AAV Bounces Back to Book THB465 Million of Net Profit in 2023 as Int’l Flight Resumes

Asia Aviation Public Company Limited (SET: AAV) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2023 2022
Net Profit (Loss)

Million Baht

465.82 -8,214.4
Earning Per Share


0.0379 -0.6921


AAV reported a net profit of Baht 465.8 million, a significant improvement from a net loss of Baht 8,214.4 million last year.

The company’s total revenue for the year reached Baht 42,950.1 million, marking a substantial increase of 135% from the previous year. With the resumption of international flights and an expanded route network, Thai AirAsia succeeded in transporting 18.9 million passengers, resulting in a 90% increase from the previous year. This growth was supported by a solid load factor of 90%, demonstrating the continuous high demand for air travel. Thai AirAsia also saw a 123% increase in Available Seat Kilometre (ASK) and a seat capacity growth of 76%.

Notably, the domestic segment showed a faster-than-industry improvement, achieving 91% passenger recovery compared to the pre-pandemic level and securing a dominant passenger market share of 37%. Additionally, Thai AirAsia’s international passengers have recovered to 77% of pre-pandemic levels. Out of passengers flown from 16 countries, only those from China, Hong Kong, Macau, Myanmar, and Cambodia remained below the 2019 levels, while the rest have already exceeded those of 2019. Thai AirAsia’s on-time performance (OTP) was recorded at a leading 83%, but lower from 92% last year, following more passengers loaded per aircraft.

In 2023, the company made a remarkable improvement, recording an EBITDA of Baht 7,032.4 million, a significant shift from the previous year’s negative EBITDA of Baht 1,277.9 million, attributable to a substantial recovery in operating performance.

The Board of Directors came to a resolution that the company will omit its dividend payout for the operations of last year.