Bangkok Airways Public Company (BA) Q4 2024 earnings summary

Executive summary

• Passenger revenue in 2024 reached 95% of pre-COVID-19 levels, with passenger yield surpassing pre-pandemic levels by 37%, driven mainly by Samui routes.

• Total revenues for 2024 increased by 20% year-over-year, while total expenses rose by 11%.

• EBITDA margin improved to 28% in 2024, up from 23% in 2023, reflecting operational efficiency.

Financial highlights

• Total revenues for 2024 were THB 26,041 million, up 20% from 2023.

• Passenger revenue grew 22% year-over-year to THB 18,139 million.

• EBITDA for 2024 was THB 4,782 million, with a margin of 28%.

• Normalized profit before tax for 2024 was THB 1,679 million.

• D/E ratio increased slightly to 2.53 times in 2024.

Outlook and guidance

• 2025 guidance projects 4.7 million passengers (+9% YoY) and 5.7 million seats (+8% YoY), with load factor at 82% (+2pt).

• Average fare expected to be maintained at THB 4,200 per sector.

• Sustained EBITDA margin at 25% level anticipated for 2025.