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

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(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.”

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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