Bangkok Aviation Fuel Services Public Company Limited (SET: BAFS) has announced 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss)
Million Baht |
26.42 | -2.86 |
| Earning Per Share
(Baht) |
0.0200 | -0.0200 |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss)
Million Baht |
152.70 | 59.66 |
| Earning Per Share (Baht) | 0.1800 | 0.0700 |
| % Change | 155.96 | |
BAFS reported a net profit in 3Q24 of Baht 26.42 million, an increase of Baht 23.56 million compared to a net loss of THB 2.86 million in the same period of the previous year. This growth was mainly due to the recovery in tourism and international travel across nearly all tourist groups.
BAFS and its subsidiaries (the Group) reported total revenue of 855.3 million baht, an increase of 17% from the same period last year, driven by the recovery in tourism and international travel across nearly all tourist groups. This resulted in an 18% increase in revenue for the Aviation business segment this quarter, with aircraft refueling volumes going up by 17%. Similarly, the Utilities segment grew by 31%, primarily due to a 70% increase in total fuel transport volumes from the Northern Fuel Pipeline Transportation Project (NFPT), supported by more aggressive marketing. This growth offset a revenue decrease in the Power segment following the end of the power purchase adder subsidy contract.
The EBITDA for 3Q/24 amounted to 396.6 million baht, up 14% year-over-year, largely from increased gross profits in the Aviation and Utilities segments due to higher aircraft refueling volumes and fuel transport volumes, respectively. Operating expenses (excluding depreciation and amortization) increased by 19%, primarily due to higher Airport Concession Fees (ACF), increased personnel costs, and maintenance expenses for aircraft refueling vehicles, which rose in line with the increased refueling activity.
Depreciation and amortization expenses rose by 5%, mainly due to the launch of the Satellite 1 (SAT-1) concourse at the end of September 2023. Meanwhile, net finance costs decreased by 3% as the Group continued to make regular loan repayments. For 3Q/24, the Group reported a net profit attributable to shareholders of 26.4 million baht, with earnings per share of 0.02 baht and a net profit margin of 1%.
BAFS GROUP reported a net profit attributable to shareholders of 152.7 million baht, an increase of 156% from the same period last year, representing earnings per share of 0.18 baht and a net profit margin of 4%. This growth was primarily driven by a 12% increase in both revenue and EBITDA, largely due to the recovery in the Aviation segment. Despite a 7% rise in overall operating expenses, mainly due to higher Airport Concession Fees (ACF) from increased fuel volumes and personnel costs, the rate of expense growth remained lower than the revenue growth rate.
