Thai AirAsia Reports Q2 and H1 2024 Results; Confirms Full-Year Targets

Dark/Light Mode (15/08/24)  Asia Aviation (AAV), the sole shareholder of Thai AirAsia, has reported operational results for the first half of 2024 with revenue from sales and services at Baht 25,279 million, up 32 percent year-on-year (y-o-y).

Profit from core operations was Baht 1,950 million, a significant increase of 1,015% from Baht 175 million. EBITDA was Baht 5,003 million, up 41 percent y-o-y.

Through the first half of 2024, Thai AirAsia transported 10.4 million customers, a 13 percent increase y-o-y, resulting in an average load factor of 92 percent. During the period, the carrier also expanded its fleet to 57 aircraft.

“Thailand’s tourism industry was on an uptrend in the second quarter of 2024 compared to the same period last year with travellers from China, Malaysia, and India making up the top three arrivals to the country,” said Khun Santisuk Klongchaiya, Chief Executive Officer of Asia Aviation and Thai AirAsia. “TAA was the main airline used by all three nationalities due to its strong network connecting Thailand to China on 12 routes and 11 routes to India.”

Thai AirAsia aircraft at DMK. Picture by Steven Howard of TravelNewsAsia.com

Q2 2024 was at the tail end of Thailand’s tourism season but AAV was able to maintain a satisfactory performance, achieving a revenue of Baht 11,485 million, up 14 percent y-o-y.

EBITDA in the quarter was Baht 1,909 million, up 5 percent from the corresponding period last year.

Due to exchange rate fluctuations in Q2 2024, the company experienced a foreign exchange loss of Baht 226 million but was nonetheless able to report a net profit of Baht 84 million that was mainly supported by improving operational performance.

“The average load factor in Q2 2024 was a high 91 percent with 5 million guests flown. Thai AirAsia has remained a leader in domestic aviation with a notable 39 percent market share, while in the international market, we launched several new routes, including Don Mueang to Visakhapatnam (India) and Okinawa (Japan), and utilised the Fifth Freedom right to introduce flights from Don Mueang with stopovers in Taipei and Kaohsiung before arriving in Okinawa and Tokyo, Japan,” Khun Santisuk said.

In the latter half of 2024, the company is set to continue striding forward. Last month, Thai AirAsia introduced Don Mueang-Lampang following the Lampang Airport upgrade while also adding international routes such as Don Mueang to Phu Quoc (Vietnam) and Hyderabad (India), and Phuket to Siem Reap (Cambodia), Chennai (India), and Kolkata (India).

The Indian destinations resulted from successful negotiations for aviation privileges between Thailand and India carried out by the Civil Aviation Authority of Thailand.

Overall, the company is maintaining a target to serve 20-21 million guests this year and to grow revenue by 20-23 percent while expanding its fleet to 60 aircraft.

Thai AirAsia has already taken delivery of two additional Airbus A321neo aircraft which feature a seat capacity of 236, up 56 seats from the 180-seat Airbus A320. The new aircraft help to reduce operational costs and fuel consumption while offering more revenue making seats.

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