue To Over RM24 Bln By 2030 Through LTBP3.0
KUALA LUMPUR, Dec 15 (Bernama) -- Malaysia Aviation Group Bhd (MAG) aims to double its topline revenue to more than RM24 billion by 2030 through its Long-Term Business Plan 3.0 (LTBP3.0) unveiled today.
LTBP3.0 is a focused five-year (2026-2030) roadmap aimed at strengthening the group’s competitive position and reinforcing its standing as Asia’s leading travel and aviation services group.
According to MAG group chief strategy officer Bryan Foong Chee Yeong, the aims include positioning Malaysia Airlines among Skytrax’s top 10 global airlines -- the national carrier currently stands at 27th spot -- as well as driving more than 60 per cent 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,” he said during the media briefing on LTBP3.0 here today.
In order to achieve its long-term targets, LTBP3.0 is anchored on four strategic pillars, namely premium Asia-Pacific carrier, deeper partnerships, operational leadership and resilient businesses that will be supported by key enablers, including people, processes, digital innovation and sustainability.
Foong said MAG will deliver premium, end-to-end travel experiences that set new benchmarks for Malaysian Hospitality. This will be underpinned by capacity expansion by over 50 per cent at an average annual growth rate of 8.5 per cent; continued fleet renewal, including investment in 40 A330neos, 43 Boeing 737-8s and 12 Boeing 737-10s that support the ambition to operate a modern mainline fleet of 116 aircraft by 2035.
He also noted that MAG plans to build stronger, smarter partnerships to extend its global reach, enabling seamless travel across more than 1,100 destinations worldwide.
“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.
“In order for us to double the amount of revenue that we are going to get, we need all our partners on board as well. There also will be concerted effort for us to work with Malaysia Airports and policymakers on creating this healthy ecosystem that will be supportive of MAG in total,” he said.
Meanwhile, MAG group managing director Datuk Captain Izham Ismail said the progress made under LTBP2.0 reflects the capability and resilience of the group’s employees, and it gives them the confidence to move into MAG’s next chapter with greater ambition.
LTBP2.0 was introduced in 2020 as part of MAG’s successful financial restructuring, which saw the airline group reduce liabilities by over RM15 billion and eliminate RM10 billion in legacy debt.
“Since then, the group has recorded its strongest performance in over a decade, including sustained profitability with three consecutive years of operating profit and two consecutive years of positive net income after tax,” the group said.
MAG also said that it achieved stronger non-air revenue streams, which contributed 18 per cent of the group’s revenue Iast year, supported by consistent growth and new opportunities, such as the leasing of Hangar 4 at Subang Airport to expand maintenance, repair and overhaul (MRO) capacity and capability.
Under LTBP2.0, MAG also welcomed 22 next-generation aircraft, driving fleet modernisation, expanded routes and enhanced customer experience.
-- BERNAMA