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Capital A Bhd.

Company Background

From its beginnings with just two jets and debt of $11 million in 2001, AirAsia has grown to become a profitable short-haul budget carrier in Asia with a fleet of close to 200 aircraft. The group operates mainly in Asia-Pacific region, including operations in Indonesia, the Philippines and Thailand. AirAsia recently launched AirAsia India in an alliance with Tata Group, plying India's domestic market. It is also seeking a re-entry into Japan in a tie-up with Rakuten Japan, after its first joint venture with All Nippon Airways broke up in 2013.


AirAsia is 23% owned by Tune Air, a private company controlled by Group CEO Tony Fernandes, a former executive of music producer Time Warner. Inspired by the success of its peer Ryanair in Europe, he runs the airline strictly adhering to the low-cost and no-frills business model, and made flying affordable to many in Asia. AirAsia's success has led to the burgeoning of budget carriers in the region, many of which are owned by full-service airline companies. The group recently introduced premium services targeting business travelers and parcel delivery services to boost its ancillary income. Its listed associate, AirAsia X, is a long-haul budget carrier, flying all over Asia.

Business Summary

Capital A Bhd. engages in the provision of air transportation services. It operates through the following geographical segments: Airline: Malaysia, Philippines, Thailand, Indonesia, India, and Japan; and Non-Airline. The company was founded by Abdel Aziz bin Abu Bakar, Anthony Francis Fernandes, Conor John McCarthy, and Kamarudin bin Meranum in 1993 and is headquartered in Kuala Lumpur, Malaysia.

Financial Highlights

Dec 2022 MYRUSD
Gross Profit-605.66M-137.60M
Operating income-1,180.85M-268.29M
Income before tax-2,674.46M-607.64M
Net income-2,480.13M-563.49M
Diluted EPS-0.61-0.13
Dividends Per Share----
Total Assets20,027.96M4,546.64M
Total liabilities29,455.45M6,686.82M
Total equity-5,775.30M-1,311.07M
Operating cash flow12.06M2.74M
Currency in MYRCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 10,638.29M 11,860.40M 3,274.39M 1,836.18M 6,606.25M
Gross Profit 805.14M 1,226.23M -2,181.81M -2,352.50M -605.66M
Operating income 25.66M 75.75M -4,137.74M -2,922.21M -1,180.85M
Income before tax 1,335.23M -72.78M -5,487.78M -3,529.80M -2,674.46M
Net income 1,967.00M -315.80M -5,111.66M -2,991.07M -2,480.13M
EBITDA 611.01M 1,539.47M -2,064.46M -1,100.67M 306.49M
Diluted EPS 0.58 -0.09 -1.52 -0.79 -0.61
Dividends Per Share 0.24 0 0 0 --
Total Assets 19,446.59M 25,594.71M 19,865.83M 20,029.88M 20,027.96M
Total liabilities 13,261.32M 22,683.97M 23,435.62M 26,452.78M 29,455.45M
Total equity 7,784.45M 4,498.33M -1,214.28M -3,382.30M -5,775.30M
Operating cash flow 524.07M 2,087.45M -2,164.61M -677.69M 12.06M
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 2,636.25M 2,862.77M 779.20M 442.96M 1,500.96M
Gross Profit 199.52M 295.97M -519.20M -567.51M -137.60M
Operating income 6.35M 18.28M -984.65M -704.95M -268.29M
Income before tax 330.88M -17.56M -1,305.92M -851.53M -607.64M
Net income 487.44M -76.22M -1,216.42M -721.56M -563.49M
EBITDA 151.41M 371.58M -491.27M -265.52M 69.63M
Diluted EPS 0.14 -0.02 -0.36 -0.19 -0.13
Dividends Per Share 0.05 0 0 0 --
Total Assets 4,705.76M 6,257.11M 4,938.67M 4,807.94M 4,546.64M
Total liabilities 3,209.03M 5,545.52M 5,826.13M 6,349.68M 6,686.82M
Total equity 1,883.71M 1,099.70M -301.87M -811.88M -1,311.07M
Operating cash flow 129.87M 503.85M -515.11M -163.48M 2.74M

Valuation Measures

Dec 2022
Operating margin-17.87%
Profit margin-37.54%

Key executives

  • Group CEO & Non-Independent Executive Director: Tony Fernandes
  • Chief Operations Officer: Javed Malik
  • Group Chief Financial Officer: Pattra Boosarawongse
  • President-Airlines: Tharumalingam Kanagalingam
  • Group Head-Corporate Development: Elina Effendi


  • Research Affiliates LLC (0.2%)
  • TA Investment Management Bhd. (0.1%)
  • Permodalan Nasional Bhd. (0.1%)
  • Samarang LLP (0.0%)
  • Apex Investment Services Bhd. (0.0%)
  • Storebrand Asset Management AS (0.0%)
  • SSgA Funds Management, Inc. (0.0%)
  • The Caisse de depot et placement du Quebec (0.0%)
  • Chou Associates Management, Inc. (0.0%)
  • Parametric Portfolio Associates LLC (0.0%)

Contact Details

  • Website:
  • Address: RedQ, Jalan Pekeliling 5, Kuala Lumpur, 64000, Malaysia
  • Phone: +60.3.8660.4333

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Last Updated on 27 Mar, 2023

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