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Tue, 14 May 2024

Thai AirAsia Reports Q1 2024 Results

(14/05/24)  The sole shareholder of Thai AirAsia (TAA), Asia Aviation (AAV), has reported its Q1 2024 operational results.

Revenues from sales and services amounted to THB 13,793.7 million, an increase of 52% year-on-year, whilst EBITDA (earnings before interest, taxes, depreciation and amortisation) was THB 3,094.2 million, up 78% on the same quarter in 2023.

Whilst the company booked a net loss of THB 409.1 million due to the depreciation of the Thai Baht that led to a foreign exchange loss of THB 2,049.4 million, cashflow was not impacted and remained positive.

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

Excluding the foreign exchange loss, AAV achieved a core profit of THB 1,640.3 million in the first quarter, turning around a loss of THB 203.2 million during the same period last year.

The airline transported 5.5 million passengers during the quarter, up 19% year-on-year, by operating 50 of its fleet of 56 aircraft.

New routes introduced in Q1 included Hat Yai-Singapore and Don Mueang-Kaohsiung.

Seat capacity recovered during the period to 90%, whilst passengers carried recovered to 93% of the total seen before the COVID19 pandemic.

“Our domestic market share by the end of March 2024 was at a record high of 40%, an affirmation of our brand’s leadership. We supplemented our inherent strengths including having a larger fleet than our competitors and our on-time performance, with targeted marketing efforts aimed at different customer groups that resulted in a higher and wider brand awareness of Thai AirAsia in the market,” said Santisuk Klongchaiya, CEO of AAV and TAA. “We have seen exceptional growth in our international operations during the quarter. We benefitted notably from the lifting of visa requirements between Thailand and China in March that resulted in a surge in both incoming and outgoing travellers between both countries, while we continued to see strong responses in India, ASEAN, Taiwan and Japan. During the quarter, TAA launched Don Mueang-Beijing, as well as Fifth Freedom routes Don Mueang-Taipei-Okinawa and Don Mueang-Kaohsiung-Tokyo Narita, which will begin operation in Q2. These provide opportunities for us to connect with new high-potential customer groups in the wider region.”

For all of 2024, TAA is maintaining a passenger target of 20-21 million passengers with a load factor average of 90%. That would translate to a 20-23% growth of revenues from sales and services compared to last year as the company looks to expand its fleet to 60 operating aircraft by year’s end.

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