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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 THBUSD
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
Diluted EPS-64.67-2.06
Dividends Per Share00
Total Assets208,790.91M6,968.98M
Total liabilities337,455.77M11,263.54M
Total equity-128,742.49M-4,297.14M
Operating cash flow-13,761.71M-439.73M
Currency in THBCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 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 2016Dec 2017Dec 2018Dec 2019Dec 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
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


  • 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:
  • 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

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