TTT NEWS NETWORK
KOLKATA | 8 AUGUST 2025
Thai Airways International Public Company Limited (THAI) and its subsidiaries announced their financial results for the second quarter of 2025, delivering robust performance with total revenue (excluding one-time items) of 44,828 million baht, a 1.9% increase from 43,981 million baht in the same period last year. This growth was largely driven by strategic frequency expansion on key high-demand routes including Shanghai, Hong Kong, and Denpasar. Consequently, total passengers carried in Q2 2025 reached 3.97 million, up 4.2 % year-on-year, with an average cabin factor rising to 77.0% from 73.2% during the same period last year. This improvement reflects the Company’s ongoing route network optimization and expanded codeshare partnerships.
Total operating expenses (excluding one-time items) amounted to 34,648 million baht, a decrease of 9% from the same period previous year driven by lower average jet fuel prices despite higher fuel consumption resulting from increased flight frequencies. Other contributing factors included lower maintenance costs and other operational efficiencies. Consequently, THAI reported an operating profit before finance costs (excluding one-time items) of 10,180 million baht, an increase of 71.8% from 5,925 million baht in Q2 2024 with an EBIT margin of 22.7%.
THAI and its subsidiaries’ financial costs, recognized in accordance with THAI Financial Reporting Standard No. 9 (TFRS 9), was 3,392 million baht, a decrease of 1,404 million baht from the same period last year. One-time gain items net amounted to 5,347 million baht, primarily driven by accounting adjustments related to the transition from lease to ownership of four Boeing 777-300ER aircraft. As a result, the Company reported a net profit of 12,134 million baht in Q2 2025, up from 314 million baht a year earlier. EBITDA stood at 13,408 million baht.
As of 30 June 2025, THAI operated a total of 78 aircraft. For the first half of 2025, THAI achieved total revenue (excluding one-time items) of 96,452 million baht, an increase of 7.2% compared to the same period last year. Average aircraft utilization was 13.6 hours per day. Available seat kilometers (ASK) rose to 35,281 million, up 15.2%, and revenue passenger kilometers (RPK) increased by 18.3% to 28,297 million. The average cabin factor improved to 80.2% from 78.1%, and total number of passengers reached 8.30 million, an increase of 0.62 million or 8.1%. Operating expenses (excluding one-time items) totaled 71,863 million baht, a 1.5% reduction year-on-year. Operating profit before finance costs (excluding one-time items) was 24,589 million baht, with finance costs under TFRS 9 totaling 6,873 million baht. Net one-time items contributed income of 4,259 million baht. This led to a net profit of 21,973 million baht, up 702.5% from 2,738 million baht in the same period last year. EBITDA stood at 30,887 million baht.
As of 30 June 2025, total assets of THAI were 297,691 million baht, increasing by 5,183 million baht from 31 December 2024. Total liabilities stood at 230,134 million baht, a decrease of 16,785 million baht from 31 December 2024. Shareholders’ equity reached 67,557 million baht, increasing by 21,968 million baht from 31 December 2024. Cash, cash equivalents, and other current financial assets as of 30 June 2025 totaled 120,010 million baht, representing an increase of 5,021 million baht from 31 December 2024.
On 4 August 2025, THAI officially re-listed and resumed trading on the Stock Exchange of Thailand, marking a significant milestone following the Company’s successful business rehabilitation. The transformation has repositioned THAI as a privately held company, strengthening stakeholder confidence and demonstrating its capability to deliver strong financial performance with clear and sustainable growth strategies. During the first four trading days post-relisting, THAI shares recorded an average daily trading value of approximately 4,400 million baht. As of 7 August 2025, the stock closed at 13.40 baht per share, reflecting an increase of 27.6% from the opening price of 10.50 baht on 4 August. This resulted in a total market capitalization of 379,264 million baht, making THAI the 11th largest listed companies on the Stock Exchange of Thailand.
This re-listing marks a new chapter for THAI, reaffirming its pride as Thailand’s national carrier. THAI remains committed to delivering stable and sustainable growth, continuously enhancing operational excellence and service quality, and upholding the highest standards of corporate governance. THAI is well-positioned to reclaim its status as a leading regional airline and as one of the most high-quality listed companies on the Stock Exchange of Thailand.
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