Thai Airways posts ฿9.8bn Quarter One profit and carries 4.33m passengers as it prepares to exit court rehab by July. A return to the Stock Exchange of Thailand is expected soon after, with a new board in place and strong signs of continued growth into Quarter Two.
Thai Airways reported bumper profits and a sharp improvement in performance on Friday. The company posted a net profit of ฿9.8 billion for the first three months of 2025. During the same period, it carried 4.33 million passengers—an increase of 11.6% from 2024. The airline is now preparing to exit its highly successful court-supervised rehabilitation plan, with approval expected by the end of June. Following that, it plans to relist on the Stock Exchange of Thailand (SET) under a newly appointed board. Notably, the board includes several government appointees. On Friday, Piyasvasti Amranand, Chairman of the Business Rehabilitation Plan Administration Committee, said he expects the airline’s positive momentum to continue into the second quarter of 2025.
Thai Airways International Public Company Limited (THAI) has recorded strong financial results in the first quarter of 2025. The airline generated revenue of ฿51.6 billion, or $1.56 billion, marking a 12.3% increase from the same period last year. Net profit surged to ฿9.8 billion, or $298 million—an increase of more than 300% year-on-year.
Piyasvasti Amranand, Chairman of the Business Rehabilitation Plan Administration Committee, announced the results on May 9. He said the company and its subsidiaries had delivered “satisfactory operational results” across the board. Growth was driven by a sharp rise in air travel demand, fleet expansion, and more frequent flights.
Available Seat Kilometers (ASK) rose 21.1% compared to Q1 last year. Meanwhile, Revenue Passenger Kilometers (RPK) also increased by 20.8%. Passenger numbers reached 4.33 million, up 11.6% from the same quarter in 2024.
THAI outlines fleet growth plans with new aircraft to improve service and support route expansion
Importantly, THAI plans to build on this momentum. It will expand its operational fleet from 77 to 81 aircraft by 2025. The airline will take delivery of one Airbus A330, one Boeing 789, and two new Airbus A321 Neo aircraft later this year.
Additionally, a further 15 aircraft are scheduled for delivery in 2026. These additions will support route expansion and enhance overall service quality. All new aircraft will feature personal entertainment screens and free Wi-Fi for Royal Orchid Plus members.
“Deliveries are expected toward the end of 2025,” said Piyasvasti. “We aim to improve passenger experience across all classes.” These changes reflect a broader effort to modernise the airline’s services and restore competitiveness.
Meanwhile, THAI is also focusing on in-flight upgrades to its existing fleet. The company has started equipping Airbus A330-300 aircraft with high-speed internet connectivity. Two aircraft are already operating with this system.
Internet connectivity and in-flight upgrades form part of a wider post-rehabilitation service strategy
The first stage of the new service includes free unlimited chat and messaging for all passengers. From May 1, full internet access will be offered free of charge to Royal Orchid Plus members. However, access levels will depend on the membership tier.
In addition to technical upgrades, THAI is progressing rapidly toward exiting its court-supervised rehabilitation. After the Extraordinary General Meeting on April 18, shareholders approved the appointment of a new board of directors. The registration of the board was completed on April 22 with the Ministry of Commerce.
The newly appointed board includes two government representatives: Lawan Saengsanit, Permanent Secretary of the Ministry of Finance, and Dr. Kulaya Tantitemit, Director-General of the Excise Department.
Following this, the company submitted a petition on April 28 to the Central Bankruptcy Court requesting to terminate the rehabilitation plan. The court has scheduled a hearing for June 4. If the court approves the request, the rehabilitation process could end later that month.
Once this occurs, the newly appointed board will take over full management authority. Their immediate tasks will include electing a chairman and forming an audit committee. Afterwards, they will prepare to relist THAI shares on the Stock Exchange of Thailand.
Relisting on the stock exchange is expected in Q3 as court ruling nears and the new board takes full control
Although relisting is a major milestone, Piyasvasti acknowledged it brings new challenges.
“Returning to trading in the second half of the year represents a risk,” he said. “The capital markets remain volatile, both domestically and internationally. Shareholder expectations are also high.”
Nevertheless, he expressed confidence in the airline’s future. He cited improving financial performance and strong internal management as key factors that could attract investors.
In parallel, THAI has completed the integration of Thai Smile Airways Co., Ltd. into its operations. The decision to dissolve the subsidiary was approved on May 8. The transfer of all Airbus A320 aircraft into THAI’s fleet had already been finalised. Thai Smile services officially ended on January 1, 2024.
This consolidation simplifies operations and reduces redundancy across the network. It also allows THAI to streamline its brand and service offerings.
Looking ahead, the airline expects continued positive momentum in Q2 2025. While May and June fall within the traditional low season, advance booking data looks promising. Bookings are significantly higher than the same period last year.
Strong bookings and international demand forecast to drive growth into the second half of the year
In particular, the Australian market is rebounding. Travel demand from this region is projected to grow steadily into July and August. This coincides with the European summer holiday period, traditionally a high-demand season.
As a result, THAI anticipates a boost in passenger volume and revenue in the second half of the year. These trends point to strong overall performance throughout 2025.
Thai Airways union protests government ‘interference’ in its recovery plan at a critical juncture
People’s Party economic head questions the government’s plans for Thai Airways after new moves
In summary, THAI is entering a crucial phase of recovery and growth. With profits rising, fleet modernisation in progress, and its rehabilitation nearly complete, the airline is preparing to rejoin the stock exchange. While challenges remain—particularly in developing new markets and adapting to new market trends—THAI’s leadership is confident the airline is now well-positioned for long-term success.
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Further reading:
Thai Airways union protests government ‘interference’ in its recovery plan at a critical juncture.
People’s Party economic head questions the government’s plans for Thai Airways after new moves
Thai Airways to refloat on Stock Exchange in June 2025 with a renewed mission as national carrier
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