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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 2019 THBUSD
Revenue180,279.62M5,807.08M
Gross Profit3,417.94M110.09M
Operating income-12,934.70M-416.64M
Income before tax-10,811.40M-348.25M
Net income-12,042.40M-387.90M
EBITDA3,852.50M124.09M
Diluted EPS-5.51-0.17
Dividends Per Share00
Total Assets256,665.14M8,568.71M
Total liabilities244,899.44M8,175.91M
Total equity11,659.32M389.24M
Operating cash flow11,332.59M365.04M
Currency in THBCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 182,727.36M 178,312.50M 189,856.98M 195,965.14M 180,279.62M
Gross Profit 15,564.63M 20,910.50M 23,605.73M 10,557.60M 3,417.94M
Operating income -1,254.44M 6,014.01M 6,311.26M -6,564.62M -12,934.70M
Income before tax -14,248.18M -837.97M -2,732.90M -11,083.02M -10,811.40M
Net income -13,067.67M 15.14M -2,107.34M -11,625.16M -12,042.40M
EBITDA 17,878.34M 24,004.84M 23,332.73M 12,480.73M 3,852.50M
Diluted EPS -5.99 0.01 -0.97 -5.32 -5.51
Dividends Per Share 0 0 0 0 0
Total Assets 302,471.05M 283,123.87M 280,774.54M 268,721.19M 256,665.14M
Total liabilities 269,545.36M 249,535.68M 248,761.74M 248,264.86M 244,899.44M
Total equity 32,855.95M 33,501.37M 31,911.08M 20,329.04M 11,659.32M
Operating cash flow 13,037.69M 20,143.30M 19,899.33M 14,043.82M 11,332.59M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 5,331.57M 5,054.12M 5,594.96M 6,061.91M 5,807.08M
Gross Profit 454.14M 592.69M 695.64M 326.58M 110.09M
Operating income -36.60M 170.46M 185.98M -203.06M -416.64M
Income before tax -415.73M -23.75M -80.53M -342.83M -348.25M
Net income -381.28M 0.42M -62.10M -359.60M -387.90M
EBITDA 521.65M 680.39M 687.60M 386.07M 124.09M
Diluted EPS -0.17 0.00 -0.02 -0.16 -0.17
Dividends Per Share 0 0 0 0 0
Total Assets 8,405.47M 7,906.16M 8,615.35M 8,253.10M 8,568.71M
Total liabilities 7,490.49M 6,968.22M 7,633.06M 7,624.84M 8,175.91M
Total equity 913.04M 935.51M 979.16M 624.35M 389.24M
Operating cash flow 380.41M 570.94M 586.42M 434.42M 365.04M

Valuation Measures

Dec 2019
PER--
ROA-4.58%
ROE-75.29%
Operating margin-7.17%
Profit margin-6.67%

Key executives

  • President & Director: Chansin Treenuchagron
  • Executive Vice President-Operations: Pongtorn Thepkanjana
  • Executive Vice President-Finance & Accounting: Chai Eamsiri
  • Executive Vice President-Technical: Surachai Piencharoensak
  • Executive Vice President-Commercial: Wiwat Piyawiroj

Shareholders

  • Government of Thailand (51.0%)
  • Krung Thai Asset Management Public Co., Ltd. (7.5%)
  • MFC Asset Management Public Co., Ltd. (Investment Management) (7.5%)
  • Government Savings Bank of Thailand (Investment Portfolio) (2.1%)
  • JITJUAJUN SONGSAK (1.3%)
  • ARCHAVAKULTHEP EAM (0.7%)
  • KANATHANAVANICH VICHAI (0.6%)
  • Norges Bank Investment Management (0.1%)
  • Dimensional Fund Advisors LP (0.0%)
  • Dimensional Fund Advisors Ltd. (0.0%)

Contact Details

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

Related Companies

  • Thai Airways International Employees Provident Fund
  • Thai Smile Airways Co. Ltd.
  • Tour Eurng Luang Co. Ltd.
  • Thai Flight Training Co., Ltd.
  • Thai Airways International
  • Wingspan Services Co. Ltd.
  • Thai Amadeus Southeast Asia Co. Ltd.
  • Donmuang International Airport Hotel Co. Ltd.

Competitors

  • Nok Airlines Public Co., Ltd.
  • Eva Airways Corporation
  • Singapore Airlines Ltd.
  • Turk Hava Yollari A.O.
  • Deutsche Lufthansa AG
  • Alibaba Group Holding Ltd.
  • Sea Ltd. (Singapore) Sponsored ADR Class A
  • China Southern Airlines Company Limited Class H
  • Bangkok Airways Public Co., Ltd.
  • China Airlines Ltd.
  • PT Garuda Indonesia (Persero) Tbk Class B
  • Cebu Air Inc.
  • PAL Holdings, Inc.
  • JG Summit Holdings Inc.
  • Asia Aviation Public Co., Ltd.
Last Updated on 21 Oct, 2020

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