AirAsia X releases financials for Q2-2024

AirAsia X Berhad maintained its momentum in the second quarter of this year as it delivered a robust financial performance throughout the period which ended on 30 June 2024.

The airline recorded a turnover of RM669.1 million in the second quarter, increasing by 30 percent year-on-year, reflecting the sustained demand in core markets as the Company ramped up its capacity to 16 operational aircraft. 

The Company posted Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) of RM58.4 million for this quarter, while net profit stood at RM4.8 million, despite common perception that second quarters are, traditionally, the weakest time of the year, and before full activation of its 18-aircraft fleet.

A higher number of passengers

In the second quarter, the number of passengers carried rose by 42 percent YoY to over 880,000 passengers, surpassing the 30 percent YoY growth in seat capacity. 

Bolstered by the spring travel seasons in key markets and the Eid holiday period this quarter, passenger load factor (PLF) stayed at a healthy 83 percent, up by seven percentage points YoY, as load factors on high-demand routes in China, India, and Japan trended close to 90 percent. 

AirAsia X’s average base fare was RM458 in 2Q24 against RM650 last quarter, in line with a softer travel season during the traditionally weakest quarter in the year.

Ancillary revenue increased over 48 percent YoY to RM218.2 million, in line with the increase in the number of passengers carried and buoyed by ancillary revenue per passenger increasing by 5% YoY to RM248 per passenger. 

This was driven by the continuous improvements and fine-tuning of various products and services and improved utilisation of data, including enhancements in the customer personalisation strategy and booking flow, as well as continual evolution to meet the latest trends of food and beverages served inflight by SANTAN.

Working to regain market leadership

On network, AirAsia X reinforced its commitment to regain market leadership in core markets and resumed operations to Xi’an in April, fortifying its presence in this core market to five destinations including Beijing, Chengdu, Hangzhou and Shanghai in 2Q24. 

The airline also increased flight frequencies between Kuala Lumpur and Bali to 14 times per week to cater to strong demand for the popular leisure island destination. 

However, over the last 12 months, AirAsia X suspended services to Busan, Auckland and the Gold Coast as part of its network optimisation exercise to ensure that it is always flying the most popular and profitable routes. 

Against last year, the airline delivered 31% more flights in 2Q24 at 2,916 total stages. Total weekly flights stood at 128 flights per week on average.