After a nightmare 2022 when the airline recorded a loss of 272 million baht (US$7.6 million), Thai Airways International (THAI) entered the new year with cause for optimism following the announcement that net profit totalled 28.1 billion baht in 2023.
According to THAI’s statement concerning its end-of-year report, 4Q2023 saw the carrier and its subsidiaries’ total record revenue, excluding one-time transactions, of 45,170 million baht – 14.4 per cent higher than the same period in 2022.
Last year was the third time that THAI has recorded positive gains in nearly 15 years
On top of a general rebound in aviation and the tourism industry, leading to increased passenger demand and higher ticket sales, THAI cites a restructured debt programme and asset sales as significant contributing factors.
Many of the airline’s creditors have committed to reducing interest payments and extended repayment terms, which will see THAI finish up the court-supervised restructuring ahead of schedule before the end of this year.
By sticking to the agreed timetable and honouring repayment obligations, THAI will be able to return to The Stock Exchange of Thailand and resume trade in 2025, four years after being suspended.
The healthy financials have made 2023 the second most profitable year for the Kingdom’s national airline and is the third time THAI has recorded positive gains in nearly 15 years – a welcome reverse for the company, which filed for bankruptcy in 2020.
With a healthier bank balance, the airline is in the position to enhance its fleet and has signed an order with Boeing for 45 new aeroplanes (with the option to increase the order to 80), the biggest order in Thailand’s aviation history. On top of that, the carrier has also requested three new A350-900s from Airbus to help serve rising passenger demand.
After a nightmare 2022 when the airline recorded a loss of 272 million baht (US$7.6 million), Thai Airways International (THAI) entered the new year with cause for optimism following the announcement that net profit totalled 28.1 billion baht in 2023.
According to THAI’s statement concerning its end-of-year report, 4Q2023 saw the carrier and its subsidiaries’ total record revenue, excluding one-time transactions, of 45,170 million baht – 14.4 per cent higher than the same period in 2022.
On top of a general rebound in aviation and the tourism industry, leading to increased passenger demand and higher ticket sales, THAI cites a restructured debt programme and asset sales as significant contributing factors.
Many of the airline’s creditors have committed to reducing interest payments and extended repayment terms, which will see THAI finish up the court-supervised restructuring ahead of schedule before the end of this year.
By sticking to the agreed timetable and honouring repayment obligations, THAI will be able to return to The Stock Exchange of Thailand and resume trade in 2025, four years after being suspended.
The healthy financials have made 2023 the second most profitable year for the Kingdom’s national airline and is the third time THAI has recorded positive gains in nearly 15 years – a welcome reverse for the company, which filed for bankruptcy in 2020.
With a healthier bank balance, the airline is in the position to enhance its fleet and has signed an order with Boeing for 45 new aeroplanes (with the option to increase the order to 80), the biggest order in Thailand’s aviation history. On top of that, the carrier has also requested three new A350-900s from Airbus to help serve rising passenger demand.