KUALA LUMPUR: Capital A Bhd is back in the black, achieving a net profit of RM836.98 million for the financial year ended Dec 31, 2023 (FY23), turning around from a net loss of RM2.62 billion in FY22.

The group attributed the improvement in earnings to the recognition of a gain of RM1.36 billion from the remeasurement of an associate to its subsidiary, Asia Aviation PCL Group, and the overall improvement of the aviation business.

Its revenue expanded to RM14.77 billion versus RM6.43 billion previously, it said in a filing with Bursa Malaysia today.

However, in the fourth quarter of FY23 (Q4’23), the group recorded a net loss of RM159.56 million compared with a net profit of RM109.94 million in Q4’22.

Revenue rose to RM4.85 billion against RM2.19 billion previously, following the strong recovery in demand from both domestic and international travel during the period.

“In Q4 2023, the aviation segment accounted for 93% of the group’s revenue, while the logistics, digital and other businesses accounted for the rest,“ it said.

On prospects for the aviation segment, Capital A said while cost pressures remain high, particularly from the weak Asean currencies, it has put in place control measures which would allow the group to continue to offer attractive fares.

This year, the group will continue to focus on achieving the lowest costs across all sectors, enhancing asset utilisation and efficiency.

“We are revitalising a high-performance culture, centred on efficiency and delivering superior products.

“Delivering exceptional customer service is a top priority, starting with our empowered employees and supported by AI technologies for enhanced satisfaction, and we are also investing more in this area to further elevate the customer experience,“ it said.

Concurrently, Capital A is in the final stages of finalising its PN17 regularisation plan and aims for a full submission to Bursa Malaysia soon.

“The board is confident and anticipates a strong performance to be delivered in 2024,“ it added. – Bernama