BANGKOK — Thai Airways demonstrates strong performance in Q1/2025, generating $1.56 billion in revenue with profits approaching $300 million. The airline outlines fleet expansion plans as it awaits court approval on June 4 to exit its business rehabilitation plan, with plans to return to the stock exchange in Q3.
Piyasvasti Amranand, Chairman of the Business Rehabilitation Plan Administration Committee of Thai Airways International Public Company Limited (THAI), revealed on May 9 the company’s Q1 2025 performance results.
The company and its subsidiaries delivered satisfactory operational results with total revenue (excluding one-time items) of 51,625 million baht ($1.56 billion), growing 12.3% compared to the same period last year which recorded revenue of 45,955 million baht ($1.39 billion). Net profit reached 9,839 million baht ($298 million), increasing 306.1% from the previous year.
Contributing factors include the continuous expansion of passenger travel demand, alongside the company’s fleet expansion and increased flight frequencies. This resulted in a 21.1% year-on-year increase in Available Seat Kilometers (ASK), while Revenue Passenger Kilometers (RPK) grew 20.8% year-on-year, with a total of 4.33 million passengers, representing an 11.6% increase from the previous year.
Fleet Upgrade and Wi-Fi Installation
Piyasvasti added that based on these operational results, in 2025 the company plans to increase its fleet to 81 aircraft from the current 77 operational aircraft. Initially, the airline will gradually take delivery of one Airbus A330, one Boeing 789, and two new Airbus A321 Neo aircraft, with an additional 15 aircraft scheduled for delivery in 2026.
“These new aircraft will come equipped with personal entertainment systems at every seat and free Wi-Fi for all Royal Orchid Plus members regardless of status level, to enhance the passenger experience. We expect the first deliveries toward the end of 2025,” he stated.
Simultaneously, the company is prioritizing aircraft maintenance to increase competitive capabilities and fleet efficiency by gradually installing high-speed internet connectivity (In-flight Connectivity or IFC) on Airbus A330-300 aircraft and renovating the interior seating.
The service has already launched on the first two aircraft, allowing passengers unlimited chat and messaging capabilities at no cost. Full internet service will be available free of charge for Royal Orchid Plus frequent flyer program members according to membership level starting May 1, 2025.
Rehabilitation Exit Plan and Stock Market Return
Regarding progress on exiting rehabilitation, following the Extraordinary General Meeting of Shareholders on April 18, 2025, which approved the appointment of a new board of directors, the company completed registration of these board changes with the Department of Business Development, Ministry of Commerce, on April 22, 2025.
As a result, the company has fully complied with the requirements of the rehabilitation plan and has submitted a petition to the Central Bankruptcy Court requesting termination of the rehabilitation process on April 28, 2025. The court has scheduled a hearing for the petition on June 4. If approved in the latter half of June, the duties of the Rehabilitation Plan Administration Committee will end.
Subsequently, management authority will transfer to the newly appointed board of directors, which will need to convene to select a chairman and audit committee before entering processes related to the Stock Exchange of Thailand and the Securities and Exchange Commission (SEC) to enable the company to resume trading on the stock exchange.
“Returning to trading on the Stock Exchange of Thailand in the second half of the year represents another challenge and risk we must face, particularly given the volatility of both domestic and international capital markets and shareholder expectations. Nevertheless, we are confident that our improving performance and strong organizational management will build investor confidence,” he stated.
Regarding Thai Smile Airways Co., Ltd., following the Rehabilitation Plan Administration Committee’s resolution to approve its dissolution on May 8, 2025, the company has already completed the transfer of all Airbus A320 aircraft into the company’s fleet and terminated Thai Smile Airways’ services as of January 1, 2024.
Australian Market Recovery
Piyasvasti concluded by noting that although Q2 2025, particularly May and June, falls within the low season, the company’s operational plans should enable continued strong growth, as reflected in advance booking data for this period which shows good expansion compared to the same period last year.
At the same time, the Australian market has begun to clearly recover and is expected to grow continuously from July to August, as this coincides with the European tourism season which sees high travel demand. This trend is likely to significantly positively impact the company’s revenue in the second half of the year.
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