THAI Reports Operational Performance Results for the Year Ended 31 December 2023

Thai Airways International Public Company Limited (THAI) reports the operational performance results for the year ended 31 December 2023. In the fourth quarter of 2023, THAI and its subsidiaries' total revenue, excluding one-time transactions, was 45,170 million baht, higher than the same period in 2022 by 14.4% mainly due to recovery in aviation and tourism sectors and significantly rising passenger travel demand.

As for the operational performance results for the year ended 31 December 2023, THAI and its subsidiaries reported the total revenue, excluding one-time transactions, at 161,067 million baht, 53.3% higher than that in 2022, mainly due to 79.3% significant increase in passenger revenue. The aforementioned total revenue in 2023 was 87% compared to as of 2019, before the pandemic. Total expenses, excluding one-time transactions, amounted to 120,856 million baht which was 24.3% higher than the previous year, mainly due to variable expenses of fuel price which was 39.5% of total expenses and cost of transportation service as a result of higher production. The operating profit (EBIT) was 40,211 million baht, higher than that in 2022 by 32,414 million baht. EBITDA after deducting aircraft lease payments was 42,875 million baht, higher than the projection in the Rehabilitation plan. Having EBITDA after deducting cash used for aircraft lease in an average amount no less than 20,000 million baht for 12 months is one of the four conditions for Rehabilitation Plan completion.

THAI and its subsidiaries had net one-time revenue of 2,201 million baht resulting from profit from debt restructuring and the sale of assets. Loss of foreign currency exchange was 1,066 million baht. Furthermore, financial cost, realized transaction under TFRS 9 was 15,611 million baht resulting in THAI and its subsidiaries' net profit of 28,123 million baht. Profit per share is 12.87 baht comparing to 0.12 baht loss per share in 2022.

As of 31 December 2023, the total assets of THAI and its subsidiaries were 238,991 million baht, which increased by 20.6% compared to the figure as of 31 December 2022. The total liabilities were 282,133 million baht, an increase by 4.8%. Shareholders' equity of THAI and its subsidiaries amounted to -43,142 million baht, a decrease of 27,882 million baht. From the positive operational performance results THAI has cash, bill of exchange, time deposit and debenture with maturity more than three months and less than twelve months of 67,130 million baht, an increase of 32,590 million baht.

In 2023, THAI and its subsidiaries' Available Seat Kilometers (ASK) was 40.9% higher than the previous year. Revenue Passenger Kilometers (RPK) was 65.4% higher than that in 2022. Cabin Factor averaged 79.7%, which was higher than 67.9% of the previous year. Total number of passengers was 13.76 million, higher than the previous year by 52.7%. Available Dead Load Ton-Kilometers (ADTK) was 40.9% higher than the previous year. Revenue Freight Ton-Kilometers (RFTK) was higher than the same period of 2022 by 15.4%. Freight Load Factor averaged 51.7%.
THAI and its subsidiaries' current fleet in operation includes 70 aircraft; 50 widebodies and 20 narrowbodies. In the Summer Flight Program 2024, THAI will operate flights to 61 destinations worldwide with increases of flight frequencies in intercontinental and regional routes such as Beijing, Shanghai and Sydney in response to continually rising travel demand. New destinations, for instance, Oslo, Milan, Perth, and Kochi will also be introduced this summer. The company is in the process of fleet expansion to be sufficient for destination and flight plans as well as for customer travel demand to successfully generate revenue and encourage sustainable growth.
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