Thai Airways International is set to receive an additional THB12 billion baht (USD325.5 million) investment from Thailand’s Ministry of Finance by October 2024, with the aim of relisting the airline on the Stock Exchange of Thailand by mid-2025.
Tibordee Wattanakul, the director general of the Finance Ministry’s State Enterprise Policy Office, shared with the Bangkok Post that Thai Airways has shown significant financial improvement. This progress is attributed to cost reductions, operational efficiencies, and a strengthening local currency.
The airline, currently in the final phases of a court-supervised business rehabilitation, will see shareholders recapitalizing the carrier. The Finance Ministry plans to maintain a 40% stake in the airline, shifting majority control from the government to the private sector. Final approval for the capital injection and stock market relisting is pending court approval, expected later this year.
Funds for the investment will be sourced from the 2025 fiscal budget and the Vayupak Fund, a state-owned sovereign wealth fund.
Despite a 78.9% decrease in net profit in the first quarter compared to the same period in 2023, Thai Airways reported a net profit of THB2.423 billion (USD65.9 million). This decline is attributed to factors such as unused aircraft impairment costs, increased operating expenses, and a weaker baht. CEO Chai Eamsiri reassured that this lower profit would not hinder the company’s operations, growth plans, or ongoing rehabilitation efforts.
Thai Airways currently operates a fleet comprising various aircraft types and serves 64 destinations across 29 countries, as per ch-aviation PRO airlines data.
