Thai Airways could return to the Stock Exchange of Thailand in 2025

The State Enterprise Policy Office (Sepo) expects Thai Airways to be listed again on the Stock Exchange of Thailand next year.

Tibordee Wattanakul, Sepo's chief executive, said the national airline's liquidity had improved.

Operations are being carried out in accordance with its rehabilitation plan, with the aim of a new listing on the stock exchange in 2025.

However, this target is conditional on achieving a 12-month profit and posting positive equity.

The Finance Ministry said it does not envisage the company becoming a state-owned enterprise again, while retaining a stake of less than 50% in the struggling national carrier.

However, the State remains the majority shareholder of the company.

See: Thai Airways will always be Thailand's flagship airline

Mr. Tibordee said Thai Airways' financial performance was improving under the rehabilitation program as the airline streamlined its operations by cutting expenses, including halving its workforce and reducing its fleet by about 40 percent through leasing.

The aviation sector has suffered greatly from the pandemic, which lasted more than two years.

Thai Airways was among the victims.

The Central Bankruptcy Court approved a recovery plan in September 2020 , after the pandemic grounded most of its fleet as borders gradually closed, leading to a paralysis of air travel.

Thai Airways' total liabilities amounted to 200 billion baht as of September 30, 2020.

The airline fought for its survival by adopting drastic internal restructuring and implementing survival measures.

These measures included seeking additional revenue from unrelated activities, such as the sale of food by THAI Catering, the transportation of goods, parcels and postal items, and the sale of unused assets.

See: Thai Airways' fried doughnuts gain popularity in Thailand

Revenues recovered when the pandemic ended in mid-2022.

In the second quarter of 2023, the carrier recorded a profit of nearly 2.3 billion baht, a 20-year record, up 171% from the previous year.

The airline is expected to emerge from rehabilitation by the fourth quarter of this year.

The recovery of the tourism sector plays a key role in the recovery of aviation.

According to an announcement by the Fiscal Policy Bureau on January 24, the number of foreign tourists, mainly from China and Malaysia, is expected to reach 33.5 million this year, compared to 28 million in 2023, an increase of 19.6%.

See: How Thailand will attract 40 million foreign tourists in 2024?

Tourism revenue is estimated at 1.48 trillion baht, an increase of 23.6% compared to last year.

See also:

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Thailand Travel Resumes: Thai Airways Continues to Make Profits

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Source: Bangkok Post