M.L.
Nathasit
Diskul,
President
of
BAFS
demonstrated
robust
and
consistent
business
growth
in
2024
M.L.
Nathasit
Diskul,
President
of
Bangkok
Aviation
Fuel
Services
Public
Company
Limited
(BAFS),
stated
that
BAFS
and
its
subsidiaries
(BAFS
Group)
demonstrated
robust
and
consistent
business
growth
in
2024,
leading
to
the
company’s
first
profitable
year
since
the
COVID-19
outbreak
in
2019,
with
a
net
profit
of
THB
102.9
million—a
175%
increase
from
the
previous
year.
This
growth
was
primarily
attributed
to
a
surge
in
aviation
fuel
refueling
volume,
which
reached
5.047
billion
liters,
exceeding
expectations,
along
with
a
significant
increase
in
northern
pipeline
oil
transportation
to
1.226
billion
liters.
These
factors
drove
total
revenue
to
THB
3.507
billion,
reflecting
a
14%
year-over-year
increase,
in
line
with
the
recovery
of
the
tourism
sector.
EBITDA
also
grew
by
21%
year
over
year,
reaching
THB
1.594
billion.
In Q4 2024, BAFS Group recorded total revenue of THB 955.4 million, a 19% year-over-year increase, with EBITDA of THB 343.9 million, supported by higher gross profits resulting from increased aviation fuel sales. Operating expenses rose by 1% while net finance costs decreased by 9% due to scheduled debt repayments to financial institutions and lower interest rates on commercial bank loans. The company recognized a Q4 loss due to a fair value adjustment of its investment in a Japanese power plant and an impairment of goodwill from a domestic power plant. Additionally, it wrote off deferred tax assets (DTA) that were deemed unlikely to be utilized in the future. These accounting adjustments had no cash flow impact and resulted in a Q4 net loss attributable to shareholders of THB 49.8 million.
Following its strong performance in 2024, the Board of Directors approved a dividend payout of THB 0.30 per share for 2024. This includes an interim dividend of THB 0.10 per share, paid on September 3, 2024, and a final dividend of THB 0.20 per share, scheduled for payment on May 22, 2025. The final dividend is subject to approval at the company’s 2025 Annual General Meeting.
BAFS Group will continue its commitment to sustainable growth in 2025, targeting an 8% revenue increase. With over THB 1 billion allocated for strategic investments, the company will collaborate with partners to explore new business opportunities while enhancing Thailand’s energy transportation infrastructure. A key project is the extension of the northern oil pipeline connecting Ang Thong and Saraburi led by BAFS Pipeline Transportation Co., Ltd. Construction is set to begin in Q1 2025, with commercial operations expected to commence in 2026. Once completed, the total length of the pipeline system will exceed 726 kilometers, making it the longest and most advanced oil transportation pipeline in Thailand and the longest in Southeast Asia.
Amid the ongoing energy transition and its challenges, BAFS Group remains committed to sustainable value creation and energy security. The company’s five-year strategic plan (2025-2029) focuses on three key pillars. The first pillar, Solid Financials for Uplifting Asia, involves expanding investments across Asia, leveraging BAFS Group’s capabilities to seek investment and growth opportunities in the Asian market. Two key contributors are BAFS INTECH Co., Ltd., which is driving the expansion of the aviation refueling truck market in Southeast Asia, and BAFS Clean Energy Corporation Co., Ltd., which is currently advancing investments in Mongolia.
The second pillar, Sustainability and Governance for a Thriving Future, focuses on supporting the transition of society and the aviation industry to a sustainable energy era, primarily by preparing for the adoption of sustainable aviation fuel (SAF). Last year, BAFS began SAF refueling services at Samui and Suvarnabhumi International Airports and recently obtained ISCC-CORSIA certification in the logistic center scope for its aviation fuel storage and refueling stations at Don Mueang and Suvarnabhumi Airports.
The third pillar, Re-imagining the Future of Work for Human Empowerment, emphasizes building a future-ready workforce by enhancing employees’ skills in generative AI and digital literacy to ensure adaptability to changes. BAFS is also assessing and preparing its IT infrastructure to provide employees with secure and convenient access to generative AI tools to boost efficiency.
https://www.bafsthai.com
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The issuer is solely responsible for the content of this announcement.
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