Bangkok Airways Public Company (BA) Q3 2024 earnings summary

Executive summary

• Achieved strong operational recovery in 3Q24 and 9M24, with passenger numbers and flights up year-over-year and surpassing pre-COVID levels at key airports.

• Global aviation RPK grew 7.9% year-over-year in Q3 2024, with Asia-Pacific leading at 12.6%.

• Passenger volume rose 8.2% year-over-year to 1.06 million in Q3 2024, with ASK up 12.8%.

• Passenger revenue growth driven by robust demand from Europe and high seasonality, especially on Samui routes.

• Advanced bookings as of November 2024 show continued growth into mid-2025.

Financial highlights

• 3Q24 total revenue reached 6,489.3 million baht (+15.3% YoY); 9M24 total revenue was 20,004.3 million baht (+22.5% YoY).

• 3Q24 operating profit: 1,371.1 million baht (+18.1% YoY); 9M24 operating profit: 4,738.4 million baht (+48.8% YoY).

• 3Q24 net profit: 673.3 million baht (down 64.8% YoY); 9M24 net profit: 3,264.9 million baht (down 5.5% YoY).

• EBITDA margin remained strong at 27% in 3Q24; normalized profit before tax improved year-over-year.

• Improved unit margin with RASK outpacing CASK, reflecting better cost control and yield management.

Outlook and guidance

• Advanced bookings up 9% year-over-year, with Samui up 25% and domestic up 15% for travel through June 2025.

• Plans to send RFP for fleet renewal by end of 2024; ACMI aircraft to start operation in December 2024.

• Route expansion and resumption planned, including Samui-Kuala Lumpur in 4Q25.

• Adjusted flight frequencies on Samui routes to match high season demand.

• Continued focus on growing international and direct sales channels.