Thai Airways International (THAI) is making significant progress towards emerging from its rehabilitation plan by Q3 2024 and subsequently relisting on the stock market.
THAI CEO Chai Eamsiri highlighted improved performance for THAI and its subsidiary Thai Smiles in the first five months of 2023, achieving an impressive 82.2% cabin factor at Suvarnabhumi International Airport. He expressed confidence in THAI’s successful rehabilitation, debt-to-equity conversion, and organizational restructuring efforts, projecting a prompt exit from rehabilitation by Q3 2024 and a return to trading on the Stock Exchange of Thailand.
Anticipating earnings before interest, taxes, depreciation, and amortization (EBITDA) to surpass THB20 billion within a year, Mr. Chai said the national carrier is committed to fulfilling the conditions to exit the rehabilitation program.
Market performance was also significant, with THAI and Thai Smiles capturing a combined 28.6% market share among 111 international airlines at Suvarnabhumi Airport from January to May.
As part of the reorganization, THAI plans to dissolve Thai Smiles and reintegrate 20 Airbus A320-200 planes and staff by February 2024. THAI’s fleet will be bolstered by these additions, along with the potential acquisition of 11 A350-900 planes. The company aims to gradually leverage new aircraft to enhance its offering. The airline presently serves 57 destinations across 19 countries.
Mr. Chai added that the airline recently hired 500 flight attendants and is aiming to bring in an additional 2,000 staff by the end of the year. The ultimate objective is to achieve a workforce of 19,500, which includes outsourced personnel, by 2025. (NNT)
