Mr. Chai Eamsiri, Chief Executive Officer of Thai Airways International Public Company Limited (SET: THAI), reiterated his confidence in the company to achieve this year’s target, of THB 190 billion in revenue, representing an increase from last year’s revenue of THB 187 billion. This assurance is based on the company’s 1H25 revenue, which achieved an all-time high.
During the first six months, THAI generated a revenue of THB 96.45 billion, a 7.2% increase YoY, and a net profit of THB 21.95 billion, a 708.4% increase YoY. The company performed very well, especially during the second quarter (April – June), which was usually a low season. Still, the company managed to maintain its growth very well, and generated a revenue of THB 44.82 billion, a 1.9% increased YoY, and a net profit, excluding non-recurring charge, of THB 6.78 billion, a 501.2% increase YoY.
As for EBITDA Margin, THAI generated a margin of 26.5% in the first quarter, highest rate among aviation full-service groups in Asia Pacific and Europe, and 22.7% in the second quarter. The company is confident that its annual EBITDA Margin would reach a record high.
Regarding the re-listing on the Stock Exchange of Thailand (SET) on 4 August 2025, Mr. Chai stated that THAI’s share is a good stock that received high attention from investors. This followed a debt to equity conversion at THB 2.54 per share, which was reasonable at the time during the rehabilitation process, and later raised capital at THB 4.48 per share. Its shares were well-received by investors on the resumption date, closing at THB 10.50 per share and rose to THB 19.40 per share on August 14.
Meanwhile, Mr. Chai emphasized his goal to reimage THAI to be value stocks rather than speculative stocks to generate long term yield. He also speculated that in mid-2026, THAI’ shares would return to the SET50 index since the stocks already passed the qualification. The remaining factor is the SET’s re-evaluation for the listing stocks.
Before the end of this year, THAI plans to receive three aircrafts through operating leases, composed of one Boeing B787-9 and two Airbus A321neo, and 15 of A321neos next year to expand the number of its short-haul and mid-haul flight services. Currently, the company plans to increase its flight frequencies and open new routes, starting this winter flight schedule (the end of October to the end of March), with focus on routes to China.
Currently, THAI has five routes to five cities in China, consisting of Shanghai, Beijing, Chengdu, Kunming, and Guangzhou, at the rate of 42 flights per week. In early 2026, the company will increase its flight frequencies in Beijing and Guangzhou routes from seven flights per week to 14 flights, and reopen the route to Xiamen, Chongqing, and Changsha, at the rate of seven flights per week each.
Furthermore, THAI will open new routes to Wuhan and Shenzhen, with the rate of seven flights per week. This entire plan will increase the revenue proportion from China routes significantly from the current proportion of 5%. In addition, the company also plans to open seasonal flights to India’s Gaya and Cambodia’s Siem Reap.
