Following Restructuring, Thai Airways' Shares Soar Over 200% on Stock Market Return
After nearly five years, Thai Airways shares resumed trading with a surge of over 200%, reflecting the success of its restructuring plan and market confidence.
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Shares of Thai Airways International (THAI) experienced a significant return to the Stock Exchange of Thailand (SET) on Monday, closing the day with a 216% increase. The stock, which had been suspended for nearly five years, ended the day at 10.5 baht per share, a substantial jump from the approximately 3 baht price before its suspension.
Thailand's national carrier, a key member of the Star Alliance, resumes its public trading presence following a thorough bankruptcy-protected restructuring process that began in 2020. At that time, the global COVID-19 crisis exacerbated an already delicate financial situation, with losses recorded almost annually since 2012 due to intense competition from low-cost carriers in Southeast Asia.
Under a plan involving 400 billion baht in debt, the airline formed a restructuring committee led by Piyasvasti Amranand, who previously served as the company's CEO during a period of profitability between 2009 and 2012. The measures implemented were drastic and effective: total debt was reduced to 190 billion baht, debt-to-equity plans were executed, and the workforce was halved to about 16,000 employees.
How Did Thai Airways Recover?
The airline's recovery was built on several key strategic pillars during its restructuring process:
Debt Reduction: Liabilities were cut from 400 billion to 190 billion baht.
Operational Optimization: The workforce was halved, and its corporate structure was simplified.
Fleet Rationalization: Its low-cost subsidiary, Thai Smile, was eliminated, and its aircraft were integrated to create a more efficient and homogenous fleet.
Focus on Profitability: It prioritized long-haul routes and enhanced service to attract premium passengers.
The airline hailed the resumption of trading as "a pivotal new chapter for the airline, which stands as a profound source of national pride for the Thai people." In a statement, the company added that THAI "is now strategically positioned for robust, stable, and sustainable growth, driven by a steadfast commitment to elevating operational standards and service quality, coupled with a strong emphasis on corporate governance."
Financial results support this new phase. The company reported operational profits in 2023 and, during the first quarter of 2025, achieved a net profit of 9.8 billion THB (approximately $265 million USD), a 300% increase compared to the same period last year, according to company financial reports. Currently, Thai Airways operates a fleet of 78 aircraft and maintains an average load factor of 83.3%, an indicator of the strong demand it is experiencing.
Looking ahead, the airline is advancing its long-haul fleet modernization with a firm order for 45 Boeing 787-9 Dreamliner aircraft, with options for another 35. In July, the company suggested it might exercise this option as part of Thailand's tariff negotiations with the United States, a strategy that links major aviation purchases with international trade policy.
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