AAV FINANCIAL RESULTS FOR FOURTH QUARTER 2024 AND FULL FINANCIAL YEAR 2024
AAV reports Baht 3,007 million in core profit, marking a return to profitability since COVID-19 - a significant turnaround that closes the chapter and sets the stage for growth
Net profit of Baht 3,478 million, on the back of 21% EBITDA margin
Passenger Traffic Reaches 20.8 Million, reaching 94% of pre-pandemic levels
Revenue from sales and services grew 20%, driven by both pax and fares
Reinforces domestic market share leadership with 40% market share
SET ESG Ratings scores 83, highest among Thai airlines
Bangkok, 25 February 2025 – Asia Aviation Public Company Limited (“AAV”), the sole shareholder of Thai AirAsia Company Limited (“TAA” or “the Company”), has delivered a strong financial performance for the fourth quarter ended 31 December 2024 (“4Q2024”), reinforcing its growth momentum and operational resilience as travel demand continues to be on an uptrend.
Revenue from sales and services stood at Baht 13,226 million, an increase of 6 percent year-on-year (“YoY”). Earnings before interest, taxes, depreciation, and amortisation (“EBITDA”) amounted to Baht 3,396 million, a 7 percent increase YoY. Core profit, which excluded losses from foreign exchange, was recorded at Baht 1,454 million, a 40 percent increase YoY. Total passenger traffic reached 5.5 million, representing an 8 percent growth YoY, with a passenger load factor of 89 percent.
For the full financial year ended 31 December 2024 (“FY2024”), AAV reported revenue from sales and services of Baht 49,436 million, a 20 percent increase compared to the previous year. EBITDA was recorded at Baht 10,171 million, a 43 percent increase YoY. Notably, the core profit marked its first positive result since the pandemic, at Baht 3,007 million, signalling the end of the COVID-19 period and a return to growth.
Total passenger traffic for FY2024 was 20.8 million, a 10 percent increase compared to the previous year, with a passenger load factor of 91 percent, reflecting continued high travel demand, particularly in the domestic market. The full-year passenger mix was 63 percent domestic and 37 percent international. The fleet expanded to 60 aircraft by year-end, following the addition of four new planes.
Mr. Santisuk Klongchaiya, Chief Executive Officer of Asia Aviation Public Company Limited and Thai AirAsia Company Limited said, 2024 was a pivotal year of recovery, with key performance indicators approaching pre-pandemic levels. Total passenger traffic reached 20.8 million, supported by a fleet of 60 Airbus aircraft—compared to 22.1 million passengers and 63 aircraft at its 2019 peak.
"This strong rebound drove a robust financial performance, with revenue from sales and services reaching Baht 49,436 million, surpassing the Baht 40,181 million recorded in 2019. The increase was primarily attributed to higher airfares, reflecting rising operating costs due to ongoing supply chain disruptions in the aviation industry.
"The Company’s relentless focus on operational efficiency across all dimensions led to its first positive core operating profit since the pandemic, strengthening its financial position and enabling greater support for employees and stakeholders."
“In 2024, we set out to expand our domestic market share, and we successfully achieved a record high of 41 percent in October, closing the year with a solid 40 percent share.
"To meet growing demand, Thai AirAsia increased flight frequencies and introduced two new domestic routes: Don Mueang-Lampang and Suvarnabhumi-Hat Yai. Internationally, we took a market-specific approach to expansion. While China remains Thailand’s largest inbound market, recovery has been gradual. However, visa exemption measures introduced by both the Thai and Chinese governments have driven a noticeable increase in outbound Thai travel to China."
Throughout the year, the Company focused on building a distinctive strength through world-class service quality. In addition to the AirAsia Group being ranked the World’s Best Low-Cost Airline by Skytrax for 15 consecutive years, Thai AirAsia was also recognised for its world-class safety standards with a 7 out of 7 rating from AirlineRatings.com. The Company maintained its record for the highest on-time performance in Thailand and was ranked among the top 5 most on-time airlines in the Asia Pacific region by Cirium.
In FY2024, AAV has also achieved notable improvements in its environmental, social, and governance (ESG) performance. The Company’s SET ESG Ratings achieved a score of 83 last year—equivalent to an AA rating, the highest in its industry in Thailand. Due to losses in previous years, the company did not meet the profitability criteria. However, with its ongoing financial recovery, it is on track to meet the criteria and regain its SET ESG Ratings next year. During the year, AAV also received its first FTSE Russell ESG assessment, securing a strong score of 3.7 out of 5, which underscores its progress in aligning with global ESG standards.
Operationally, AAV remains focused on fuel-efficient flight operations while maintaining the highest safety standards. The Company continues to maximise the use of its new Airbus A321neo aircraft, known for superior fuel efficiency and environmental benefits
AAV continues to advance its sustainability efforts by prioritising fuel-efficient flight operations while upholding the highest safety standards. This includes maximising the use of the new Airbus A321neo aircraft, enhancing both operational efficiency and environmental sustainability. In terms of advocacy, the Company co-led the “Thai Aviation Sustainability Day 2024” alongside the Airlines Association of Thailand and the Civil Aviation Authority of Thailand, fostering dialogue and collaboration on strategies for achieving net-zero emissions in the aviation industry.
Looking ahead to 2025, the Company remains focused on accelerating growth despite ongoing challenges by leveraging its service excellence and modern fleet. It targets a mid-teens percentage YoY revenue increase in sales and services, supported by the addition of six Airbus A321neo aircraft, which will bring its fleet to 66 aircraft by year-end.
With a strong commitment to reinforcing its market leadership, the Company aims to boost its domestic market share above 40 percent consistently, driven by network expansion from its Suvarnabhumi base. In early February, Thai AirAsia launched two new domestic routes - Suvarnabhumi-Udon Thani and Suvarnabhumi-Khon Kaen—bringing its total Suvarnabhumi network to six routes. Further international expansion is planned throughout the year, including direct flights from Thailand and the strategic utilisation of Fifth Freedom rights. With these initiatives, the Company aims to serve 23-24 million passengers in 2025, setting a new record.