- Asia Aviation Public Company Limited (“the 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 Company Limited ("TAA") 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 ASEAN, South Asia, southern China, and Japan.
| 3M25 | 3M24 | 2024 | 2023 |
|---|
| Revenues | 13,565.85 | 14,027.35 | 50,873.71 | 42,983.01 |
| Expenses | 11,181.14 | 13,934.03 | 44,096.79 | 40,165.13 |
| Net Profit (Loss) | 1,387.23 | -409.09 | 3,477.94 | 465.82 |
| Assets | 77,582.16 | 70,535.64 | 75,373.32 | 67,793.88 |
| Liabilities | 64,815.46 | 62,532.40 | 63,993.85 | 59,381.54 |
| Shareholders' Equity | 12,766.71 | 8,003.25 | 11,379.48 | 8,412.34 |
| Operating | 1,555.83 | 2,414.61 | 7,463.11 | 6,239.12 |
| Investing | -268.69 | -99.90 | -842.27 | -926.33 |
| Financing | -1,956.67 | -2,003.25 | -5,663.39 | -4,820.85 |
| EPS (Baht) | 0.11 | -0.03 | 0.27 | 0.04 |
| GP Margin (%) | 22.36 | 18.50 | 17.31 | 10.74 |
| NP Margin (%) | 10.23 | -2.92 | 6.84 | 1.08 |
| D/E Ratio (x) | 5.08 | 7.81 | 5.62 | 7.06 |
| ROE (%) | 50.79 | -3.71 | 35.15 | 5.69 |
| ROA (%) | 12.24 | 2.81 | 9.47 | 4.25 |
In 2025, TAA plans to expand its fleet to 66 aircraft, with 63 aircraft expected to be in operation by year-end to support growth in both domestic and international markets. In the domestic market, the airline aims to maintain its leadership and expand its route network from its key hubs, particularly Suvarnabhumi Airport. Domestic seats are expected to increase to 66% of the total capacity. For the international market, TAA plans to allocate approximately half of its international flight capacity to the ASEAN, increase the South Asian market share to 18%, and distribute the remaining capacity to China and East Asia. Additionally, the airline is exploring potential new routes, including fifth freedom routes from major international hubs such as Hong Kong and Taiwan, to enhance competitiveness and support further growth in the international market.
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 2025, we aligned Thai AirAsia’s Sustainability Policy with the Capital A group aspirations and commitments. [More]
TAA continued its growth, transporting 5.6 million guests in 1Q2025, a 2 percent increase YoY, as capacity rose by 9 percent YoY to 6.4 million seats, resulting in an overall load factor of 87 percent. Domestic travel led TAA's growth, with guests increasing by 9 percent YoY, accounting for 67 percent of total guests and achieving a record-high domestic market share of 42 percent in March. The further expansion from the Suvarnabhumi (“BKK”) hub is yielding solid results, with overall BKK routes achieving an 89 percent load factor in 1Q2025, including the newly launched routes to Khon Kaen and Udon Thani. Conversely, international guest numbers dropped by 9 percent YoY, primarily due to weaker sentiment among Chinese tourists, who have increasingly shifted their visits to Japan. Tourist arrivals from Hong Kong and Macau mirrored the decline seen in China, prompting TAA to optimise flight frequencies. However, South Asia, led by India, continued to demonstrate strong growth with a 38 percent passenger increase YoY. Following the controlled impacts, the safety concerns arising from the earthquake at the end of the quarter seemed to have subsided.
In 1Q2025, the Company reported revenue from sales and services of Baht 13,224.9 million, a 4 percent decrease YoY, attributed to a reduction in average fare to Baht 1,945, which dropped 8 percent YoY from a high base in 1Q2024. Cost of sales and services decreased by 8 percent YoY to Baht 10,267.3 million, mainly due to lower fuel costs. EBITDA saw an 8 percent YoY increase, amounting to Baht 3,353.3 million or a 25 percent EBITDA margin. RASK stood at Baht 1.97, down 10 percent YoY, but CASK saw a larger drop of 12 percent YoY to Baht 1.73. A foreign exchange gain of Baht 110.8 million was recorded in the quarter following the strengthened Baht. As a result, the Company achieved a net profit of Baht 1,387.2 million, compared to a loss of Baht (409.1) million in 1Q2024. Excluding the foreign exchange fluctuation, the Company reported a core profit of Baht 1,298.6 million, a 6 percent increase from the Baht 1,230.4 million core profit in 1Q2024. [More]
In 1Q2025, TAA launched new domestic routes from Suvarnabhumi Airport ("BKK") to Khon Kaen and Udon Thani, aligning with a strategy to expand domestic connectivity via BKK this year. Additionally, TAA took delivery of one additional A321neo aircraft, increasing its total fleet to 61 aircraft during the quarter.
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 2024 for the 15th consecutive year.
- Thai AirAsia was ranked the "Most on-time Airline in Thailand", honour for 2024, ranked 5th in "Most on-time Airline in Asia-Pacific", and ranked 10th in "Most on-time Low-Cost Airline in the World", as ranked by Cirium
- AirAsia received the World’s Leading Low-Cost Airline for 12th consecutive year and the World’s Leading Low-Cost Airline Cabin Crew for 8th straight year
- AirAsia has been recognised as the World’s Best Low-Cost Airline for 2025 by AirlineRatings.com
| as of 31/03/25 | AAV | TRANS | SET |
|---|---|---|---|
| P/E (X) | 6.24 | 19.08 | 15.78 |
| P/BV (X) | 1.91 | 1.80 | 1.10 |
| Dividend yield (%) | - | 2.82 | 4.37 |
| 31/03/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 21,716.50 | 35,466.00 | 25,571.50 |
| Price (B/Share) | 1.69 | 2.76 | 1.99 |
| P/E (X) | 6.24 | 5.98 | 33.36 |
| P/BV (X) | 1.91 | 3.07 | 3.76 |
