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Malaysia Aviation Group eyes financial breakeven by 2023
Tuesday, 04 May 2021
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MAG group CEO Capt Izham Ismail said if the market turns around faster, they would break even much earlier.
KUALA LUMPUR: Malaysia Aviation Group (MAG) is banking on its Long Term Business Plan 2.0 to break even its finances and turn cash flow positive by 2023 in what it calls a “downside scenario”.
Group chief executive officer Capt Izham Ismail said if the market turns around faster, they would break even much earlier.
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Malaysia Airlines parent rejigs leadership team, group structure
By Alfred Chua 2023-02-09T01:04:00+00:00
Malaysia Aviation Group (MAG) – the parent company of Malaysia Airlines – has reshuffled its senior leadership team and operating structure, as it hopes to break even by this year.
The move, announced 8 February, will see the formation of three “profit centres”: airlines, aviation services, as well as loyalty and travel services.
Source: Wikimedia Commons
A Malaysia Airlines Airbus A350-900 wearing the special Negaraku livery.
MAG says the new operating structure “will enable [it] to deliver its Long-Term Business Plan 2.0 in a more cohesive and unified manner”. It says there will be “greater emphasis” on transparency and accountability, with a clearer financial reporting structure, and envisages each division helping to “diversify the group’s revenue streams beyond its airlines business”.
The group rolled out the second edition of its long-term business plan after successfully restructuring in 2021. Since then, it has gone some way in slashing costs and eliminating its debt, while growing its revenue streams.
MAG chief Izham Ismail says: “While [MAG’s] existing structure has enabled us to be future-proof, we continue implementing a strong and flexible organisational structure that will set the group up for long-term success.”
The units will be headed by respective CEOs, supporting the group-level leadership team. Izham, who was also Malaysia Airlines chief, will continue in his present role, together six other members of the MAG leadership team.
MAG’s airlines portfolio will be headed by Ahmad Luqman Mohd Azmi, who was the group’s operations chief for about five years. Ahmad Luqman was also Malaysia Airlines’ cargo head, with over 20 years in the air cargo sector.
The airlines portfolio will cover mainline operator Malaysia Airlines, low-cost unit Firefly, regional unit MASWings, as well as its religious charter arm Amal.
Meanwhile, the aviation services portfolio will comprise cargo, ground handling, training, as well as MRO operations. Mohd Nadziruddin Mohd Basri, the current CEO of MAG ground services arm Aero Darat Services, will be promoted to helm the division. He will be supported the operating chiefs of the respective services units.
The loyalty and travel services will be headed by Philip See, who was the head of Firefly. He will assume the new role while concurrently retaining his position as group chief sustainability officer in MAG.
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The new operating model will enable MAG to deliver its Long-Term Business Plan 2.0 (LTBP 2.0) in a more cohesive and unified manner, with greater emphasis on transparency …
Operational Highlights. Airline Business. While the Group’s strong focus in 2021 remained on cost management, its main airline business MAB continued to improve on its end …
KUALA LUMPUR: Malaysia Aviation Group (MAG) has unveiled a new organisational structure that it says will help deliver its Long-Term Business Plan 2.0 in a more cohesive and unified manner.
The move aligns with MAG’s Long-Term Business Plan 2.0 (LTBP2.0) as it seeks to fulfil its aspirations to become Asia’s leading travel and aviation services group, focused on …
KUALA LUMPUR (Feb 8): Malaysia Aviation Group (MAG) is implementing the Target Operating Model (TOM) to enable the group to deliver its Long-term Business Plan 2.0 (LTBP 2.0) in a cohesive and unified manner. MAG aims to …
Malaysia Airlines Bhd's parent Malaysia Aviation Group (MAG) aims to break even by 2023 through its Long Term Business Plan 2.0 as the group contends with the Covid-19 pandemic’s impact on the global aviation …
The Edge: Malaysia Airlines Bhd (MAB) has launched at least five turnaround plans over the years. How different will the Long Term Business Plan 2.0 (LTBP 2.0) be? How confident are you that the airline will achieve …
Malaysia Aviation Group (MAG) is banking on its Long Term Business Plan 2.0 to break even its finances and turn cash flow positive by 2023 in what it calls a “downside scenario”.
The group rolled out the second edition of its long-term business plan after successfully restructuring in 2021.