24 February 2023
Thai Airways International Public Company Limited (THAI) reports the operational performance results for the year ended 31 December 2022. In the fourth quarter of 2022, THAI’s total revenue, excluding one-time transactions, was 36,902 million baht, higher than the same period last year by 367%. Total expenses, excluding one-time transactions, amounted to 28,020 million baht. The operating profit (EBIT), excluding one-time transactions, was 8,882 million baht, higher than last year that reported operating loss at 2,579 million baht, resulting continual profit in the last two quarters of 2022, mainly due to recovery of aviation and tourism industry and business restructuring following the Rehabilitation Plan. Net profit totalled 11,154 million baht. Earnings before interest, tax, depreciation and amortization (EBITDA) was 11,061 million baht, higher than last year by 660%.
As for the operational performance results for the year ended 31 December 2022, THAI reported the total revenue, excluding one-time transactions, at 97,514 million baht, higher than that in 2022 by 341%, mainly due to significant increase in both passenger and cargo revenue. Total expenses, excluding one-time transactions, amounted to 86,307 million baht which was 127% higher than the previous year, mainly due to variable expenses of fuel price which escalated to the highest rate in years and cost of transportation service as a result of higher production. The operating profit (EBIT) was 11,207 million baht, higher than last year that reported operating loss at 15,906 million baht. EBITDA after deducting aircraft lease payments was a profit of 19,689 million baht, higher than the projection in the Rehabilitation plan. If the company’s EBITDA, after aircraft lease payment deduction, is higher than 20,000 million baht within twelve months, THAI’s operation under the Rehabilitation Plan can be terminated.
THAI and its subsidiaries had net loss of 252 million baht or loss per share was 0.12 baht, mainly due to THAI Smile Airways’ operating loss of 4,248 million baht and THAI and its subsidiaries’ net one-time revenue of 1,187 million baht resulting from reversal of loss on impairment of assets and profit from the sale of assets despite loss from debt restructuring, loss on foreign exchange from book valuation due to Baht depreciation and financial cost, realized transaction under TFRS 9, of 11,148 million baht. However, such loss was better than the projection in the Rehabilitation Plan. Profit per share in 2021 was 25.25 baht.
As of 31 December 2022, the total assets of THAI and its subsidiaries were 198,178 million baht, which increased by 22.9% compared to the figure as of 31 December 2021. The total liabilities were 269,202 million baht, an increase by 16%. Shareholders’ equity of THAI and its subsidiaries amounted to -71,024 million baht, a decrease of 227 million baht while the shareholders’ equity of THAI was -63,493 million baht, which is a decrease of 3,165 million baht compared to the figure as of 31 December 2021. Cash and cash equivalent totaled 34,540 million baht, an increase of 29,025 million baht, mainly due to the company’s business operation.
THAI and its subsidiaries’ Available Seat Kilometers (ASK) was 243% higher than last year. Revenue Passenger Kilometers (RPK) was 1,118% higher than last year. Cabin Factor averaged 67.9%, which was higher than 19.1% of last year. Total number of passengers was 9.01 million, higher than the previous year by 449%. Available Dead Load Ton-Kilometers (ADTK) was 249% higher than the previous year. Revenue Freight Ton-Kilometers (RFTK) was higher than the same period last year by 134%. Freight Load Factor averaged 63.1%.
THAI and its subsidiaries’ current fleet in operation includes 64 aircraft. In the Summer Programme 2023, THAI will operate flights to 39 destinations worldwide with increases of flight frequencies in intercontinental and regional routes such as Tokyo (Narita and Haneda), Osaka, Seoul, Taipei, Hong Kong, Singapore, Kolkata and Mumbai. THAI will also resume flight services to destinations in China namely Beijing, Shanghai, Kunming, Chengdu and Guangzhou in response to continually rising travel demand. The company is in the process of fleet expansion to be sufficient for destination and flight plans to successfully generate revenue and encourage sustainable growth.
The auditor unconditionally certified THAI and its subsidiaries’ financial statements for 2022.