THAI Q2 profit hits 12.13 bn baht, market value reaches 370 bn baht

THAI and its subsidiaries announced their financial results for the second quarter of 2025, delivering robust performance with total revenue (excluding one-off items) of 44.82 billion baht, a 1.9% increase from 43.98 billion baht in the same period last year.

This growth was largely driven by strategic frequency expansion on key high-demand routes, including Shanghai, Hong Kong, and Denpasar.

Consequently, total passengers carried in Q2 2025 reached 3.97 million, up 4.2% year-on-year, with an average cabin factor rising to 77.0% from 73.2% during the same period last year. 

This improvement reflects the company’s ongoing route network optimisation and expanded codeshare partnerships.

Total operating expenses (excluding one-off items) amounted to 34.64 billion baht, a decrease of 9% from the same period the previous year, driven by lower average jet fuel prices despite higher fuel consumption resulting from increased flight frequencies. 

Other contributing factors included lower maintenance costs and other operational efficiencies.

As a result, THAI reported an operating profit before finance costs (excluding one-off items) of 10.18 billion baht, an increase of 71.8% from 5.92 billion baht in Q2 2024, with an Earnings Before Interest and Taxes (EBIT) margin of 22.7%.

THAI and its subsidiaries’ financial costs, recognised in accordance with THAI Financial Reporting Standard No 9 (TFRS 9), were 3.39 billion baht, a decrease of 1.40 billion baht from the same period last year.

One-off gain items amounted to 5.34 billion baht, primarily driven by accounting adjustments related to the transition from lease to ownership of four Boeing 777-300ER aircraft.

As a result, the company reported a net profit of 12.13 billion baht in Q2 2025, up from 314 million baht a year earlier. Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) stood at 13.40 billion baht.

As of June 30, 2025, THAI operated a total of 78 aircraft. For the first half of 2025, THAI achieved total revenue (excluding one-off items) of 96.45 billion baht, an increase of 7.2% compared to the same period last year.

Average aircraft utilisation was 13.6 hours per day. Available seat kilometres (ASK) rose to 35.28 billion, up 15.2%, and revenue passenger kilometres (RPK) increased by 18.3% to 28.29 billion. The average cabin factor improved to 80.2% from 78.1%, and the total number of passengers reached 8.30 million, an increase of 0.62 million or 8.1%.

Operating expenses (excluding one-off items) totalled 71.86 billion baht, a 1.5% reduction year-on-year. Operating profit before finance costs (excluding one-off items) was 24.58 billion baht, with finance costs under TFRS 9 totalling 6.87 billion baht.

Net one-off items contributed income of 4.25 billion baht. This led to a net profit of 21.97 billion baht, up 702.5% from 2.73 billion baht in the same period last year. EBITDA stood at 30.88 billion baht.

As of June 30, 2025, total assets of THAI were 297.69 billion baht, increasing by 5.18 billion baht from December 31, 2024. Total liabilities stood at 230.13 billion baht, a decrease of 16.78 billion baht from December 31, 2024. 

Shareholders’ equity reached 67.55 billion baht, increasing by 21.96 billion baht from December 31, 2024. Cash, cash equivalents, and other current financial assets as of June 30, 2025, totalled 120.01 billion baht, representing an increase of 5.02 billion baht from December 31, 2024.

THAI re-lists on SET, market value climbs to 370 billion baht

On August 4, 2025, THAI officially re-listed and resumed trading on SET, marking a significant milestone following the company’s successful business rehabilitation. 

The transformation has repositioned THAI as a privately held company, strengthening stakeholder confidence and demonstrating its capability to deliver strong financial performance with clear and sustainable growth strategies.

During the first four trading days post-relisting, THAI shares recorded an average daily trading value of approximately 4.40 billion baht. As of August 7, 2025, the stock closed at 13.40 baht per share, reflecting an increase of 27.6% from the opening price of 10.50 baht on August 4. 

This resulted in a total market capitalisation of 379.26 billion baht, making THAI the 11th largest listed company on SET. This re-listing marks a new chapter for THAI, reaffirming its pride as Thailand’s national carrier. 

THAI remains committed to delivering stable and sustainable growth, continuously enhancing operational excellence and service quality, and upholding the highest standards of corporate governance. 

THAI is well-positioned to reclaim its status as a leading regional airline and one of the most high-quality listed companies on SET.