Thailand's aviation industry recovers as tourism rebounds

By VNA October 31, 2024 | 06:45 pm PT

Immigration police officers are seen at Suvarnabhumi International Airport in Bangkok, Thailand, in 2021. Photo by Reuters

Airports of Thailand Public Company Limited (AOT), which manages six airports across the country, experienced a notable increase in air traffic in the fiscal year 2024, with passenger numbers reaching 119.29 million, marking a 19.22% rise compared to the same period in 2023.

Currently, the AOT manages Suvarnabhumi, Don Mueang, Chiang Mai, Mae Fah Luang Chiang Rai, Phuket, and Hat Yai international airports, accounting for approximately 95% of domestic and international flights.

The company reported that 72.67 million passengers traveled on international flights, an increase of 34.82% compared to the same period last year, while 46.62 million passengers used domestic flights, an increase of 11.47%.

The six airports recorded a total of 732,690 flights in the fiscal year 2024, up 14.5% from the previous year, including 416,190 international flights, up 29.63% and 316,500 domestic flights, a decrease of 0.73%.

The AOT has announced that profits have increased in the fiscal year 2024 and are nearing pre-Covid levels.

Previously, the company submitted a nine-month financial report (from October 2023 to June 2024) to the Stock Exchange of Thailand, showing a net profit of 14.91 billion baht (US$440 million), 178.23% compared to the same period last year. Total revenue reached 50.76 billion baht, an increase of 53.32% compared to the same period last year, with earnings per share at 1.04, significantly up from 0.38 recorded in 2023.

The company is preparing a master plan for the 10-year development of Suvarnabhumi International Airport from 2025 to 2035, aligning with the government's goal of placing the airport in the global top 20 within the next five years.

To achieve this goal, the Thai government is expected to approve a 9 billion baht expansion plan for the East Terminal of the Suvarnabhumi Airport in December, while the overall upgrade plan for the airport is set to be completed by April 2025.

According to the AOT, the completion of the East Terminal expansion by 2027 will increase the airport's capacity by an additional 15 million passengers per year.

Thailand is confident that the target of 36.7 million visitors for this year will be met, with an additional 10.7 million foreign tourists expected in the fourth quarter, or averaging 3.6 million per month.

In the first nine months, the country welcomed over 26 million visitors, according to the Tourism Authority of Thailand.