{"id":254919,"date":"2025-08-10T06:00:00","date_gmt":"2025-08-09T23:00:00","guid":{"rendered":"https:\/\/www.ttrweekly.com\/site\/?p=254919"},"modified":"2025-08-10T14:57:54","modified_gmt":"2025-08-10T07:57:54","slug":"thai-airways-back-on-a-profitable-path","status":"publish","type":"post","link":"https:\/\/www.ttrweekly.com\/site\/2025\/08\/thai-airways-back-on-a-profitable-path\/","title":{"rendered":"Thai Airways back on a profitable path"},"content":{"rendered":"\n<p>BANGKOK, 10 August 2025:&nbsp;Four years after navigating one of the most turbulent chapters in its history, Thai Airways International PCL is back trading on the Stock Exchange of Thailand \u2014 and back on a path to profit.&nbsp;<\/p>\n\n\n\n<p>The national carrier officially resumed trading on 4 August with&nbsp;the opening price reaching THB10.50 per share, representing a 134.4% increase from the capital increase offering price of THB4.48 per share, with a market capitalisation of nearly THB300 billion.*<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" width=\"600\" height=\"338\" data-src=\"https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2025\/08\/IMG_5547-600x338.jpeg\" alt=\"\" class=\"wp-image-254920 lazyload\" style=\"--smush-placeholder-width: 600px; --smush-placeholder-aspect-ratio: 600\/338;width:462px;height:auto\" data-srcset=\"https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2025\/08\/IMG_5547-600x338.jpeg 600w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2025\/08\/IMG_5547-300x169.jpeg 300w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2025\/08\/IMG_5547-768x432.jpeg 768w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2025\/08\/IMG_5547-696x392.jpeg 696w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2025\/08\/IMG_5547-747x420.jpeg 747w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2025\/08\/IMG_5547.jpeg 800w\" data-sizes=\"(max-width: 600px) 100vw, 600px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<p>It suggests an unwavering focus on profitability and premium business travel. THAI is no longer in survival mode. It\u2019s in ascent.<\/p>\n\n\n\n<p style=\"font-size:20px\"><strong>From crisis to comeback<\/strong><\/p>\n\n\n\n<p>In 2020, the COVID-19 pandemic dealt a near-fatal blow to Thai Airways, forcing it into bankruptcy protection with over USD11 billion in debt. Years of financial mismanagement, bloated costs, and political interference compounded the crisis. The airline filed for rehabilitation in May 2021 under court supervision \u2014 a move some called its final lifeline.<\/p>\n\n\n\n<p>But that rehabilitation has proven transformative. Between 2020 and 2023, the airline slashed debt, sold non-core assets, exited unprofitable routes, and restructured labour and fleet operations. By early 2024, Thai Airways had returned to the black.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" width=\"400\" height=\"600\" data-src=\"https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2025\/08\/3BCE302D-C184-4847-B491-6ABACA457574-400x600.png\" alt=\"\" class=\"wp-image-254921 lazyload\" style=\"--smush-placeholder-width: 400px; --smush-placeholder-aspect-ratio: 400\/600;width:516px;height:auto\" data-srcset=\"https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2025\/08\/3BCE302D-C184-4847-B491-6ABACA457574-400x600.png 400w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2025\/08\/3BCE302D-C184-4847-B491-6ABACA457574-200x300.png 200w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2025\/08\/3BCE302D-C184-4847-B491-6ABACA457574-768x1152.png 768w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2025\/08\/3BCE302D-C184-4847-B491-6ABACA457574-696x1044.png 696w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2025\/08\/3BCE302D-C184-4847-B491-6ABACA457574-280x420.png 280w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2025\/08\/3BCE302D-C184-4847-B491-6ABACA457574.png 1024w\" data-sizes=\"(max-width: 400px) 100vw, 400px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<p style=\"font-size:20px\"><strong>Profit\/Loss Summary (2020\u20132025)<\/strong><\/p>\n\n\n\n<p>\u2022 2020: Loss of THB141 billion<\/p>\n\n\n\n<p>\u2022 2021: Loss of THB55 billion<\/p>\n\n\n\n<p>\u2022 2022: Loss reduced to THB12 billion<\/p>\n\n\n\n<p>\u2022 2023: Net profit of THB12.5 billion<\/p>\n\n\n\n<p>\u2022 2024: Net profit of THB18.7 billion<\/p>\n\n\n\n<p>\u2022 2025 Forecast: Net profit expected to exceed THB21 billion with a 25% net margin<\/p>\n\n\n\n<p>Ten consecutive profitable quarters \u2014 including typically weak Q2 and Q3 \u2014 support this optimism. Bookings for H2 2025 remain strong, bolstered by business travellers from Europe, Australia, and regional hubs, despite regional tourism dips.<\/p>\n\n\n\n<p style=\"font-size:20px\"><strong>Fleet: From bloated to balanced<\/strong><\/p>\n\n\n\n<p>Before bankruptcy, Thai Airways operated a vast, inefficient fleet of 103 aircraft, including multiple aircraft types\u2014ranging from the Airbus A340-600 to the Boeing 747-400\u2014that incurred heavy maintenance costs.<\/p>\n\n\n\n<p style=\"font-size:20px\"><strong>Post-rehabilitation (2025)<\/strong><\/p>\n\n\n\n<p>The fleet has been streamlined to 67 aircraft, including:<\/p>\n\n\n\n<p>\u2022 Airbus A350-900 (new flagship for long-haul) photo<\/p>\n\n\n\n<p>\u2022 Boeing 777-300ER<\/p>\n\n\n\n<p>\u2022 Airbus A320 (regional and short-haul)<\/p>\n\n\n\n<p>\u2022 Decommissioned: 747s, A340s, and older 777s<\/p>\n\n\n\n<p>In late 2023, Thai Airways placed a landmark order for 45 Boeing aircraft (mostly 787 Dreamliners), with options for 35 more. Deliveries begin in 2028 \u2014 well after current US-Thailand trade talks \u2014 discrediting rumours of political influence.<br>Chairman Lawaron Sangsanit reaffirmed that fleet decisions are \u201ccommercial, not political\u201d. <\/p>\n\n\n\n<p>THAI CEO Chai Eamsiri added his assurances to the narrative, saying further acquisitions will be guided by route demand, fuel efficiency, and long-term returns.<\/p>\n\n\n\n<p style=\"font-size:20px\"><strong>Investor confidence improves<\/strong><\/p>\n\n\n\n<p>On 4 August 2025, Thai Airways resumed trading on the SET. Within 48 hours, its share price had tripled, climbing from THB4.48 to THB13.80. The rally, analysts said, reflects genuine investor confidence rooted in operational turnaround, lean cost structure, and renewed brand equity.<\/p>\n\n\n\n<p>\u201cThis is not a bubble,\u201d Chai noted. \u201cWe\u2019ve built a business model that\u2019s profitable year-round, not just in high season.\u201d<\/p>\n\n\n\n<p style=\"font-size:20px\"><strong>Strategic shift: Profit over politics<\/strong><\/p>\n\n\n\n<p>Unlike its pre-2020 incarnation, the reborn Thai Airways is decisively profit-driven. The company has pivoted away from reliance on low-yield leisure traffic and now prioritises high-value business routes to Europe, Australia, and regional capitals.<\/p>\n\n\n\n<p>Resumption of daily flights to Cambodia despite ongoing regional tensions illustrates this resolve. \u201cOur operations are based on business logic, not fear,\u201d said Chai. \u201cWe are resilient and agile.\u201d<\/p>\n\n\n\n<p>Should net profit surpass the 25% threshold in 2025, THAI will consider issuing dividends, marking a significant milestone for shareholders and government stakeholders.<\/p>\n\n\n\n<p style=\"font-size:20px\"><strong>SWOT Analysis: The new THAI<\/strong><\/p>\n\n\n\n<p><strong>Strengths<\/strong><\/p>\n\n\n\n<p>\u2022 Strong profitability and cash flow<\/p>\n\n\n\n<p>\u2022 Strong brand recognition<\/p>\n\n\n\n<p>\u2022 Lean, modern fleet under renewal<\/p>\n\n\n\n<p>\u2022 Focus on premium markets<\/p>\n\n\n\n<p><strong>Weaknesses<\/strong><\/p>\n\n\n\n<p>\u2022 Limited aircraft availability until 2028<\/p>\n\n\n\n<p>\u2022 Still rebuilding international alliances<\/p>\n\n\n\n<p>\u2022 Smaller fleet restricts network growth<\/p>\n\n\n\n<p><strong>0pportunities<\/strong><\/p>\n\n\n\n<p>\u2022 Expansion into high-yield business routes<\/p>\n\n\n\n<p>\u2022 New code-sharing and alliance partnerships<\/p>\n\n\n\n<p>\u2022 Regional premium tourism markets<\/p>\n\n\n\n<p><strong>Threats<\/strong><\/p>\n\n\n\n<p>\u2022 Geopolitical instability<\/p>\n\n\n\n<p>\u2022 Fuel price volatility<\/p>\n\n\n\n<p>\u2022 Delays in aircraft delivery<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Thai Airways International now stands as a symbol of resilience. No longer weighed down by debt or outdated equipment, it has rebuilt itself as a competitive global carrier\u2014proudly independent of political meddling, and with investors, regulators and passengers once again on board.<br>\u201cDiscipline and data, not deals and diplomacy, will drive our future,\u201d said Chairman Lawaron.<\/p>\n\n\n\n<p><em>*THAI announcement 4 August 2025.<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"362\" height=\"352\" data-src=\"https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2025\/07\/3-18.jpg\" alt=\"\" class=\"wp-image-254268 lazyload\" style=\"--smush-placeholder-width: 362px; --smush-placeholder-aspect-ratio: 362\/352;width:156px;height:auto\" data-srcset=\"https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2025\/07\/3-18.jpg 362w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2025\/07\/3-18-300x292.jpg 300w\" data-sizes=\"(max-width: 362px) 100vw, 362px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n\n\n\n<p><em><strong>About the author<\/strong><\/em><br><em>Andrew J Wood is a British-born, Bangkok-based travel journalist and editor with over 40 years of experience in the hospitality and tourism industry. A former hotel general manager, he has worked with renowned brands including the Royal Cliff Hotels Group and Shangri-La Hotels. He is currently A&amp;P Media CEO. A long-time resident of Thailand since 1991, he is also a past President of Sk\u00e5l International Bangkok, Thailand and Sk\u00e5l Asia.<\/em><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BANGKOK, 10 August 2025:&nbsp;Four years after navigating one of the most turbulent chapters in its history, Thai Airways International PCL is back trading on the Stock Exchange of Thailand \u2014 and back on a path to profit.&nbsp; The national carrier officially resumed trading on 4 August with&nbsp;the opening price reaching THB10.50 per share, representing a [&hellip;]<\/p>\n","protected":false},"author":35,"featured_media":254920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[469,8],"tags":[],"class_list":{"0":"post-254919","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-airlines","8":"category-thailand"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Thai Airways back on a profitable path - TTR Weekly<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ttrweekly.com\/site\/2025\/08\/thai-airways-back-on-a-profitable-path\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Thai Airways back on a profitable path - TTR Weekly\" \/>\n<meta property=\"og:description\" content=\"BANGKOK, 10 August 2025:&nbsp;Four years after navigating one of the most turbulent chapters in its history, Thai Airways International PCL is back trading on the Stock Exchange of Thailand \u2014 and back on a path to profit.&nbsp; 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