BANGKOK, 16 August 2024: Asia Aviation Plc (AAV), the sole shareholder of Thai AirAsia, reports revenue from sales and services reached THB25,279 million, up 32% year-on-year, according to the first half 2024 financial results
Profit from core operations reached THB1,950 million, significantly increasing by 1,015% from THB175 million. Also, Asia Aviation noted that EBITDA stood at THB 5,003 million, up 41% year-on-year.
Passenger traffic up 13%
Through the first half of 2024, TAA transported 10.4 million passengers, a 13% increase YoY, resulting in a remarkable average load factor of 92%. During the period, the carrier also expanded its fleet to 57 aircraft, meeting the demands of both domestic and international travellers as the tourism industry continued to recover.
Asia Aviation Plc and Thai AirAsia Chief Executive Officer Santisuk Klongchaiya said: “Thailand’s tourism industry was on an uptrend in the second quarter of 2024 (2Q2024) compared to the same period last year with travellers from China, Malaysia, and India making up the top three arrivals to the country. 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.”
FX losses pinch net profit
2Q2024 was at the tail end of Thailand’s tourism season, but AAV maintained satisfactory performance, achieving a revenue of
THB11,485 million, up 14% YoY. EBITDA in the quarter was THB1,909 million, up 5% from last year’s corresponding period. Due to exchange rate fluctuations in 2Q2024, the company experienced an FX loss of THB226 million. Still, it was able to report a net profit of THB84 million, which was mainly supported by improved operational performance.
TAA expands routes
“The average load factor in 2Q2024 was a high 91% with 5 million guests flown. TAA has remained a domestic aviation leader with a 39% market share. In the international market, we launched several new routes, including Don Mueang (DMK) to Visakhapatnam (India) and Okinawa (Japan), and utilised fifth freedom rights to introduce flights from Don Mueang with stopovers in Taipei and Kaohsiung before arriving in Okinawa and Tokyo, Japan,” Santisuk explained.
In July alone, TAA introduced Don Mueang-Lampang flights 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).
Overall, TAA remains on target to serve 20 to 21 million guests this year and to grow revenue by 20 to 23% while expanding its fleet to 60 aircraft. It has taken delivery of an additional two Airbus A321neo aircraft, with 236 seats (up 56 seats compared to the 180-seat Airbus A320).
