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Thai Airways soars with 12 billion baht profit in Q2

Thai Airways soars with 12 billion baht profit in Q2 | Thaiger
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Thai Airways soars with 12 billion baht profit in Q2 | Thaiger

Thai Airways (THAI) is flying high again, racking up a staggering profit of more than 12 billion baht in the second quarter of 2025, fuelled by cheaper jet fuel and strong passenger growth.

The flag carrier and its subsidiaries reported revenue of 44.83 billion baht (excluding one-time items) for the quarter, up 1.9% on last year. Passenger numbers climbed 4.2% year-on-year to 3.97 million, helped by increased flight frequencies on popular routes such as Shanghai, Hong Kong and Denpasar. The average cabin factor hit 77%, compared with 73.2% during the same period last year.

Operating expenses fell 9% to 34.65 billion baht, largely due to a sharp drop in oil prices. This came despite higher fuel consumption from the expanded flight schedule, with additional savings from reduced aircraft maintenance costs.

As a result, operating profit before finance costs surged 71.8% to 10.18 billion baht, delivering an EBIT margin of 22.7%. After accounting for finance costs of 3.39 billion baht and one-time gains of 5.35 billion baht—mainly from converting leases to purchases for four Boeing 777-300ERs—the airline booked a net profit of 12.13 billion baht, a dramatic leap from the 314 million baht profit posted in Q2 2024.

For the first half of 2025, revenue reached 96.45 billion baht, up 7.2% year-on-year, while net profit rocketed to 21.97 billion baht—a jaw-dropping 702% increase. Passenger load factor averaged 80.2%, with 8.3 million passengers carried.

Thai Airways soars with 12 billion baht profit in Q2 | News by Thaiger
Photo courtesy of Vietnam Travel

KhaoSod reported that as of June 30, THAI operated 78 aircraft, with average utilisation of 13.6 hours per day. The carrier also improved its financial position, with total assets of 297.69 billion baht and liabilities down to 230.13 billion baht. Cash reserves and current financial assets stood at 120.01 billion baht.

The airline’s strong performance comes on the heels of its triumphant return to the Stock Exchange of Thailand (SET) on August 4, following a lengthy rehabilitation process. Over its first four trading days, THAI shares averaged 4.4 billion baht in daily turnover, closing yesterday, August 7, at 13.40 baht—a 27.6% jump from its relisting price. That pushed market capitalisation to 379.26 billion baht, ranking it as the 11th largest stock on the exchange.

THAI says it is committed to sustainable growth, improved service quality and becoming a regional aviation leader, proving that, after years of turbulence, it’s back in the skies and banking big.

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