Thai Airlines soar to record profits amid tourism boom

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The total profit for the sector reached 31.4 billion baht, escalating to 40 billion baht when including operations of Airports of Thailand (AOT) – this turnaround is a major rebound from the 21 billion baht loss recorded in 2022, which also included AOT’s figures.

Thailand’s aviation sector has experienced an impressive recovery, posting record profits in 2023, driven by resurgence in the country’s tourism industry. Airlines and tourism-related businesses listed on the Stock Exchange of Thailand (SET) saw a dramatic shift from the previous year’s losses to substantial profits.

The total profit for the sector reached 31.4 billion baht, escalating to 40 billion baht when including operations of Airports of Thailand (AOT). This turnaround is a major rebound from the 21 billion baht loss recorded in 2022, which also included AOT’s figures.



Leading the charge, Thai Airways reported unprecedented profits of 28 billion baht, the highest in its history and a stark contrast to the 12 billion baht loss before the COVID-19 pandemic in 2019. Despite achieving revenue of 161.07 billion baht in 2023, the airline has yet to surpass its 2019 revenue figures. In response, Thai Airways has announced plans for a capital increase through additional stock issuance, aiming to restore shareholders’ equity to positive levels by the end of the year, with hopes to resume trading its shares on the stock market by 2025.



Bangkok Airways also reported a profitable year with earnings exceeding 3.1 billion baht, attributed to the industry’s recovery, bolstered by strategic partnerships like the one with Singapore Airlines. The collaboration, alongside code-share agreements with 28 other airlines, aims to facilitate easier travel to and from Thailand and neighboring regions.

Thai AirAsia experienced a significant turnaround, posting a profit of 2.81 billion baht in the final quarter of 2023, culminating in a total profit of 465 million baht for the year. The airline’s CEO anticipates a strong year ahead, fueled by the return of Chinese tourists and new flight routes. Thai AirAsia plans to transport 21 million passengers in 2024, aiming for a 90% passenger load factor and a 20 to 23% increase in revenue, supported by an expanded fleet of 60 aircraft by year’s end. (NNT)