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AirAsia X Third Quarter 2024 Financial Results
SEPANG, 29 November 2024 – AirAsia X Berhad (“AirAsia X” or the “Company”) today reported its unaudited financial results for the Third Quarter of 2024 (“3Q24”) ended 30 September 2024.
• Revenue grows by 23% to RM795.0 million on the back of solid 84% Passenger Load Factor, and 40% boost in ancillary revenue
• Net Profit at RM121.6 million on the back of foreign exchange gains, unit cost lowest among peer airlines at US¢3.14; ex-fuel unit cost impressive at US¢1.48
• Number of passengers carried trends upward by 34%, surpassing a 27% growth in seat capacity
• TAAX posts Net Profit of RM55 million while average fare impressive at RM613
• Nearing full fleet reactivation with only one aircraft left to be reactivated as of November 2024
• Secured shareholders’ approval for the acquisition of Capital A’s aviation business in October 2024, with fundraising exercise well underway
AirAsia triumphs at Asia Pacific Aviation 100 Awards with Asia-Pacific Overall Deal of the Year and CFO/Treasurer of the Year awards

(From left) Farhan Zainul, Chief, Aircraft & Corporate Finance and Farouk Kamal, Deputy CEO (Corporate) of AirAsia Aviation Group as well as Teh Mun Hui, Chief Financial Officer of Capital A accepted the awards in Singapore last night.
SINGAPORE, 6 November 2024 – AirAsia has secured two top honours at the Asia Pacific Aviation 100 Awards: Asia-Pacific Overall Deal of the Year and Asia-Pacific CFO/Treasurer of the Year. These accolades reflect AirAsia’s robust financial strategies, which have significantly bolstered its financial resilience and driven its continued strong recovery.
Farouk Kamal, Deputy CEO (Corporate) of AirAsia Aviation Group said: “These awards underscore AirAsia’s strength in financial management, strategic planning, and innovative deal-making. This would not have been possible without our incredible aircraft finance and treasury team as their expertise and dedication were crucial in securing the bond. Their significant efforts have enhanced our financial resilience and paved the way for our fleet expansion and operational growth positioning us well to meet the rising travel demand. Their achievements are rightly recognised, setting the stage for even greater accomplishments in 2025 and beyond.”
The Aviation 100 awards, hosted by Airline Economics Magazine, recognise the most outstanding performers in the aviation industry, highlighting innovative and successful finance and leasing deals closed within the past year. The awards are determined through an industry-wide survey, rigorous vetting, and editorial considerations, recognising the best of the best in aviation finance and leasing.
AirAsia X shareholders unanimously back value accretive acquisition of Capital A’s aviation business
Stronger together: Upon completion, the new aviation group will offer a comprehensive range of low-cost air travel services across short, medium, and long-haul routes, establishing KLIA as a leading aviation megahub and positioning Asean as a key global transit point
SEPANG, 16 October 2024 – AirAsia X (AAX) is pleased to announce that its shareholders expressed strong support for the Proposed Acquisition of Capital A’s entire equity interest in the aviation business within AirAsia Aviation Group Limited (AAAGL) and AirAsia Berhad (AAB) for RM6.8 billion, during the Extraordinary General Meeting (EGM) held today.
Dato’ Fam Lee Ee, Chairman of AirAsia X said: “The unanimous approval from our shareholders marks a pivotal moment for AAX as we take a bold step forward in shaping the future of low-cost travel.”
Benyamin Ismail, CEO of AirAsia X said, “We extend our gratitude to our shareholders for their strong validation of our growth plans moving forward. This acquisition positions us on the brink of a transformative shift at AirAsia, uniting medium and short-haul operations into a powerful low-cost carrier network that will bring the world to Asean and Asean to the world.”
The proposed acquisition represents AAX’s long-term strategy to emerge stronger and more competitive in the global aviation industry. The recent launches of AAX routes to Almaty and Nairobi signal exciting new opportunities, with further expansion plans into Asia and Africa. The consolidation will significantly enhance network capacity and strengthen connectivity, offering guests a wider array of destinations and travel options for leisure and business.
AirAsia celebrates maiden flight from Kota Kinabalu to Manado, the second-largest city in Sulawesi

(From Left): Rafail Walangitan, Consulate General of Republic of Indonesia in Kota Kinabalu; Drs Steven OE Kandouw, Representative of North Sulawesi Governor; Zamani Rafique, Director, Government Relations and ASEAN Affairs of AirAsia Malaysia; Julinus Jeffery Jimit, CEO of Sabah Tourism Board; and Rizal Aries Laksono, Acting General Manager of AP1 Sam Ratulangi Airport celebrating AirAsia Malaysia’s inaugural flight from Kota Kinabalu to Manado today
MANADO, 1 September 2024 – AirAsia today celebrates the maiden flight from Kota Kinabalu to Manado, the capital city of North Sulawesi and the second largest city in Indonesia’s Sulawesi island.
Flight AK1797 was given the customary water cannon salute on arrival in Sam Ratulangi International Airport, Manado, North Sulawesi and arriving guests were warmly received by Drs Steven OE Kandouw, Representative of North Sulawesi Governor, Rafail Walangitan, Consulate General of Republic of Indonesia in Kota Kinabalu; Drs Steven OE Kandouw, Ratulangi Airport Management and AirAsia Allstars.
This new route reaffirms AirAsia’s commitment to providing more travel options from Kota Kinabalu its second-largest hub in Malaysia for both domestic and international destinations with a total of 30 routes with 387 flights weekly as a Group.
AirAsia X Announces Strategic Acquisition of Capital A’s Aviation Business
SEPANG, 8 January 2024 – AirAsia X (AAX) announced today that it has entered into a non-binding letter of acceptance with Capital A for the proposed acquisitions of its aviation businesses, namely AirAsia Berhad and AirAsia Aviation Group Limited.
The strategic move positions AAX to become the overarching regional aviation provider for all short and medium-haul routes under the AirAsia brand name. This groundbreaking acquisition is expected to provide unparalleled advantages, including a strengthened market position, increased operational efficiency, and ultimately driving cost savings and enhanced financial performance.
AirAsia X Chairman, Dato’ Fam Lee Ee said: “These strategic acquisitions serve as pivotal milestones in AAX’s post-PN17 revival strategy, bolstering our financial stability and enhancing our market positioning. The consolidation under the AirAsia brand as a one-listed entity reflects our commitment to capitalise on our regained strength and market confidence to deliver a unified and unparalleled travel experience for our guests and significant value for our shareholders.”
AirAsia solidifies Kota Kinabalu as its second-largest hub in Malaysia with new route to Seoul
SEPANG, 5 December 2023 – AirAsia today reaffirms Kota Kinabalu as its second-largest hub in Malaysia with the launch of its new route connecting Kota Kinabalu to Seoul (Incheon), South Korea. With the addition of Seoul, AirAsia Malaysia (AK) will fly to a total of 18 routes with 282 flights weekly from/to Kota Kinabalu from March 2024 onwards.
The new route will commence operations on 4 March 2024 with daily frequencies, making it even easier for travellers to explore the captivating cultural attractions, scenic beauty, and culinary delights of both destinations with great value fares.
This announcement comes on the heels of an impressive surge in Korean tourists visiting Sabah. According to recent data, Sabah welcomed about 150,000 Korean tourists this year, signalling a significant increase in the number of Korean visitors to the state. In addition, Koreans have now become one of Sabah’s top visitors, emphasising their growing interest in the state’s natural beauty and unique cultural experiences.
AirAsia Malaysia CEO, Riad Asmat said: “We are thrilled to be the first Malaysian airline to connect Kota Kinabalu directly to Seoul. This route holds immense potential for both leisure and business travellers, offering them affordable access to two remarkable tourism destinations. The launch of this route also aligns with our vision of connecting communities across Asia, fostering economic growth, and enhancing regional integration.
AirAsia adds over 5 million seats for flights between China, India and Malaysia in 2024
SEPANG, 27 November 2023 – AirAsia today announced a significant increase in services between China-Malaysia and India-Malaysia, totalling an impressive 230 weekly flights starting in the first quarter of 2024, with up to 5.2 million seats per year.
The significant increase in capacity via AirAsia Malaysia (airline code AK) and AirAsia X Malaysia (airline code D7) comes in response to the anticipated surge in travel demand following the Malaysian government’s announcement of a 30-day visa-free entry for travellers from China and India into Malaysia starting 1 December 2023.
Capital A CEO Tony Fernandes said: “This is a huge, much-anticipated news not only for AirAsia but for the country, and we truly thank the Malaysian government, particularly Prime Minister Dato’ Seri Anwar Ibrahim, for this forward-thinking initiative. AirAsia has been at the forefront of trying to make visiting Malaysia easier. The 30-day visa-free entry for the citizens of China and India will surely provide a welcome boost for Malaysia’s tourism and its economy ahead of the upcoming peak travel season while boosting economic bonds between these great nations. As a vital player in the aviation sector, we stand ready to add capacity to support the demand for affordable and accessible air travel in the region.”
AirAsia reaffirms position as Asia’s Best Low Cost Airline for 2023

AirAsia Group airlines and AirAsia X Group airlines take out the award again.
SEPANG, 31 May 2023 – The AirAsia group of airlines including Malaysia AirAsia, Thai AirAsia, AirAsia Philippines and medium haul affiliates AirAsia X Malaysia and Thai AirAsia X have been awarded the Top LCC in Asia by AirlineRatings.com in its annual Airline Excellence Awards.
AirlineRatings.com Editor-in-Chief, Geoffrey Thomas said that the win was “richly deserved.” “Mr. Fernandes and AirAsia X Malaysia chief executive Benyamin Ismail have done an outstanding job guiding the airlines to their market dominant position.”
Capital A CEO, Tony Fernandes said: “This is truly humbling after the past few through most turbulent years in aviation history and we thank the experts at AirlineRatings.com for their continued support and honouring aviation excellence.”