Thai Airways International Public Company Limited (SET: THAI) has announced its 1Q25 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 1Q25 | 1Q24 |
| Net Profit (Loss) Million Baht |
9,831.75 | 2,409.55 |
| Earning Per Share (Baht) |
0.3500 | 1.1000 |
| % Change | 308.03 | |
THAI reported a net profit of THB 9,832 million in 1Q25, representing an increase by 308% from the same period of last year. This was due to an increase in the Company’s ordinary share resulting from the capital restructuring under the business rehabilitation plan.
For the first quarter ended March 31, 2025, THAI and its subsidiaries had total revenue (excluding one-time items) of THB 51,625 million, an increase of THB 5,670 million (12.3%) from the same period last year, mainly due to an increase in transportation revenue of THB 5,116 million (12.1%), with an increase in passenger revenue by THB 4,702 million (12.2%) to THB 43,219 million due to the increase in number of flights and routes operated to accommodate the rising passenger travel demand.
As a result, THAI and its subsidiaries reported an operating profit before finance costs (excluding one-time items) of THB 13,661 million, an increase of THB 2,586 million (23.3%) from the same period last year.
As of March 31, 2025, THAI operated a total of 78 aircraft, and in the first quarter of 2025, THAI had an average aircraft utilization of 13.7 hours, with a total of 4.33 million passengers, an increase of 11.6 % from the same period last year.
Available Seat Kilometers (ASK) increased 3,083 million or 21.1% and Revenue Passenger Kilometers (RPK) increased 2,549 million or 20.8% compared to the same period last year. The average cabin factor was 83.3%, consistent with the same period last year, driven by route network optimization and strategic partnerships through codeshare agreements. The average passenger yield (including fuel and insurance surcharges, excluding excess baggage revenue) was 2.91 THB, 7.3% lower than the same period last year. The average freight load factor decreased from 53.1% in the same period last year to 49.4%. The average freight yield (including fuel and insurance surcharges, excluding mail revenue) was 8.58 THB, decreased by 3.2% from the same period last year.
THAI resumed the service to Perth, Colombo, Oslo, Milan, Brussels and launched a new flight to Kochi. In addition, THAI increases flight frequencies on regional routes, resulting in a network covering 62 destinations in 27 countries worldwide, 8 of which are domestic (excluding Bangkok).
As of March 31, 2025, THAI had total assets of THB 297,274 million, an increase of THB 5,124 million.
THAI states that it remains committed to continuously enhancing its fleet and cabin services, by signing a lease agreement for 5 Airbus A321neo aircraft, equipped with high-efficiency, fuel-saving engines. This marks a significant milestone in our efforts to elevate service standards through the deployment of new-generation aircraft that offer both fuel efficiency and enhanced passenger comfort. In addition, THAI has signed a Letter of Intent (LOI) with Airbus to initiate a comprehensive cabin retrofit program for its entire fleet of Airbus A350-900 aircraft. This project, which is scheduled to commence in 2028, aims to deliver a premium travel experience. The retrofitted aircraft will be progressively integrated into the fleet and will feature a new three-class cabin layout: Royal Silk Class, Premium Economy Class, and Economy Class, designed to maximize passenger satisfaction. This initiative aligns with THAI’s business rehabilitation plan and long-term strategy to expand its route network sustainably.
In addition, to enhance Thailand’s capabilities in the aircraft maintenance industry, repair, and overhaul (MRO) industry in line with the national strategy to position the country as an aviation hub of Southeast Asia, THAI and Bangkok Airways Public Company Limited signed a Memorandum of Understanding (MoU) to conduct a feasibility study on a potential business collaboration for the development of an MRO center in the Eastern Economic Corridor (EEC) at U-Tapao Airport.
The purpose is to explore the opportunity for joint development of MRO operations and other related businesses to support the growing aviation industry in Thailand and the Asia-Pacific region, and to enhance the country’s competitiveness in the aviation sector. Furthermore, THAI signed an MoU with Kansas Modification Center, LLC (KMC) to establish a joint venture for the conversion of Boeing 777-300ER passenger aircraft into freighter aircraft (Passenger-to-Freighter: P2F). Operations are expected to commence in the second quarter of 2026 at Thai Airways’ MRO Center at Don Mueang Airport, with plans to expand into the EEC area in the future.
On April 18, 2025, THAI held the Extraordinary General Meeting of Shareholders No. 1/2025, which is the meeting of shareholders held as stipulated in the business rehabilitation plan, resolved to approve the determination of the number of directors, the appointment of new directors and the determination of authorized directors of the Company. Subsequently, on April 28, 2025, the Plan Administrator submitted a petition to the Central Bankruptcy Court, notifying the successful implementation of the rehabilitation plan and requesting the Court to issue an order to terminate the rehabilitation process.
THAI aims to resume trading on the Stock Exchange of Thailand (SET) by July 2025 under the concept ‘THE NEW WORLDS OF TOMORROW,’ which envisions Thai Airways in a new era-ready to move forward with stability, strength, and sustainable growth. This transformation reflects the airline’s commitment to showcasing the unique essence of Thai identity to the world with pride, while continuously enhancing service quality to international standards and stepping confidently into a new chapter of global excellence
