Thai Airways International Public Co. Ltd.

Company Background

Thai Airways International is Thailand's state-owned national flag carrier. More than half of its shares are owned by the Ministry of Finance, and the company is under the administration of the Ministry of Transport. The company was established by the government in 1960 as a joint venture between the now-defunct domestic carrier Thai Airways and Scandinavian Airlines System. SAS provided technical and marketing expertise but sold all its holdings to the Thai government in 1977. The company merged with Thai Airways in 1998.

Most of its board members have ties to the government or the air force. Former Chairman Prajin Juntong, for example, was commander of the air force and is now a cabinet member of the country's military government. Vice Chairman Areepong Bhoocha-oom, who succeeded Prajin as acting chairman, has held various high-ranking positions in the Finance Ministry, and is now permanent secretary of the energy ministry.

The company is one of the five founding airlines of the Star Alliance, the world's largest airline partnership. It also runs Thai Smile Airways, a wholly owned low-cost carrier, and holds about 40% stake in Nok Air, the country's second-largest budget airline.

Business Summary

Thai Airways International Public Co. Ltd. operates as a airlines company, which transport passengers, goods, parcels, and postal through air transportation. It operates through the following segments: Air Transportation Activities, Business Units, and Other Activities. The Air Transportation Activities segment comprises of passenger, freight, and mail services. The Business Units segment involves transportation activities, which include cargo and mail commercial, ground customer services, ground support equipment services, and catering services. The Other Activities segment are transportation supporting activities, which include dispatch services, sales on board, technical services, and operation of subsidiaries. The company was founded on August 24, 1959 and is headquartered in Bangkok, Thailand.

Financial Highlights

Dec 2020	THB	USD
Revenue	47,716.45M	1,524.72M
Gross Profit	-31,401.54M	-1,003.40M
Operating income	-33,626.70M	-1,074.50M
Income before tax	-139,585.70M	-4,460.30M
Net income	-141,170.73M	-4,510.94M
EBITDA	-5,922.42M	-189.24M
Diluted EPS	-64.67	-2.06
Dividends Per Share	0	0
Total Assets	208,790.91M	6,968.98M
Total liabilities	337,455.77M	11,263.54M
Total equity	-128,742.49M	-4,297.14M
Operating cash flow	-13,761.71M	-439.73M
	Currency in THB	Currency in USD

Historical Data

THB | USD

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020
Revenue	178,312.50M	189,856.98M	195,965.14M	181,042.04M	47,716.45M
Gross Profit	20,910.50M	23,605.73M	10,557.60M	7,656.39M	-31,401.54M
Operating income	6,014.01M	6,311.26M	-6,564.62M	-2,980.62M	-33,626.70M
Income before tax	-837.97M	-2,732.90M	-11,083.02M	-10,811.40M	-139,585.70M
Net income	15.14M	-2,107.34M	-11,625.16M	-12,042.40M	-141,170.73M
EBITDA	24,004.84M	23,332.73M	12,480.73M	14,346.96M	-5,922.42M
Diluted EPS	0.01	-0.97	-5.32	-5.51	-64.67
Dividends Per Share	0	0	0	0	0
Total Assets	283,123.87M	280,774.54M	268,721.19M	254,808.17M	208,790.91M
Total liabilities	249,535.68M	248,761.74M	248,264.86M	243,042.46M	337,455.77M
Total equity	33,501.37M	31,911.08M	20,329.04M	11,659.32M	-128,742.49M
Operating cash flow	20,143.30M	19,899.33M	14,043.82M	10,087.98M	-13,761.71M

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020
Revenue	5,054.12M	5,594.96M	6,061.91M	5,831.63M	1,524.72M
Gross Profit	592.69M	695.64M	326.58M	246.62M	-1,003.40M
Operating income	170.46M	185.98M	-203.06M	-96.01M	-1,074.50M
Income before tax	-23.75M	-80.53M	-342.83M	-348.25M	-4,460.30M
Net income	0.42M	-62.10M	-359.60M	-387.90M	-4,510.94M
EBITDA	680.39M	687.60M	386.07M	462.13M	-189.24M
Diluted EPS	0.00	-0.02	-0.16	-0.17	-2.06
Dividends Per Share	0	0	0	0	0
Total Assets	7,906.16M	8,615.35M	8,253.10M	8,506.71M	6,968.98M
Total liabilities	6,968.22M	7,633.06M	7,624.84M	8,113.92M	11,263.54M
Total equity	935.51M	979.16M	624.35M	389.24M	-4,297.14M
Operating cash flow	570.94M	586.42M	434.42M	324.94M	-439.73M

Valuation Measures

Dec 2020
PER	--
ROA	-60.90%
ROE	--
Operating margin	-70.47%
Profit margin	-295.85%

Key executives

Chief Executive Officer: Suvadhana Sibunruang
Executive Vice President-Operations: Pongtorn Thepkanjana
Chief Financial Officer: Chai Eamsiri
Executive Vice President-Technical: Surachai Piencharoensak
Executive Vice President-Commercial: Wiwat Piyawiroj

Shareholders

Norges Bank Investment Management (0.1%)
Dimensional Fund Advisors LP (0.0%)
The Vanguard Group, Inc. (0.0%)
Dimensional Fund Advisors Ltd. (0.0%)
Vanguard Global Advisers LLC (0.0%)

Contact Details

Website:http://thaiairways.com
Address: 89 Vibhavadi Rangsit Road, Chom Phon, Chatuchak, Bangkok, 10900, Thailand
Phone: +66.2.545.1000

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Last Updated on 28 Jun, 2021