Saturday, February 24, 2024
Thai Airways International Public Company Limited (THAI) disclosed its operational performance for the year ending December 31, 2023. The company, along with its affiliates, achieved a fourth-quarter total income of 45,170 million baht (excluding one-off transactions), marking a 14.4% increase from the previous year, propelled by the resurgence of the aviation and tourism sectors and a substantial rise in passenger demand.
For the entire year of 2023, THAI and its subsidiaries announced a total income of 161,067 million baht, up by 53.3% from 2022, with passenger revenue alone soaring by 79.3%. This revenue represents 87% of the pre-pandemic levels of 2019. The total expenses for the year, excluding one-off transactions, were 120,856 million baht, a 24.3% increase from the previous year, mainly driven by higher fuel costs, which accounted for 39.5% of the total expenses, and increased transportation service costs due to augmented production. The operating profit (EBIT) surged to 40,211 million baht, a significant rise from the previous year by 32,414 million baht. EBITDA, after aircraft lease payments deduction, reached 42,875 million baht, surpassing the Rehabilitation plan forecasts. A key Rehabilitation Plan condition was maintaining an EBITDA, after aircraft lease payment deductions, at no less than 20,000 million baht over 12 months.
The group also recorded a one-time net revenue of 2,201 million baht from debt restructuring and asset sales. However, it faced a foreign currency exchange loss of 1,066 million baht. The financial cost under TFRS 9 was 15,611 million baht, leading to a net profit of 28,123 million baht for THAI and its subsidiaries. Earnings per share stood at 12.87 baht, compared to a loss of 0.12 baht per share in 2022.
As of December 31, 2023, the total assets of THAI and its subsidiaries increased by 20.6% to 238,991 million baht from the previous year. Total liabilities went up by 4.8% to 282,133 million baht. The shareholders’ equity was at -43,142 million baht, down by 27,882 million baht. The positive operational performance enabled THAI to accumulate 67,130 million baht in cash, bills of exchange, and time deposits, marking an increase of 32,590 million baht.
In terms of operational metrics, THAI and its affiliates reported a 40.9% increase in Available Seat Kilometers (ASK) and a 65.4% rise in Revenue Passenger Kilometers (RPK) compared to 2022. The Cabin Factor improved to 79.7% from 67.9% the previous year. The passenger count rose by 52.7% to 13.76 million. The Available Dead Load Ton-Kilometers (ADTK) and Revenue Freight Ton-Kilometers (RFTK) saw increases of 40.9% and 15.4%, respectively, with the Freight Load Factor averaging 51.7%.
Currently, THAI and its subsidiaries operate a fleet of 70 aircraft, including 50 widebodies and 20 narrowbodies. In the Summer Flight Program 2024, THAI plans to serve 61 global destinations, with increased flight frequencies to cities like Beijing, Shanghai, and Sydney due to growing travel demands. New routes to Oslo, Milan, Perth, and Kochi will also be launched. The company is actively expanding its fleet to meet destination and flight schedules, catering to customer demands for revenue generation and sustainable growth.
Sunday, April 28, 2024
Sunday, April 28, 2024
Sunday, April 28, 2024
