BANGKOK, 3 March 2025: Asia Aviation Public Company Limited (AAV), the sole shareholder of Thai AirAsia Company Limited (TAA), has delivered a strong financial performance for the fourth quarter ended 31 December 2024 (4Q2024), reinforcing its growth momentum and operational resilience as travel demand continues to be on an uptrend.
Revenue from sales and services stood at THB13,226 million, an increase of 6% year-on-year. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) amounted to THB3,396 million, a 7% increase YoY. Core profit, which excluded losses from foreign exchange, was recorded at THB1,454 million, a 40% increase YoY. Total passenger traffic reached 5.5 million, representing an 8% growth YoY, with a passenger load factor of 89%.
For the full financial year ended 31 December 2024 (FY2024), AAV reported revenue from sales and services of THB49,436 million, a 20% increase compared to the previous year. EBITDA was recorded at THB10,171 million, a 43% increase YoY. Notably, the core profit marked its first positive result since the pandemic, at THB3,007 million, signalling the end of the Covid pandemic and a return to growth.
Total passenger traffic for FY2024 was 20.8 million, a 10% increase compared to the previous year, with a passenger load factor of 91%, reflecting continued high travel demand, particularly in the domestic market. The full-year passenger mix was 63% domestic and 37% international. The fleet expanded to 60 aircraft by year-end, following the addition of four new planes.
Moving forward
The company remains focused on accelerating growth despite ongoing challenges by leveraging its service excellence and modern fleet. It targets a mid-teens percentage YoY revenue increase in sales and services, supported by adding six Airbus A321neo aircraft, bringing its fleet to 66 aircraft by year-end.
With a strong commitment to reinforcing its market leadership, the company aims to consistently boost its domestic market share above 40%, driven by network expansion from its Suvarnabhumi base.
In early February, Thai AirAsia launched two new domestic routes – Suvarnabhumi-Udon Thani and Suvarnabhumi-Khon Kaen—bringing its total Suvarnabhumi network to six routes. Further international expansion is planned throughout the year, including direct flights from Thailand and the strategic utilisation of Fifth Freedom rights. With these initiatives, the company aims to serve 23 to 24 million passengers in 2025, setting a new record.
