Asia Aviation Reports Net Loss of 8,030 Million in 2022 on Higher Fuel and Maintenance Costs

Asia Aviation Public Company Limited (SET: AAV) has announced its 2022 consolidated financial statement through the stock Exchange of Thailand as follows;

Year 2022 2021
Net Profit (Loss)
Million Baht
(8,030.00) (6,647.48)
Earning Per Share
(0.6921) (1.2985)
% Change 20.80


In 2022, AAV reported a net loss of Baht 8,030 million, compared to a net loss of Baht 6,647 million in 2021. Normalising the unrealised FX loss and loss from derivatives totalling Baht 1,460.0 million, the company continued to narrow its EBITDA loss in 2022 to Baht 1,277.9 million, highly improved from Baht 3,109.6 million in 2021.

In Q4/22, AAV recorded a net profit of Baht 3,114.4 million, an improvement compared to a net loss of Baht 992.7 million in 4Q2021 and Baht 4,050.2 million in 3Q2022.

The total revenues of the company in 2022 were 18,290 million baht, an increase from the same period last year of 4,508 million baht, or an increase of 306%. The increase was mainly due to the pandemic subsiding, resulting in an accelerating recovery in tourism. 

The airline carried 9.95 million passengers during the year, increasing 240% from last year, and the international capacity excluding China has recovered by 31% compared to the pre-pandemic level, led by flights to ASEAN and South Asia, particularly Vietnam, Malaysia, Singapore, and India.

The revenues from sales and services reached 17,553 million baht, an increase of 358% compared to the same period last year, caused by total passengers of 9.95 million and a healthy average fare of Baht 1,434 per passenger, rising by 32% from the reinstatement of more international flights and the imposition of a fuel fluctuation fee for domestic flights. Thai AirAsia utilized an average of 29 operating aircraft in 2022, compared to an average of 15 aircraft in 2021.

Despite a rise in revenue, the company had total expenses of 26,766 million baht, an increase of 64% from the previous year, attributed primarily to higher fuel and maintenance and overhaul costs following the fuel price increase and activation of 17 aircraft in the year.

The increase of total expenses were cost of sales and services, selling and administration, and other expenses.

In addition, the Board of Directors approved the resolution to omit the dividend payout for the operation in 2022 since the company ends its year with a net loss of Baht 8,030 million.