Thai Airways Eyes 400 Billion Baht Revenue by 2033 Amid Strong Recovery
Confidence soars as the airline returns to the stock market, planning a major fleet expansion and a new maintenance hub to fuel its ambitious growth targets
- Thai Airways aims to achieve 400 billion baht in revenue by 2033, driven by a major fleet expansion to 150 aircraft and an increase in market share.
- This ambitious goal is based on a strong financial recovery, evidenced by 10 consecutive quarters of profit and the resumption of the airline's stock trading after a three-year suspension.
Thai Airways (THAI) has set an ambitious revenue target of 400 billion baht by 2033 as it continues to build on a remarkable financial recovery.
The announcement comes as the airline’s shares resumed trading on the Stock Exchange of Thailand on Monday, marking a significant milestone after a three-year suspension.
In an interview, Chai Eamsiri, the CEO of THAI, stated the airline is on track to meet its performance goals for the year, following a successful first two quarters.
The company has now recorded 10 consecutive quarters of profit, a stark contrast to previous years when it often struggled, particularly during the low seasons.
"The financial figures reflect a strong vote of confidence from investors in our organisation," Chai said, adding that the share price, which opened at 10.50 baht, was "beyond expectations" but justified when benchmarked against global industry peers.
The airline's recovery strategy is centred on a major fleet expansion, which will see its aircraft grow to 150 by 2033. This will include a mix of 60% Boeing and 40% Airbus planes.
The expansion is aimed at supporting new routes and increasing the airline's market share at Suvarnabhumi Airport from 26% to 35% by 2029.
Chai explained that the airline has weathered a downturn in Chinese tourism well, as its primary markets remain Europe, Australia, and other regional destinations.
Chinese passengers, who are mostly business travellers, account for only 5% of total revenue, allowing the airline to mitigate any negative impact from reduced tourist numbers.
On the infrastructure front, Thai Airways is moving forward with the U-Tapao Aircraft Maintenance Center (MRO) project, a joint venture with Bangkok Airways.
The company received an invitation to co-invest from the Eastern Economic Corridor (EEC) and plans to formally accept the offer by September.
The 10 billion baht project is expected to begin construction within the next two years.
Lavaron Sangsnit, the Chairman of the THAI Board, confirmed that the decision to expand the fleet was based on a solid recovery plan and economic fundamentals, without any political pressure.
"Our return to the stock market reflects investor confidence in our new management and recovery plan," he said. "This is a pivotal new beginning for Thai Airways."
