Malaysia Aviation Group (MAG) paid tribute to the national carrier’s 85-year journey and unveiled the coffee-table book titled ‘Rising to a New Horizon: A New Journey Begins’, letting readers go on a historical journey of Malaysia Airlines. The book is presented in seven chapters that narrate MAG’s massive transformational journey from organizational culture, performance, and business sustainability perspectives. The book highlights Malaysia Airlines’ rich history and is an insightful reflection of its People, captured through curated images and moments from the airline’s past until the present day.
The event took place in MAB Academy with the presence of YB Datuk Seri Ir. Dr. Wee Ka Siong, Minister of Transport of Malaysia. The event also witnessed the presence of Tan Sri Wan Zulkiflee Wan Ariffin, Group Chairman and Captain Izham Ismail, Group Chief Executive Officer, and representatives from the airline’s stakeholders.
Captain Izham Ismail mentioned, “This book is an ode to the beloved carrier that all of us, from across Malaysia and the world have helped to build and sustain over the years. When the COVID-19 pandemic hit, we looked beyond the initial crisis and dug deep to find the hidden opportunities that it created for us. We then embarked on a massive restructuring exercise and successfully reset our balance sheet and transformed our business dynamics to realign with our long-term aspirations and ensure business sustainability.
Malaysia Airlines has, thus far, successfully navigated through some of the worst times for the industry. When the industry was still reeling from a global crisis, we narrowed our full-year net loss for 2021 by 60%, achieving a positive EBITDA of RM433 million from strong cargo revenue performance and stringent cost management without retrenching our staff. We are set to reach breakeven by 2023, but with headwinds from fuel and forex, this may be a continuous challenge for the organization. However, we remain bullish and focused on our path to success, yet also cautious about mitigating any future organizational shocks.”
