- Asia Aviation Public Company Limited (“Asia Aviation” or “Company”) is a holding company which currently invests only in Thai AirAsia. Thus, the business overview shall be deemed at the operating company Thai AirAsia.
- Thai AirAsia caters to both leisure and business travellers by focusing on affordable airfares and reliable on-time performance. Thai AirAsia focuses on providing high-frequency service on short-haul international and domestic routes within five and a half hours flight time from our hubs in Bangkok (Don Mueang International Airport), Bangkok (Suvarnabhumi Airport), Phuket, and Chiang Mai. This enables us to reach the population in Southeast Asia, South Asia, southern China, and Japan.
| 2023 | 2022 | 2021 | 2020 |
|---|
| Revenues | 42,983.01 | 18,319.94 | 4,558.62 | 16,260.96 |
| Expenses | 40,165.13 | 26,766.36 | 16,358.82 | 23,788.08 |
| Net Profit (Loss) | 465.82 | -8,030.00 | -6,647.49 | -4,764.09 |
| Assets | 67,793.88 | 64,685.52 | 71,208.33 | 67,977.67 |
| Liabilities | 59,381.54 | 56,731.12 | 54,379.53 | 50,617.36 |
| Shareholders' Equity | 8,412.34 | 7,954.41 | 20,201.10 | 14,266.11 |
| Operating | 6,239.12 | 564.02 | -4,347.02 | -897.90 |
| Investing | -926.33 | -589.72 | 1,283.66 | 12,064.36 |
| Financing | -4,820.85 | -4,530.71 | 7,313.63 | -14,031.39 |
| EPS (Baht) | 0.04 | -0.69 | -1.30 | -0.98 |
| GP Margin (%) | 10.74 | -34.07 | -193.15 | -50.24 |
| NP Margin (%) | 1.08 | -44.84 | -262.32 | -53.30 |
| D/E Ratio (x) | 7.06 | 7.13 | 3.23 | 2.92 |
| ROE (%) | 5.69 | -57.04 | -38.57 | -27.85 |
| ROA (%) | 4.25 | -12.43 | -16.96 | -11.50 |
Thai AirAsia is aiming for a strong domestic market presence in 2024. The airline plans to expand its fleet from 56 aircraft to 60 by the end of 2024 while increasing the number of operating aircraft to 57. Domestic air travel is expected to remain robust, which will help close the gap with 2019 levels. To maintain its leadership position, Thai AirAsia plans to increase domestic capacity by about 10 percent year over year. This rate will keep the domestic passenger contribution at 60 percent of its total passenger portfolio.
Thai AirAsia is committed to providing guests with excellent travel services while enhancing our value chain through responsible business practices. Through observance of our 3G (Good/Green/Growth) sustainability strategy, we address our stakeholders’ expectations in the three pillars of economy, society and the environment. We believe that the 3G approach can be applied to every action to ensure that we consistently deliver on our commitment to sustainable development. In 2023, we aligned Thai AirAsia’s Sustainability Policy with the Capital A group aspirations and commitments. [More]
Thai AirAsia ended the year with 52 operating aircraft out of a total fleet of 56 to expand both within and outside of Thailand. As a result, the airline has achieved a record 37% domestic market share in 2023.
In 2023, Thai AirAsia transported 18.9 million passengers, comprising 11.9 million domestic and 7.0 million international passengers, contributing to an outstanding overall load factor of 90 percent. Seat capacity and passenger recovery reached 80 percent and 85 percent, respectively, when compared to 2019. End of 2023, Thai AirAsia was operating 52 aircraft from its fleet of 56, further optimising the utilisation rate of each aircraft to 12.7 hours per aircraft per day. Notably, the airline maintained an on-time performance ("OTP") of 83 percent.
In summary, Asia Aviation recorded a total revenue of Baht 42,950.1 million in 2023, representing a 135 percent increase from last year. The Company's EBITDA for 2023 reached Baht 7,032.4 million, a substantial improvement from Baht (1,277.9) million in the previous year, driven by a substantial recovery in operating performance. Finance costs totalled Baht 2,291.2 million, a slight increase of 3 percent from a higher amount of debt with the rising cost of funds. After factoring in an income tax expense of Baht 60.8 million, the Company reported a net profit of Baht 465.8 million, representing a substantial improvement from the net loss of Baht (8,214.4) million reported in 2022. Excluding the impact of foreign exchange gain or loss, the Company has incurred a core loss of Baht (206.5) million. [More]
During the quarter, Thai AirAsia introduced new routes such as Don
Mueang-Guwahati (India), Don Mueang-Ahmedabad (India), and reintroduced Don Mueang-Shantou (China) and Don Mueang-Gaya (India).
The company discloses risk management in its annual report or Form 56-1 One Report. [More]
- AirAsia has been voted the World’s Best Low Cost Airline at the Skytrax World Airline Awards 2023 for the 14th consecutive year.
- Thai AirAsia takes the Top 3 for “Most On-Time Airline in Asia Pacific” honour for 2023 and the Top 7 for “Most On-Time Low-Cost Airline in the World” as ranked by Cirium
- AirAsia received the World’s Leading Low-Cost Airline for 11th consecutive year and the World’s Leading Low-Cost Airline Cabin Crew for 7th straight year
- AirAsia named one of safest low-cost airlines for 2023 Highest 7/7 safety awarded from latest audit by aviation experts at airlineratings.com
| as of 28/12/23 | AAV | TRANS | SET |
|---|---|---|---|
| P/E (X) | 33.36 | 47.39 | 18.42 |
| P/BV (X) | 3.76 | 2.72 | 1.36 |
| Dividend yield (%) | - | 1.94 | 3.32 |
| 28/12/23 | 30/12/22 | 30/12/21 | |
|---|---|---|---|
| Market Cap (MB) | 25,571.50 | 37,222.71 | 25,091.57 |
| Price (B/Share) | 1.99 | 3.06 | 2.54 |
| P/E (X) | 33.36 | - | - |
| P/BV (X) | 3.76 | 6.81 | 3.11 |
