Thai Airways Reports THB2.4 Billion of Profit in 2024, Expecting Completion of Capital Restructuring at Year End

Thai Airways International Public Company Limited (SET: THAI) has announced its 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 1Q24 1Q23
Net Profit (Loss)
Million Baht
2,409.55 12,513.97
Earning Per Share
1.1000 5.7300
% Change -80.75

THAI reported a net profit of THB 2,410 million in 1Q24, decreased 80.75% from a net profit of THB 12,513 million in 1Q23.

BITDA after deducting cash for debts payment according to the terms of the aircraft lease agreement including aircraft rental fees calculated from actual aircraft use (Power by the Hour) was a profit of THB 14,000 million, similar to the previous year.

The first quarter of 2024, total revenue (excluding one-time items) was THB 45,955 million, an increase of THB 4,448 million (10.7%). Passenger and excess baggage revenue amounted to THB 38,517 million, THB 3,539 million (10.1%) higher from an increase in passenger traffic.

THAI recognized financial costs THB 4,608 million, higher than last year by THB 1,059 million (29.8%) and one-time transactions mainly from losses from foreign currency exchange, impairment loss of aircraft, right-of-use assets and rotable aircraft’s spare parts while gain on debt restructuring, outdated passenger ticket revenue adjustment and share of profits from investments in associated companies.

In the first quarter of 2024, there was a net one-time transaction loss totaling THB 4,036 million, whereas the previous year was a gain of THB 2,987 million.

In the first quarter of 2024, THAI and subsidiaries had net cash flows provided by operating activities amounting to THB 15,959 million, THB 2,928 million higher than the same period last year.

As of March 31, 2024, THAI and its subsidiaries had total 73 active aircraft with 1 long-term parking aircraft and 23 decommission aircraft which the Business Rehabilitation Plan Administrators approved to sell and currently preparing the contract and inspection.


THAI expects to be able to complete the capital restructuring by 2024, according to the proposed revision of the plan, which the Central Bankruptcy Court issued an order approving the proposal for the Plan amendment of the Company Equity on October 20, 2022. Aiming to restore positive equity in 2024, and THAI’s securities will be able to resume trading on the stock market which will create confidence among creditors, existing shareholders, and investors for supporting THAI and becoming a part of THAI to grow strongly and sustainably, generating consistent profit.