Photo: Shutterstock Thai Airways International PCL continued its remarkable growth trend in the second quarter of 2025, with revenues (excluding one-time items) amounting to 44.83 billion Thai Baht, an increase of 1.9% compared to last year. The number of passengers increased by 4.2% to 3.97 million, and the average load factor rose to 77.0%, thanks to the expansion of its route network to high-demand destinations and deepening code-share collaborations.
The operating profit before financing expenses (excluding one-time items) soared by 71.8%, reaching 10.18 billion Baht, supported by reduced fuel prices, lower maintenance costs, and improved operational efficiency. The net profit was 12.13 billion Baht, compared to just 314 million Baht in the same period last year.
As of June 30, 2025, the company operated 78 aircraft with an average utilization of 13.6 flight hours per day. In the first half of the year, total passengers increased to 8.30 million and the average load factor climbed to 80.2%.
The net profit for the half-year stood at 21.97 billion Baht, more than seven times that of the previous year.
On August 4, 2025, Thai Airways completed a historic move with its return to trading on the Thai Stock Exchange, following the conclusion of its business recovery process.
In the first four trading days, the stock price surged by 27.6%, closing at 13.40 Baht on August 7, placing the company 11th among Thailand's largest public companies by market value.
The journey to this point was not simple. The company’s financial crisis began even before COVID-19, with heavy losses and massive debts.
The pandemic in 2020 dealt the final blow, leading Thai Airways to halt trading of its stock and enter court-supervised comprehensive rehabilitation, during which staff was reduced by half, the aircraft fleet was reduced, costs dropped, and the subsidiary Thai Smile was reintegrated.
Simultaneously, the international route network was rebuilt with a focus on profitable and high-demand destinations.
The efforts paid off. Already in the first half of 2025, Thai Airways presented record numbers, a sharp increase in passengers, and high load factors, alongside profitability not seen for years. The return to the stock exchange is not just a financial achievement, but a sign of a new chapter, one where the company targets sustainable growth, quality service, and strengthening its position as a major player in the Asian and global aviation market.