Thai Airways International Public Co. Ltd.
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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
Financial Highlights
| Dec 2018 | THB | USD |
| Revenue | 195,965.14M | 6,061.91M |
| Gross Profit | 10,557.60M | 326.58M |
| Operating income | -6,564.62M | -203.06M |
| Income before tax | -11,083.02M | -342.83M |
| Net income | -11,625.16M | -359.60M |
| EBITDA | 12,480.73M | 386.07M |
| Diluted EPS | -5.32 | -0.16 |
| Dividends Per Share | 0 | 0 |
| Total Assets | 268,721.19M | 8,253.10M |
| Total liabilities | 248,264.86M | 7,624.84M |
| Total equity | 20,329.04M | 624.35M |
| Operating cash flow | 14,043.82M | 434.42M |
| Currency in THB | Currency in USD |
Historical Data
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | |
| Revenue | 188,367.61M | 182,727.36M | 178,312.50M | 189,856.98M | 195,965.14M |
| Gross Profit | -2,403.74M | 15,564.63M | 20,910.50M | 23,605.73M | 10,557.60M |
| Operating income | -18,248.78M | -1,254.44M | 6,014.01M | 6,311.26M | -6,564.62M |
| Income before tax | -16,814.67M | -14,248.18M | -837.97M | -2,732.90M | -11,083.02M |
| Net income | -15,611.62M | -13,067.67M | 15.14M | -2,107.34M | -11,625.16M |
| EBITDA | 2,285.75M | 17,878.34M | 24,004.84M | 23,332.73M | 12,480.73M |
| Diluted EPS | -7.15 | -5.99 | 0.01 | -0.97 | -5.32 |
| Dividends Per Share | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 307,267.17M | 302,471.05M | 283,123.87M | 280,774.54M | 268,721.19M |
| Total liabilities | 265,971.24M | 269,545.36M | 249,535.68M | 248,761.74M | 248,264.86M |
| Total equity | 41,215.12M | 32,855.95M | 33,501.37M | 31,911.08M | 20,329.04M |
| Operating cash flow | 1,017.45M | 13,037.69M | 20,143.30M | 19,899.33M | 14,043.82M |
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | |
| Revenue | 5,798.85M | 5,331.57M | 5,054.12M | 5,594.96M | 6,061.91M |
| Gross Profit | -73.99M | 454.14M | 592.69M | 695.64M | 326.58M |
| Operating income | -561.78M | -36.60M | 170.46M | 185.98M | -203.06M |
| Income before tax | -517.63M | -415.73M | -23.75M | -80.53M | -342.83M |
| Net income | -480.60M | -381.28M | 0.42M | -62.10M | -359.60M |
| EBITDA | 70.36M | 521.65M | 680.39M | 687.60M | 386.07M |
| Diluted EPS | -0.22 | -0.17 | 0.00 | -0.02 | -0.16 |
| Dividends Per Share | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 9,339.42M | 8,405.47M | 7,906.16M | 8,615.35M | 8,253.10M |
| Total liabilities | 8,084.23M | 7,490.49M | 6,968.22M | 7,633.06M | 7,624.84M |
| Total equity | 1,252.73M | 913.04M | 935.51M | 979.16M | 624.35M |
| Operating cash flow | 31.32M | 380.41M | 570.94M | 586.42M | 434.42M |
Valuation Measures
| Dec 2018 | |
| PER | -- |
| ROA | -4.23% |
| ROE | -44.50% |
| Operating margin | -3.34% |
| Profit margin | -5.93% |
Key executives
- President & Director: Sumeth Damrongchaitham
- Executive Vice President-Operations: Pongtorn Thepkanjana
- Executive Vice President-Finance &Accounting: Nattapong Samit-Ampaipisarn
- Executive Vice President-Technical: Surachai Piencharoensak
- EVP-Corporate Strategy & Sustainable Development: Krittaphon Chantalitanon
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%)
- Dimensional Fund Advisors LP (1.3%)
- JITJUAJUN SONGSAK (1.3%)
- ARCHAVAKULTHEP EAM (0.7%)
- KANATHANAVANICH VICHAI (0.6%)
- Research Affiliates LLC (0.2%)
- Norges Bank Investment Management (0.1%)
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
- Bangkok Airways Public Co., Ltd.
- Nok Airlines Public Co., Ltd.
- Eva Airways Corporation
- Singapore Airlines Ltd.
- Vietjet Aviation JSC
- Deutsche Lufthansa AG
- Air New Zealand Limited
- China Southern Airlines Company Limited Class H
- China Airlines Ltd.
- PT Garuda Indonesia (Persero) Tbk Class B
- AirAsia Group Bhd.
- Cebu Air Inc.
- PAL Holdings, Inc.
- JG Summit Holdings Inc.
- Asia Aviation Public Co., Ltd.
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Last Updated on 11 Dec, 2019