BAFS posted a strong financial performance in 2024, recording total revenue of THB 3.507 billion and a net profit of THB 102.9 million, marking a 175% increase from the previous year. This is the company’s first profit since the COVID-19 pandemic. Higher aviation fuel refueling volumes and increased pipeline oil transportation contributed to this turnaround. The Board of Directors approved a THB 0.30 dividend per share for the year. Looking ahead, BAFS has allocated more than THB 1 billion to support expansion across Asia, aiming for an 8% revenue growth in 2025.
Revenue Surge from Fuel and Pipeline Operations
President M.L. Nathasit Diskul confirmed that BAFS and its subsidiaries saw consistent business growth in 2024, leading to profitability for the first time since 2019. The company recorded a significant rise in aviation fuel refueling volume, reaching 5.047 billion liters. Pipeline oil transportation in northern Thailand also increased to 1.226 billion liters. These factors pushed total revenue to THB 3.507 billion, reflecting a 14% rise from the previous year. The company’s EBITDA climbed 21% to THB 1.594 billion.
Q4 Performance and Accounting Adjustments
During Q4 2024, BAFS Group generated THB 955.4 million in revenue, marking a 19% year-over-year increase. EBITDA for the quarter stood at THB 343.9 million, supported by higher gross profit from increased aviation fuel sales. Operating expenses rose by 1%, while net finance costs dropped by 9% due to loan repayments and lower interest rates.
Despite this growth, the company reported a Q4 net loss of THB 49.8 million. This was due to a fair value adjustment on its investment in a Japanese power plant, goodwill impairment from a domestic power plant, and the write-off of deferred tax assets deemed unlikely to be used. These adjustments affected financial reporting but had no impact on cash flow.
Dividend Payout Approved
The Board approved a THB 0.30 per share dividend for 2024. This includes an interim dividend of THB 0.10 per share, which was paid on September 3, 2024, and a final dividend of THB 0.20 per share set for payment on May 22, 2025, pending shareholder approval at the 2025 Annual General Meeting.
Expansion Plans and Investment Strategy
BAFS aims to increase revenue by 8% in 2025. With a budget exceeding THB 1 billion, the company will focus on business expansion and energy transportation infrastructure improvements. A major project involves extending the northern oil pipeline between Ang Thong and Saraburi, led by BAFS Pipeline Transportation Co., Ltd. Construction is scheduled to begin in Q1 2025, with operations expected in 2026. Once completed, the pipeline system will span over 726 kilometers, making it the longest in Thailand and Southeast Asia.
Long-Term Strategy and Sustainable Growth
BAFS is preparing for the energy transition and strengthening its market position with a five-year plan (2025-2029) based on three key pillars.
Expanding in Asia – BAFS plans to grow its regional footprint, with BAFS INTECH Co., Ltd. driving aviation refueling truck expansion in Southeast Asia and BAFS Clean Energy Corporation Co., Ltd. investing in Mongolia.
Sustainable Development – The company is advancing sustainable aviation fuel (SAF) adoption. In 2023, it introduced SAF refueling services at Suvarnabhumi and Samui airports and secured ISCC-CORSIA certification for fuel storage and refueling stations at Don Mueang and Suvarnabhumi airports.
Future-Ready Workforce – Employee training will focus on generative AI and digital literacy. BAFS is also upgrading IT infrastructure to provide secure access to AI tools, boosting efficiency and adaptability.
For over four decades, BAFS has pursued balanced growth while maintaining financial stability. By investing in innovation, workforce development, and strategic partnerships, the company is positioning itself for long-term success in the evolving energy and aviation industries.
