BA’s 1Q24 Earnings Jump 114% from Higher Traffic and Air Fare

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

Quarter 1Q24 1Q23
Net Profit (Loss)

Million Baht

1,873.20 875.10
Earning Per Share


0.8900 0.4200
% Change 114.06


BA reported a net profit in 1Q24 of 1,873.2 million baht, an increase of 114.1% or 998.1 million baht compared to the same period last year.

The company recorded a total revenue of 7,828.2 million baht, an increase of 36.3% or 2,085.2 million baht compared to the same period last year, mainly derived from passenger revenue from the airline business, airport-related businesses, which accounted for 73.4% and 16.8% of total revenue respectively.

Passenger revenue from the airline business was 5,749.2 million baht, which grew by 39.4% from the same period in 2023. The better performance resulted from a higher number of passengers and average fare. For this quarter, the company carried 1.3 million passengers, which grew by 17.1% compared with 2023. While the passenger load factor was 88.4%, and the average fare of 4,405.9 baht per sector, improved by 18.0% compared to the year 2023.

Due to the rise of travel demand in the first quarter of 2024, the company increased flight frequency to serve a large volume of passengers, including resumed 2 routes connecting Koh Samui to China; Samui-Chongqing and Samui-Chengdu. As a result, the number of passengers carried was 1.3 million passengers, increasing 17.1 percent from the first quarter last year and reaching 75.6 percent of pre-COVID period. Meanwhile, the number of seats escalated 15.5 percent compared with the same period last year. Respectively, Load Factor performed 88.4 percent, growing from last year 1.39 percentage point.