Bangkok Airways Public Company Limited (SET: BA) reported robust financial results for the third quarter of 2026, driven by higher ticket yields, expanding passenger traffic, and disciplined capacity allocation.
The company achieved a net profit of THB 1,335.1 million, representing a 27.5% year-on-year surge compared to THB 1,046.9 million in 3Q25. Net profit attributable to equity holders rose 27.9% to THB 1,331.6 million, pushing earnings per share up to THB 0.64 from THB 0.50.
Total revenues grew 11.2% year-on-year to THB 7,181.8 million. Top-line growth was anchored by the core airline business, where passenger revenue climbed 13.5% to THB 4,901.8 million. This revenue expansion was underpinned by an 8.8% increase in average ticket fares to THB 4,479.1 per seat and a 4.9% growth in passenger volume to 1.1 million passengers.
Bangkok Airways optimized its route network by raising domestic flight frequencies by 6.3%—notably on high-demand Samui routes—while scaling back international flights by 13.3%. Consequently, the passenger load factor improved by 4.2 percentage points to 80.5%. Airport-related businesses also performed well, generating THB 1,453.9 million (up 5.3% YoY), bolstered by a 12.7% revenue gain at Bangkok Air Catering.
On the cost side, total expenses rose 8.1% year-on-year to THB 5,358.9 million. Cost of sales and services increased 10.9%, primarily driven by higher global fuel prices (THB 230.7 million) and increased aircraft maintenance expenses (THB 72.7 million). Nevertheless, strict overhead control led to a THB 48.5 million reduction in administrative expenses, while finance costs fell 1.7% to THB 488.8 million.
Operating profit jumped 20.7% to THB 1,843.1 million, while EBITDA expanded 15.8% to THB 2,158.7 million, lifting the EBITDA margin to 31.2%. Overall, BA’s strong pricing power and strategic capacity adjustments successfully insulated bottom-line profitability against elevated operating expenses.
