BA accounts: an airline propped up by its airports and investments
Bangkok Airways earns mainly from flying, but it owns airports and holds investments that pay it dividends. Q2 2026 profit fell as fuel costs rose by almost half, while first-half profit still grew.
| Price (THB) | P/E (x) | P/BV (x) | ROE | Payout | Dividend yield | 52-week position |
|---|---|---|---|---|---|---|
| 18.90 | 10.1 | 2.75 | 27.5% | 67% | 6.38% | 86% |
Price at the midday break on 12 October 2026. Other ratios are Stock Exchange of Thailand statistics at the previous trading day's close. 52-week position: 0% is the low of the range, 100% the high.
What Bangkok Airways does
Bangkok Airways PCL runs an airline, airports and related businesses: ground handling, in-flight catering and cargo terminals. It owns and operates the Samui, Sukhothai and Trat airports.
Four years and the latest half-year
| Year | Revenue | Net profit | Gross margin | Operating cash flow | Cash after investing | DPS (THB) | Payout |
|---|---|---|---|---|---|---|---|
| 2022 | 12,755 | -2,110 | -1.9% | 1,568 | -3,185 | 0 | – |
| 2023 | 21,840 | 3,110 | 20.6% | 5,546 | 17,375 | 1 | 68% |
| 2024 | 26,456 | 3,788 | 27.9% | 6,519 | 1,709 | 1.3 | 72% |
| 2025 | 26,359 | 3,549 | 29.0% | 5,915 | 8,769 | 1.2 | 71% |
| H1 2026 | 13,876 | 2,422 | 31.0% | 3,584 | 4,127 | 0.55 | 47% |
Money in THB million, consolidated. Cash after investing = net cash from operating activities + net cash from investing activities. Dividends per share are counted in the year of the results they were paid from. Payout = dividend per share ÷ earnings per share. The half-year row covers January to June 2026 only.
High fixed costs make profit swing harder than revenue
Aircraft leases, maintenance and staff are mostly fixed costs. 2022 brought a loss of THB -2,110 million and 2024 a profit of THB 3,788 million. When passengers rise, profit grows faster than revenue; when they fall, profit falls faster.
In Q2 2026 load factor rose to 75.2% after frequencies were cut on some routes, but fuel costs rose 49%, so operating profit fell 39.3%.
Investing cash flow that comes in, not out
In 2023 and 2025 net investing cash flow was positive (THB 11,829 million and THB 2,854 million): money received from investments, such as dividends received or disposals, exceeded new investment. The notes give the detail.
Cash after investing here is net operating cash flow plus net investing cash flow, which covers both capital spending and investments in other companies. So 2022–2025 cash after investing reached THB 24,668 million, more than total net profit of THB 8,337 million and more than dividends of about THB 7,350 million. This cash does not come from flying, so set it aside when judging what the core business generates.
D/E of 2.80x is high because TFRS 16 puts aircraft leases on the balance sheet. Lease repayments are financing cash flows (THB -7,445 million in 2025), so operating cash flow looks higher than it did before the standard. The payout from 2025 results was 71%.
Latest results and news
- 11 August 2026 · Q2 2026 fuel costs up 49%; load factor 75.2%, up 5.6 points; dividend income THB 490.9 million, up 60.4%; operating profit THB 543.1 million, down 39.3%. Kaohoon International
- 12 August 2026 · Q2 2026 revenue of THB 6.05 billion, up 5.5%, and net profit of THB 332.6 million; first-half net profit of THB 2.43 billion, up 16.3%. Nation Thailand
Figures to watch next
- Load factor and foreign arrivals, especially on Samui routes.
- Jet fuel prices.
- Dividend income and investment disposals, kept apart from the airline.
- Lease liabilities as new aircraft arrive.
Questions
Why is BA's D/E high?
TFRS 16 records aircraft leases as right-of-use assets and lease liabilities, so airlines that lease aircraft show high D/E even with little bank debt.
Read next
Financial statements, dividends and share counts are from the Stock Exchange of Thailand website; price and ratios are as of the date on the page; news is from the linked sources. Figures do not update automatically.
Note: this explains how to read a listed company's accounts. It is not a recommendation to buy or sell any security, it sets no valuation or target price, and its author is not a licensed investment adviser. Check the latest information and weigh your own goals and risks before investing.