Thailand’s tourism sector has demonstrated surprising resilience in 2025. Despite a slowdown in inbound visitor numbers — particularly from China — major airlines and hotel groups listed on the Stock Exchange of Thailand (SET) delivered solid profits in the first half of the year.
In H1 2025, combined revenue for the three leading listed carriers — Thai Airways, Thai AirAsia, and Bangkok Airways — climbed to 134.885 billion baht, up from 129.255 billion the same period last year. Their aggregate net profit surged to 25.666 billion baht, compared to just 5.307 billion baht previously.
Thai Airways was a standout performer, posting a net profit of 21.973 billion baht – a remarkable year-on-year increase of 702.5 percent. This turnaround followed its business rehabilitation plan and relisting on the SET in August, where its market capitalization reached 418 billion baht.
Thai AirAsia also reversed prior losses, turning a deficit of 325 million baht into a profit of 1.601 billion. Bangkok Airways, despite a slight revenue decline, managed to maintain profitability through tight cost control.
On the hospitality front, leading hotel groups delivered resilient results.
- Minor International posted a net profit of 3.502 billion baht, down 11 percent year-on-year, boosted by higher average room rates across Europe, the Americas, the Maldives, and in Thailand itself.
- Asset World Corporation (AWC) delivered net profit of 3.374 billion baht, up 18.4 percent, with revenue rising 10.9 percent to 11.401 billion baht — supported by new property launches and diversification.
- S Hotels & Resorts (SHR) recorded a 399 percent surge in net profit to 200 million baht, marking its strongest first half ever, aided by lower finance costs.
- Dusit Thani remained in loss but saw revenue growth driven by its Bangkok and residences assets.
Going forward, executives remain cautiously optimistic. Thai Airways expects continued profitability into Q3 and Q4, backed by strong liquidity (120.01 billion baht) and plans to expand and upgrade its fleet. Thai AirAsia intends to broaden domestic and international routes, focusing on India and ASEAN. AWC will roll out “Lannatique Kalare” in Chiang Mai and strengthen global partnerships to drive direct bookings.
Government efforts like the “เที่ยวไทยคนละครึ่ง” (Thai-Tour Together) subsidy scheme are expected to bolster domestic hotel demand, especially in Hua Hin and Pattaya.
While weaker international arrivals – especially from China – remain a challenge, the ability of Thailand’s top airlines and hotels to deliver profits underscores the effectiveness of restructuring, market diversification, and resource discipline.
