Bangkok Airways Public Company (BA) Q2 2024 earnings summary

Executive summary

• Achieved strong recovery in passenger numbers and revenue, approaching pre-pandemic levels in 2Q24 and 1H24, with global aviation RPK up 13.4% YoY and Asia-Pacific leading at 22.4%.

• Maintained high load factors and improved passenger yield year-over-year, with Q2 2024 load factor at 77.3%.

• Advanced bookings show steady growth for 2H24 and 1Q25, indicating sustained demand.

• Recognized as the World's Best Regional Airline and Best Regional Airline in Asia for 2024 by Skytrax.

• Thailand tourism surged 35% YoY, with Chinese arrivals up 138%.

Financial highlights

• 2Q24 total revenue reached 5,796.3 million baht (+16.8% YoY); 1H24 total revenue was 13,624.5 million baht (+27.3% YoY).

• 2Q24 EBITDA margin improved to 28%; 1H24 EBITDA margin at 32.3%.

• 2Q24 net profit was 712.0 million baht (+6.8% YoY); 1H24 net profit was 2,591.6 million baht (+67.7% YoY).

• Operating profit for 1H24 was 3,367.3 million baht (+66.5% YoY).

• RASK and unit margin increased year-over-year, reflecting better cost control.

Outlook and guidance

• Advanced bookings for 2H24 and 1Q25 remain robust, with 19 destinations and 27 routes served.

• Connectivity to Asia Pacific expected to be fully restored in 2024, supporting further growth.

• Launched 'Low Carbon Skies' initiative with SAF use, targeting net-zero emissions by 2050.

• Codeshare agreements with Lufthansa and Swiss International Airlines signed in Q2 2024.