In 2022, Thai Airways International (THAI) reported a loss of 272 million baht (US$7.6 million). However, the airline made a profit of 28.1 billion baht in 2023, which gave the company hope for the new year.
According to THAI’s end-of-year report, the carrier and its subsidiaries achieved a record revenue of 45,170 million baht (excluding one-time transactions) in 4Q2023. This revenue was 14.4% more than the corresponding quarter of 2022.
The aviation and tourist sectors have seen an overall improvement, which has resulted in increased passenger demand and ticket sales. THAI has attributed this growth to asset sales and a restructured debt program. As many of the airline’s creditors have agreed to lower interest rates and longer payback terms, THAI will complete the court-supervised restructuring earlier than expected, by the end of this year. If THAI adheres to the agreed timeframe and fulfills its repayment commitments, it will be allowed to return to The Stock Exchange of Thailand and resume trading in 2025, four years after being suspended.
he primary airline of the Kingdom, THAI, had its second most profitable year ever in 2023, thanks to strong financials. This marks the third time in almost 15 years that THAI has had positive gains, which is a significant turnaround for the business after declaring bankruptcy in 2020.
With a healthy cash balance, the airline is now able to expand its fleet. It has placed the largest order in Thailand’s aviation history with Boeing for 45 new aircraft, with an option to increase the purchase to 80. Additionally, to meet the growing demand for passengers, the airline has requested Airbus for three more A350-900s.
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