Thai Flagship Carrier Reports THB28 Billion of Net Profit as Rehabilitation Plan Bears Fruit

Thai Airways International Public Company Limited (SET: THAI) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2023 2022
Net Profit (Loss)
Million Baht
28,096.39 -272.25
Earning Per Share
12.8700 -0.1200

THAI reported net profit of THB 28,096 million in 2023, compared to a net loss of THB 272 million in 2022.

Operating Profit before finance cost excluding one-time items, for THAI and its subsidiaries was THB 40,211 million, an increase of THB 32,414 million (415.7%) from the previous year. Total revenue was THB 161,067 million, an increase of THB 56,026 million (53.3%) from last year. The main reason was the increase in passenger revenue of THB 58,701 million (79.3%).  THAI resumed services to the People’s Republic of China after its reopening, and increased frequencies on popular routes such as Tokyo (Narita, Haneda), Osaka, Seoul, Melbourne and Singapore. In addition, THAI launched a new direct flight to Istanbul, Republic of Türkiye on December 1, 2023.

THAI had revenue from other businesses increased by THB 2,571 million (38.5%). Most  business units had increasing revenue from the rising number of other airlines passengers, except cargo handling business. Total expense of THB 120,856 million, THB 23,612 million (24.3%) higher than the previous year partially from the increase in production and/or traffic.  Finance costs were THB 15,611 million, which was THB 3,224 million (26.0%) higher than last year.

In 2023, THAI had one-time items as gain of THB 2,201 million, mainly gains from debt restructuring and sale of assets while loss from foreign exchange due to the depreciation of Thai Baht and rental adjustment for Don Mueang office. EBITDA after cash paid for lease payment including Power by the Hour, amounted to THB 42,875 million, an increase of THB 25,634 million from last year.


THAI noted that the company continued to implement a rehabilitation plan with vital operations include:

1) Implementation of the fleet efficiency improvement and route expansion plan to support the recovery of the aviation industry and increase revenue efficiency include;

1.1) Received five new Airbus A350-900 aircraft, designated for flights to cities like Beijing, Shanghai, and Guangzhou.

1.2) Resumed services to Beijing and Chengdu and increased flight frequencies to Hong Kong and Osaka.

1.3) Launched a new daily direct flight to Istanbul, Republic of Türkiye, from December 1, 2023 onward, also signed a Memorandum of Understanding “(MOU)” with Turkish Airlines to develop cooperation and study the feasibility of providing Joint Venture Operations flights. Istanbul is a major travel hub between Asia, Europe, and Africa. This would develop more competitive advantages in providing connecting flights to Europe and Africa.

2) Exploitation of selling these non-core assets;

2.1) Six Boeing B747-400, one Boeing B737-400, and two Airbus A340-600 aircraft.

2.2) Five unused engines.

2.3) 1,868 shares of the Fuel Pipeline Transportation Limited.

2.4 Four properties, i.e., residential unit in Singapore, sales office in Rome, Italy, house in Jakarta, Indonesia, and sales office in Manila, Republic of the Philippines.