• Total revenue grows by 55 percent year-on-year to Baht 15,322 million, 

• Net profit significantly increases to Baht 3,446 million, supported by 90-percent load factor, lower fuel costs, and a stronger Baht

• Full-year performance expected to meet targets

• Plans to expand the fleet to 60 aircraft

Bangkok, 13 November 2024 – Asia Aviation Public Company Limited ("AAV"), the major shareholder of Thai AirAsia Company Limited ("TAA"), has announced its financial performance for the third quarter of 2024 (3Q2024). AAV reported total revenue of Baht 15,322 million, up 55 percent year-on-year, driven by increased passenger numbers and rising average fares in line with industry growth, alongside a strong Baht throughout the quarter. Total costs remained stable year-on-year due to lower fuel prices and strategic adjustments to focus on high-yield routes. As a result, EBITDA soared by 355 percent to Baht 1,772 million, with net profit reaching Baht 3,446 million, reversing from a net loss of Baht 1,695 million. Excluding foreign exchange gains, the core profit* stood at Baht 57 million, showing a significant improvement from a loss of Baht 1,044 million.

Mr. Santisuk Klongchaiya, CEO of Asia Aviation Public Company Limited and Thai AirAsia, commented, “In the third quarter, Thailand’s tourism sector strengthened across both domestic and international markets, compared to the same period last year. The number of foreign tourists arriving in Thailand rose from 7.1 million in 3Q2023 to 8.6 million this year, with 40 percent comprising tourists from China, Malaysia, and India. However, there was a slight slowdown compared to the second quarter of 2024 due to the off-peak travel season. This quarter, TAA carried a total of 4.9 million guests, a 7 percent increase from the same period last year, maintaining a high load factor of 90 percent. The average fare for both domestic and international routes was Baht 1,847, up 7 percent. Additionally, two Airbus A321neo were added to the fleet, bringing the total fleet size to 59 aircraft at the end of the quarter.”

In the domestic market, TAA continued to deliver high service standards, holding the top market share at 39 percent, with a load factor of 93 percent. This was achieved despite the off-peak season and severe flooding in several northern provinces of Thailand in September, which has since eased significantly. In 3Q2024, TAA launched a new route from Suvarnabhumi to Hat Yai to capture demand from passengers flying from both Don Mueang and Suvarnabhumi airports and began operating the new Don Mueang-Lampang route in early October, which proved to be popular among travellers.

In the international market, TAA achieved a load factor of 84 percent by adjusting its route network to focus on high-yield routes, increasing flight frequencies to China, India, and on fifth freedom rights from Taiwan to Japan. During the quarter, TAA also launched inaugural flights from Don Mueang to Beijing and Shanghai in China, as well as Tiruchirappalli in India. The Asean market, particularly Vietnam, also continued to attract strong interest, especially with the recent Don Mueang-Phu Quoc route launched in late October.

“On a per-unit basis, revenue per available seat kilometre (RASK) was Baht 1.82, up 12 percent year-on-year, reflecting strong travel demand and rational competition. Meanwhile, cost per available seat kilometre excluding fuel (CASK ex-fuel) stood at Baht 1.19, increasing by only 1 percent year-on-year. This is partly due to a high cost base last year and our efforts to keep unit costs rising slower than revenue. While our financial performance has improved significantly compared to last year, aircraft management remains challenging due to industry supply chain constraints. Currently, we are operating with 50 out of our total fleet of 59 aircraft, which was a factor in our on-time performance (OTP) moderating to 83 percent. We are actively working to bring more aircraft back into operation to uphold our high OTP standards and to add more capacity into the market,” Mr Santisuk said.

With growth on track for the first nine months of 2024, AAV reported a total revenue of Baht 38,732 million, up 31 percent year-on-year. EBITDA stood at Baht 6,775 million, up 72 percent, with a net profit of Baht 3,121 million, compared to a net loss of Baht (2,348) million in the same period last year (core profit was Baht 1,552 million, reversing from a loss of Baht (1,035) million). Total guests carried were 15.3 million, an increase of 11 percent, with a load factor of 91 percent.

A key sustainability highlight was the Thai Aviation Sustainability Day held in October, organised in collaboration with partner airlines, regulators, and representatives from related ministries. The event aimed to communicate developments in carbon emission regulations that will apply to the aviation industry, and discussions covered the industry’s readiness to adopt Sustainable Aviation Fuel (SAF) and the potential of Thailand’s carbon credit market, aiming to enhance understanding across sectors and drive the goal of Net Zero by 2050.

Additionally, TAA participated in the Sustainability Expo 2024 at the Queen Sirikit National Convention Center to promote sustainability initiatives and provide insights encouraging responsible travel. Mr. Tony Fernandes, CEO of Capital A, delivered a keynote on “Sustainable Hospitality and Mobility,” supporting ASEAN’s united efforts toward shared sustainability goals.

“Supported by the fourth quarter, which is peak tourism season across both domestic and international routes, this year is expected to be strong for the company. Revenue from sales and services is projected to grow by 20-23 percent compared to last year, with full-year passenger numbers likely meeting the target of 20-21 million. An additional aircraft is set to arrive in November, bringing the fleet to 60 by year-end, with plans to resume fleet expansion at normal levels next year,” said Mr. Santisuk.

 *Core profit (loss) = Net profit (loss) adjusted with after-tax foreign exchange gain (loss)