Capital A posted 2Q2022 revenue of RM1.46 billion, up 277% year-on-year (“YoY”) and 81% quarter-on-quarter (“QoQ”). Aviation revenue grew by 520% YoY and 115% QoQ to RM1.29 billion off the back of improved air traffic demand, both domestically and internationally while the group’s logistics arm, Teleport, reported lower revenue of RM99 million — down by 36% YoY — amid a transition away from using passenger planes for cargo-only use. Digital businesses as a whole reported robust revenue growth of 192% YoY, driven by AirAsia Super App and BigPay. The aviation, logistics, and digital businesses contributed 88%, 7% and 5% respectively, of the total revenue in 2Q2022.
Overall, the Group recorded a positive EBITDA of RM109 million, which improved 155% YoY and 135% QoQ. During 2Q2022, the Group raised average fares by 10%, successfully implemented a fuel surcharge, and increased ancillary revenue by 495% YoY to mitigate rising costs, namely higher fuel and maintenance costs. In the quarter under review, the Group saw a net loss of RM1.1 billion which includes one-off depreciation and interest expenses for non-operating aircraft of RM256 million, foreign exchange losses of RM345 million, and a share of losses from associates of RM291 million. Excluding these one-off items, the net operating loss amounts to RM235 million.
The Group delivered a positive operating cash flow of RM274 million in 2Q2022 off the back of the uptrend in forward bookings from the airline business. The Group is pleased to report that its cash balance as at the end of June 2022 stood at RM632 million, an improvement QoQ.
The airline business delivered a segmental revenue of RM1.37 billion in 2Q2022, up 475% YoY on the back of an increase in average fares from RM194 to RM214, with 456% growth in average seat kilometres (“ASK”), resulting in an improvement of 38% growth in revenue per ASK (“RASK”). The efficiency will grow as stage length grows; average stage length was 1,233 in 2019 and average stage length now is 958. AAAGL achieved its first positive EBITDA since the pandemic, improving significantly to RM151 million from a negative EBITDA of RM125 million a year ago, equivalent to an increase of 221% YoY.
