Asia Aviation Public Company Limited (SET: AAV) has announced 2024 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 2024 | 2023 |
| Net Profit (Loss)
Million Baht |
3,477.94 | 465.82 |
| Earning Per Share
(Baht) |
0.2707 | 0.0379 |
| % Change | 646.63 | |
AAV reported a net profit in 2024 of Baht 3,477.94 million, an increase of Baht 3,012.12 million or 646.63% compared to the previous year. The increase in net profit due to the core profit of Thai AirAsia (TAA), a subsidiary of AAV, reaching its first turnaround since the pandemic.
In 2024, Thailand welcomed 35.5 million tourist arrivals, up 26 percent YoY, while domestic visitation grew 7 percent to 198.7 million people-times. This strong momentum contributed to TAA’s solid performance, which served 20.8 million guests, representing a 10 percent increase YoY at a 91 percent load factor.
Available Seat Kilometres (ASK) reached 24,771 million seats-km, up 8 percent YoY, driven by 56 aircraft in operation, compared to 52 aircraft from the end of 2023, but offset with a slight drop in average stage length to 1,075 kilometres following more domestic flights.
The utilisation rate was 12.5 hours per aircraft per day, slightly down from 12.7 hours per aircraft per day in 2023. On-time performance (OTP) stood at 79 percent in 2024, the highest in the industry but down from 83 percent in 2023, with a focus on improvement alongside more operating aircraft. Throughout 2024, TAA retained its position as the domestic market leader, capturing a 40 percent market share.
As a result, the Company reported total revenue of Baht 50,793.8 million, reflecting an 18 percent growth from the previous year. Overall, Revenue per Available Seat Kilometre (RASK) reached Baht 2.00, marking an 11 percent increase YoY.
- Revenues from sales and services were Baht 49,435.6 million, marking a 20 percent increase YoY, driven by a 10 percent growth in the number of guests and average fare, which stood at Baht 1,967.
- Ancillary revenue was Baht 8,520.5 million, reflecting an 11 percent YoY and accounting for 17 percent of revenue from sales and services, down from 19 percent in 2023. This growth was primarily driven by increased demand for checked baggage and seat selection, offset by lower processing fees due to a rise in OTA bookings. As a result, ancillary revenue per guest in 2024 reached Baht 409, up 1 percent increase YoY.
- Other income was Baht 1,358.2 million, down by 21 percent YoY, primarily due to the high amount of expired credit in 2023. In 2024, the Company had a foreign exchange gain of Baht 589.0 million, compared to Baht 579.2 million in 2023.
In 2024, the Company successfully returned to core profitability. EBITDA reached Baht 10,170.6 million, equivalent to 21 percent EBITDA margin, an increase of 43 percent compared to the previous year, driven by improved operating performance.
Net profit amounted to Baht 3,477.9 million, reflecting a 647 percent growth from the previous year. Excluding the foreign exchange gains or losses after tax, the company achieved a core profit of Baht 3,006.8 million, a significant profitability turnaround since the pandemic, and largely improved from a core profit of Baht 2.4 million in 2023.
