Everyone, good evening. Thank you for joining us. Online, we have Ben who will take us through the presentation. Over to you, Ben.
Hey, everybody. First of all, I just want to say I apologize for the delay. We were just waiting for the final copy to be uploaded into Bursa Malaysia. I think that they finally uploaded it, so bear with us. We will go through the presentation for the quarter, full year ended December 31, 2024. Key takeaways, revenue crossed the MYR 3 billion mark at MYR 3.2 billion for the full year ended 2024. Mainly driven by the growth in passenger numbers and impressive ancillary revenue performance at MYR 253 per pax. 4Q 2024 trended about MYR 872.3, up 6% year-on-year. Total operating expenses were up 4Q 2024 and FY 2024, mainly driven by higher maintenance and overhaul costs following fleet reactivation and operations ramp-up , mitigated by lower jet fuel and a stronger ringgit.
EBITDA fell by 34% to MYR 119.6 million in 4Q 2024, compared to MYR 68.7 million in the previous year, due to lower aircraft fuel expenses and also aircraft lease expenses that exceeded the PBH arrangements. EBITDA FY 2024, lower by 30% year-on-year at MYR 461.2 million due to reversal of provision resulting in positive OPEX at FY 2023. The full-year net profit stood about MYR 229.1 million and 4Q 2024 net profit recorded at MYR 22.6 million. A good set of numbers.
CASK improved to MYR 12.99 in 4Q 2024, compared to MYR 15.71 in 4Q 2023, with lower fuel expenses and improved capacity utilization following a 26% growth in ASK capacity during the quarter. We still remain the lowest among our peers, with CASK at about $0.0296. During the quarter, average base fare was at MYR 496 as capacity returns in the market while ancillary revenue per pax remains strong at MYR 268.
Full fleet reactivation and arrival of additional aircraft expected in one half 2025. Strategically enhancing network and optimizing operations to meet growing demands. Associate AirAsia X Thailand recorded a revenue of MYR 469.1 million in 4Q 2024 and MYR 1.7 billion in 2024, with net operating profit standing at about MYR 42.7 million in 4Q 2024, and a net profit of MYR 56.3 million at 2024. This is mainly made due to the strategic relocation to Don Mueang International Airport in October 2024.
Finally, we secured shareholders' approval to the acquisition of Capital A Berhad aviation business October 2024. That is still work in progress, but this again is gearing up for future opportunities in a promising market landscape as we work to complete the exercise. Key financial highlights. Scheduled revenue increasing 22% year-on-year to MYR 2 billion FY 2024 as more aircraft return to operations in the past 12 months, driving passengers take-up.
4Q 2024 scheduled flights revenue are marginally lower year-on-year at MYR 530.1, as fare was adapted to increase capacity in the wider market. Ancillary surged 49% to MYR 1 billion at 31% year-on-year to MYR 286 in 4Q 2024. Ancillary RPP impressive at MYR 254 and MYR 268 in 2024 and 4Q 2024 respectively. Freight services revenue rose by 11% year-on-year and 23% year-on-year to MYR 52.1 and MYR 186.4 million in 4Q 2024 and FY 2024 respectively. EBITDA trended at about MYR 119.6 in 4Q 2024, up 34% due to low aircraft fuel expenses and aircraft lease expenses as aircraft exited the PBH arrangements. Our full-year 2024, stellar EBITDA at about MYR 461.2 million against MYR 661 in FY 2023 due to reversal of provisions in 2020 resulting in a positive operating expenses.
Net profit remains positive, capped at about MYR 22.6 million from MYR 27.4 weighed by ForEx losses recorded in this quarter. On a three-year basis, net profit performance is really good at about MYR 229.1 million. Operational highlights. Number of passengers carried grew by 20% year-on-year to 1.1 million passengers in 4Q 2024, driving a full-year number of passengers carried to about 4 million passengers. Load factor trending at a healthy 82% and 83% 4Q 2024 and FY 2024, shows that the demand remains strong and sustainability remains high.
Sector flown grew by 19% and 35% in 4Q 2024 and FY 2024, driven by the boost in ASK capacity as we get more planes back into service and network expansions of new routes and ramp up popular routes in months 2024. Total operating expenses, just usual increase in maintenance and overhaul due to reactivation of aircraft and aircraft schedule checks.
Lower aircraft lease expenses as we currently ended our PBH program, so there will be reclassification. Of course, lower aircraft fuel expenses despite higher fuel uptake due to lower fuel price. Total operating expenses stood at about MYR 1.9 2.8 billion, up 33% compared to MYR 2.1. Again, driven by ramp-up in operations and reversal of provisions. As we spoke earlier, we still remain the lowest in the industry.
Cost, high utilization for A330 body at about 15 hours today, and we still keep to our mantra of making sure that we remain low cost, high quality at all costs. Prudent management of operating expenses and also further boosted by the stability of the Malaysian ringgit, which is good from a preceding year. Ancillary performance rose 31% to MYR 87 million in 4Q 2024. Ancillary RPP impressive at about MYR 264 spent and MYR 268 in 4Q 2024.
High capacity in passengers carried has really contributed to the increase in ancillary and also value-driven initiatives driving sales through its ongoing refinement of offerings. Just to break it down a bit into the difference of ancillaries. Usual, our star performer, in-flight on the back of increased passenger carry. In-flight meal, as we come out with better and more sustainable food, in-flight meal went up 5% year-on-year while baggage up 34% year-on-year.
Capital AAX revenue captured about MYR 4.45 million in 4Q 2024 while MYR 1.7 billion in FY 2024. Net operating profit at 4Q 2024 and FY 2024 stood at about MYR 42.7 and MYR 30 million, respectively. Compared lower to the previous year due to high operating expenses environment. Net loss recorded at MYR 8.2 in 4Q 2024 due to end-of-period adjustments, while full year reported a net profit of about MYR 56.3.
The AFC capacity grew by 26% in 4Q and up 15% year-on-year. The increase is due to the operation aircraft being back into business of its 10 aircraft by December 2024. Also, they have increased destinations along with flight frequencies, leading to the growth of sectors flown in 1,653 in 4Q 2024 and 5,308 in FY 2024. The number of passengers carried captured about 1.6 billion passengers in FY 2024, an increase of 21 compared to preceding year.
In 4Q 2024 alone, TAAX carried a total of 463.63 passengers. I think there is an error there in terms of 1.6 billion passengers, but we will fix that up. Passenger load factor stood at a healthy 83% for the year 2024, maintaining a year-on-year comparison due to the increase in seat capacity through the year.
Our network now serving 22 routes in February 2025. More flights into China and the launch of Chongqing and Nairobi, marking its maiden region to Africa and also more prospecting in South Asia and Central Asia in 2025 as we trail to the success of Almaty. To focus on strengthening our connectivity and rebuilding frequencies, driving up Fly-Thru traffic which is now about 20%, bridging and limiting the wider Asian network.
We have planned connectivity between China, South Korea, Japan, India, Australia and up Eastern Europe through Kazakhstan with tourist favorites example, Bali, Phuket, Penang and Langkawi. Immediate outlook. First is just making sure that we enhance our network across more regions where connectivity is limited and to find those demands that are high and profitable.
Rebuilding capacity for the year and still focus on core markets, especially in Japan, Australia and also to find new markets similarly to Almaty where it is untouched. Fleet plan, focus on the last leg of fleet reactivation along with induction of additional aircraft by first half 2025. One left of which RTS comes live hopefully by April and we got another aircraft coming just a month or so after that. Also anticipate that promotional activities in near future and ancillary revenue projected to grow further as well as improve offerings aligned for fine-tuned pricing and personalization strategy. Also, cargo has been a key driver as well. Sustained momentum with Teleport. As we can see that a lot of new capacity and cargo belly through new routes especially Nairobi that had been a success for us. Corporate focus areas.
We are still engaging with Capital A in the progress of company growth ambitions for years to come. Securing shareholders' approval for the proposed acquisition. That is still on the way. We are on the tail end of base fundraising pretty much close to finalization and just waiting for further updates. Next page. This is internal targets that I think the group has decided to be disclosing, as we are the first entity to be disclosing the internal targets while Capital A later when they are ready, they will be doing theirs as well. This just to be sure, are just internal targets internally that we set to give some confidence to the market in what we are going to plan to do for 2025. Revenue targets is ranging from MYR 3.5 billion to MYR 4 billion. EBITDA MYR 0.5 billion to MYR 0.55 billion. Net OP margin 4.5%-5.5%.
So again, the assumptions are there, but again, as an analyst, you got to be sure that you sensitize it when the market moves. It could be currency, and it could be fuel, et cetera. Again, assuming some of the assumptions, seasonality AirAsia expects its first and fourth quarter to be brought by peak holiday season across the regions, and second and third quarters to be supported by localized travel and holiday peaks in the tiny markets that we operate. Summer peak in Almaty. Operational fleet size, we expect to have 8, 19 aircraft by first half 2025. But again, that's the plan. Network optimization, AirAsia expects to add more new connections to South Asia, Central Asia region in the year, and this is being executed with profitability as key. And as the aircraft gets older, do expect C checks as we go through the system.
But again, incorrect maintenance will come due in years to come and quarters to come. Just to highlight people what the strength whole of AirAsia is in the AirAsia Group. 22 to 155 destinations. Hubs, 2 to 15. Routes, 22 to 39. Unique routes, 8 to 105. I think that's really the goldmine for us. 105 unique group routes flies, while the passengers 6 million to 90 million passengers. Again, market share remains strong in Malaysia, Thailand, Indonesia, Philippines, and Cambodia follows as it is. Again, thank you very much, everybody, for joining us for our full-year results. Let's just open up for questions and Q&A. I know you guys have to rush the Capital A call soon, so let's make it quick and free. Thank you.
Hi, Kai Ching. You can proceed to unmute and speak if you-
Hello, and thank you for taking my questions. Just a quick one. For your guidance, what is the airfare you are expecting for next-
I can't give you that, brother. Nice try.
Okay.
But I think what we've given you already is more than we usually do. I think it will pretty much work already. That works.
Okay. Because fourth quarter, the air fare increased, yeah, it's seasonally strong, right? Looking at year-on-year, the air fare is coming up. How would you look at the Can you give us a bit of color on the air fare trend for the next full year?
I think we spoke about this on every call. To be honest, we said this two quarters ago, I actually said I was very bullish on China. But China has slowed down a bit. I think just due to demand coming out of China, I think that as you know, people are just pushing up travel for the locals to do domestic travel. We've seen slowness in that. On the opposite side of things, our Japan, our Korea, our Almaty has rocked the roof, and that's something different. As Almaty started, we've already increased fare up to 35%. That has improved considerably. Japan remains strong. Australia, fourth quarter was really strong for us. So, it's tough. I think the key markets will remain where it is. The only thing that I don't have color is China. But we'll see how that goes.
Can you remind us how many percentage of your groups is to China destination?
About 15%.
Okay, cool. Thank you. I'll jump into the queue.
Thanks. Any other questions, guys? All good.
Yeah.
The fourth quarter. All tax carriers.
I think the key thing is first is, we're assuming an improvement in load factor, which is one. I think the other one is really the reactivation of two aircraft. We now have 17 planes actively flying, 16 to 17, depending on when it goes for checks. If you look into the full year of this year, there's one thing coming out in April, which I think we're quite confident, and also another one coming out a month after that. That generally will contribute to more passengers moving forward, and also an improvement in also generic day-to-day load factor of our current operations. Yes, correct. Okay. Matthew?
Yeah. Hi. Thank you for letting me ask a question. Just curious, since on your guidance, how many planes are actually undergoing the high maintenance check? Is it the C checks?
Wait, you're talking about this year or last year? This year or next year?
2025.
There's a lot. Actually, we have 13 checks, 13 planes are going in this year. On top of that 13, we have three planes going for landing gear reconfiguration. Around that. Quite a bit. I can safely say that at any time of the month, there is at least one aircraft in hangar.
Right. Thank you. I jump back in, thank you.
Thanks. Yeah. I think to be fair to them, they only got the approval for A330 this year. When of this year? I think towards the end of last year. They are doing their first maiden 330 induction now. So that is the one that is coming out in April. But to answer your questions, not all our 13 C checks are going to ADE, because they also have a pipeline of A320s in the shop. So we are spreading the risks across. Some are going to LTP in Philippines, some are going to Indonesia, and some are going to Singapore. Oh, no, straight out also to Guangzhou.
What else?
Yes, correct. FY 2024 number includes the profit-sharing portion, yes.
That is what is wrong with that.
Okay.
I do not know.
Hello?
Hello, Joseph here.
Hello.
Yes.
Can you hear me?
Yep.
Just follow on the profit-sharing thingy. How much was it recognized in the fourth quarter?
We have already made adequate provision as at 2023, so when we have assessed it is still sufficient.
It is still sufficient. How much was it?
Yes. We made a provision of about MYR 35 million.
In the fourth quarter alone?
No. Last year, we've already assessed, we've already pre-forecasted the profit-sharing that's required over the next few years, and we have already present value it back to current.
To current, back in 2023. So 2024 nothing was recognized.
Correct. No additional provision was made.
I see.
We already put it on the balance sheet.
I see. Okay, sure. Thanks. That is all for me.
Mm. I would say the maintenance, the reactivation for one aircraft, we're looking at about, I say, $10 million.
We share partially with the lessors and-
Yeah. That all cost doesn't go to me. It goes to also the lessors as well. They bear about, I would say, about 30%.
Where is the two?
Hi, Matthew, you're up again.
Sorry. For the MRO cost, could you guide as to, will it be higher, flattish or lower year-on-year for FY 2024?
Oh, it's very difficult to judge it. This year is considered very high, because as you know, the aircrafts as we get older, there's more checks coming in.
Flight hours.
M ore flight hours. It is also based on calendar hours and flight hours. Therefore, the vintage of the aircraft is about the same among all the aircrafts. If you are going to guide for next year, I would say next year there would be typical 5 C checks only and no landing gear change. So you can see a drop of about 50% for next year.
Right. Thank you.
All right. Any more guys? If any questions, I think you can contact the IR team. I can safely say thanks very much for joining, guys. Rosa, reactivation fees dropped this year? No, what I meant is the reactivation.
No, no. The first thing is there will be a drop next year when we do our aircraft going out. For this year, to clarify, the maintenance line that you see. For this year or this year?
I'm with the question.
The clarify reactivation fee 50% drop this year. No, no. For the 4Q. It's only for the 13 C checks this year, right?
Next year.
Next year. No, no. 2024.
Yeah.
2025.
Oh, 2025.
Fighting for the 2025.
For 2025?
Yeah.
Yes.
We're fighting all 13 checks this year, right?
Yes, correct.
C orrect. So basically, this year, just to clarify, 2025 numbers, your C checks will be based on 13 aircraft going for C checks and five landing gear change. While in 2026, that number will drop by 50%. Got it?
Yes.