Thai Airways records first full-year net profit since 2016

Thai Airways International reported a full-year consolidated net profit in 2021, its first in five years. 

In its latest financial report, Thailand’s flag carrier posted a full-year consolidated net profit reaching more than 55 billion baht (around $1.7 billion) in 2021, compared to the company’s worst-ever consolidated net loss of 141 billion baht (around $4.3 billion) in 2020. This significant improvement was helped by/the result of a 61.8 billion baht (more than $1.8 billion) cash injection as part of a debt restructuring program and the sale of unused properties. 

Although 2021 was the first year the airline was operating profitably since 2016, when it posted a 15 million baht ($459,000) consolidated net profit, the obtainment of one-time gains was not enough to avoid suffering an operating loss of 19.7 billion baht (which equals to approximately $604 billion). Meanwhile, the carrier’s revenues for the full year of 2021 also fell to 23.7 billion baht ($724 million), a 51% decrease from revenues recorded in 2020. 

With a fleet of 67 jets as of December 2021, Thai Airways flew only 190,000 travelers, an almost 95% decrease in the passenger number served in 2020. Compared with 2020, the airline reduced its fleet by 16 aircraft, down from 83.