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MALAYSIA AIRPORTS HOLDINGS BERHAD

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Malaysia Airports - Scheduled Commercial Flight Operations At Pulau Pangkor Stolport Will Boost Domestic Tourism And Local Economy

01/26/2022 | 08:46am EDT

PANGKOR - The commencement of scheduled commercial flight operations at Pulau Pangkor Short Take Off and Landing Port (STOLports) (IATA Code: PKG) is set to heighten tourism demand for the island and contribute to the local economy. PKG today welcomed inaugural flight KI6357 by SKS Airways flying in from Sultan Abdul Aziz Shah Airport, Subang (IATA Code: SZB). Daily SZB-PKG-SZB flights will start from 26 January 2022 onwards using the DHC6-Twin-Otter aircraft which can carry up to 19 passengers on board.

Chairman of Malaysia Airports, Yang Berhormat Dato' Seri DiRaja Dr Zambry Abd Kadir, who was there to welcome the inaugural flight at PKG said, 'As an airport operator, one of our roles is also to work closely with tourism bodies to promote local destinations. Islands in Malaysia are already renowned for their natural tourist attractions, and the tourism demand for them is strong. The start of commercial flight operations will provide the necessary connectivity to attract more international tourists to the island. Coupled with the island's duty free status, this will contribute positively towards the economic revival of the island and its population.'

Dato' Seri DiRaja Dr Zambry also said that the local aviation industry is beginning to see signs of growth again after a slow two years, 'The emergence of a new local airline in the country is a sign of this positive development. SKS Airways' decision to start operations is no doubt influenced by the improvement we have seen within the domestic air travel scene. Last December, our domestic passenger movements were already at about 60% of its pre-COVID-19 level. Government efforts in ensuring a high COVID-19 vaccination rate within our population will also enable Malaysia to transition into an endemic phase faster and this would help boost air travel further.'

The next STOLport to receive daily scheduled flights by SKS Airways will be the Pulau Redang STOLport (IATA Code: RDN) starting from 31 January 2022. Although PKG and RDN have not had any commercial flight operations in the last several years, Malaysia Airports has continuously maintained the STOLports throughout by ensuring the availability of Airport Fire and Rescue Service (AFRS) and Airport Aviation Security (AVSEC) personnel at all times.

The arrival of the inaugural flight at 2.00 pm today was witnessed by the Chief Minister of Perak, Yang Amat Berhormat Dato' Seri Saarani bin Mohamad; Perak's Infrastructure, Energy, Water and Public Transport Committee Chairman, Yang Berhormat Dato' Mohd Zolkafly Harun; and the Chairman of Malaysia Airports, Yang Berhormat Dato' Seri Diraja Dr Zambry Abd Kadir.

(C) 2022 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2022 3 288 M 747 M 747 M
Net income 2022 -152 M -34,5 M -34,5 M
Net Debt 2022 3 682 M 837 M 837 M
P/E ratio 2022 -80,7x
Yield 2022 0,12%
Capitalization 10 735 M 2 440 M 2 440 M
EV / Sales 2022 4,38x
EV / Sales 2023 2,91x
Nbr of Employees 9 136
Free-Float 76,8%
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Number of Analysts 18
Last Close Price 6,35 MYR
Average target price 7,13 MYR
Spread / Average Target 12,2%
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Managers and Directors
Iskandar Mizal bin Mahmood Managing Director & Director
Mohamed bin Rastam Shahrom Group Chief Financial Officer
Zambry Abd Kadir Non-Independent Non-Executive Chairman
Yiang Ming Lee Chief Information Officer
Nor Azlina Binti Mohammad Isa Head-Technical Services