Thai Airways International (THAI) has announced it is on a path to exit its rehabilitation plan on schedule and targets listing on the stock exchange in the first half of 2025. The airline reported a significant revenue increase in 2023, with a total of 161,067 million baht, up 53.3% from 2022, predominantly from its passenger services.
According to the airline’s debt rehabilitation administrator’s chairman, Piyasvasti Amranand, THAI plans to undertake a capital structure adjustment through a debt-to-equity swap later this year, aiming for a complete restructure by year-end, followed by a stock market listing application in the second quarter of 2025. Thai Airways will also start repaying 400 million baht in ticket debts to passengers in March, thanks to its improved operational revenue.
Piyasvasti credited the airline’s turnaround to the hard work of its employees, which was achieved without government aid, which spurred significant internal transformation and competitive strengthening. In fiscal 2023, Thai Airways and its subsidiaries witnessed an 87% revenue increase over pre-pandemic levels in 2019, driven by a 79.3% surge in passenger services.
Looking forward, THAI CEO Chai Eamsiri detailed plans to acquire 45 new aircraft to refresh the fleet and support ambitions to become a regional aviation hub. The acquisition strategy will be flexible, focusing on streamlined fleet models to cut costs.
With a current fleet of 70 aircraft, Thai Airways intends to expand its destinations to 61 worldwide in the summer of 2024, introducing new routes and increasing fleet size to 79 this year and 90 next year. The company aims to boost its market share at Suvarnabhumi International Airport from 27% to 35% by the end of the year. (NNT)
