Thai Airways emerges from recovery and prepares for its return to the stock market

Thailand's national airline Thai Airways is returning to growth after several years of restructuring.

It plans to resume its stock market listing, expand its fleet, and find new sources of revenue.

Thai Airways finalizes its recovery plan

After completing a multi-year turnaround process, Thai Airways International (THAI) unveils its “Fly for the New Pride” brand campaign.

The airline, now operating with reduced debt and new revenue streams, plans to resume trading on the Stock Exchange of Thailand (SET).

The Ministry of Transport and THAI management confirmed that the debt has been reduced from 400 billion to 80 billion baht.

A repayment schedule is planned until 2036, with 10 billion baht to be repaid in 2025, already set aside, according to CEO Chai Eamsiri.

The airline sold 10 billion baht of assets, such as land, buildings and aircraft, and reduced its workforce from nearly 30,000 to 14,000 people, which accounted for 23% of the company's total cost.

In order to remain competitive with its competitors, the airline aims to maintain the ratio of staff costs to total costs at 13%, which means that no staff increases are planned.

Results up despite accounting losses

In 2024, Thai Airways generated revenue of 188 billion baht (+16.7%), returning to its pre-pandemic level.

The company, however, recorded a net loss of 26.9 billion baht, due to the conversion of debt into equity as part of its recovery plan.

See: Thai Airways announces colossal losses but promises a strong comeback

An exceptional accounting transaction explains this loss, but the company has posted an operating profit over the last two years, with operational capacity still reduced by 20% compared to 2019.

Thai Airways to return to the stock market in July 2025

To offset past losses, THAI reduced the par value of its shares (from 10 to 1.3 baht) and completed a capital increase of 76 billion baht through a debt swap and rights offering.

These measures transformed the equity into surplus, allowing the company to request the official exit from receivership from the central bankruptcy court.

The resumption of trading on the Stock Exchange of Thailand (SET) is expected in July 2025.

Thai Airways modernizes its fleet

In a recovering air transport market, THAI plans to renew its fleet with 45 Boeing 787-9 Dreamliners, and is considering acquiring 35 more depending on market conditions.

Deliveries will begin in mid-2027.

Currently, the company operates 79 aircraft, compared to 103 before the pandemic.

The goal is to reach 103 aircraft in 2026, then 116 in 2027, and up to 150 by 2033.

This strategy aims to strengthen THAI's position in the airline industry in Southeast Asia.

Three leased Airbus A321 Neos will arrive at the end of 2025, followed by several wide-body aircraft in 2026.

THAI thus plans to return to its full capacity before the health crisis.

Bangkok promoted as regional transit hub

To increase its revenues, THAI is focusing on developing Bangkok as an air transit hub in Asia, in partnership with Airports of Thailand (AOT).

Passengers on stopovers can now benefit from integrated tourist offers (accommodation, visits, transport), transforming their transit into a mini-stay.

The airline also plans to expand its air cargo operations at Suvarnabhumi Airport, with a new terminal to meet growing demand.

Development of new growth drivers

Thai Airways has signed an agreement with Bangkok Airways to develop an aircraft maintenance center at U-Tapao Airport, within the Eastern Economic Corridor.

This 10 billion baht project aims to make Thailand a regional leader in aircraft maintenance.

THAI also wishes to diversify its catering business with a retail offering of food products.

A joint venture could be created with a specialized partner.

A growing flight network

For the 2025 winter season, Thai Airways plans 883 weekly flights to 64 destinations, a 40% increase year-on-year.

This expansion aims to meet the growing demand for international travel, particularly with the expected recovery of the Chinese market in 2026.

By fulfilling all the conditions of its five-year recovery plan, Thai Airways aims to once again become a key player in air transport in Asia, with strengthened governance and management focused on profitability.

See also:

Calls for tourism reform in Thailand as visits plummet

Thai Airways is expected to emerge from rehabilitation and return to the stock market soon.

Thai Airways ranked among the world's top 10 airlines

Thai Airways' Amazing Journey from Bankruptcy to Recovery

Source: Bangkok Post