BAFS Reports Strong 2024 Performance with First Profit in Five Years at THB 102.9M, Approves THB 0.30 Yearly Dividend, Eyes Asian Market Expansion in 2025
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.
Hashtag: #BAFS #BAFSGroup
https://www.bafsthai.com
https://th.linkedin.com/company/bafsthai
https://www.facebook.com/BAFSGROUP
The issuer is solely responsible for the content of this announcement.
Bangkok Aviation Fuel Services Public Company Limited (BAFS)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
2 hours ago
- Khaleej Times
Central banks ramp up buying at euro zone bond sales
Central banks have ramped up buying at euro zone bonds sales this year, data shows, in a positive sign for the euro as the bloc looks to benefit from diversification away from U.S. markets. U.S. President Donald Trump's confrontations with longstanding allies over trade and security, along with attacks on the Federal Reserve, have raised concerns around the safe- haven status of the U.S dollar, the world's No.1 reserve currency, which has tumbled 9% this year. The euro meanwhile has surged 12% and policymakers are keen to seize the moment to boost its role as a reserve currency. Higher demand from central banks, which manage trillions of dollars in currency reserves, is therefore notable. Official institutions, which include central banks and sovereign wealth funds, have bought a fifth of euro zone government debt sold at syndications year-to-date, up from 16% for the whole of last year, a Barclays analysis showed, using debt management office data. Debt sales where official institutions were allocated large shares include 55% of a 30-year German bond sale a day after the country announced a historic shift to looser fiscal policy in March, and 27% of a 10-year Spanish bond sale in May. Syndications, through which governments hire banks to sell bonds directly to investors, allow for results to be closely tracked to monitor shifts in demand. Syndicated sales raised over 200 billion euros ($232.40 billion) last year for euro zone governments, and are a key source of funding. Allocations to official institutions did not increase in 2024, the data showed, after rising from 8% in 2021, following which euro zone interest rates turned positive after almost a decade of below-0% rates. Asia demand Bankers who run the debt sales said demand from Asian institutions stood out this year and was spread across the board. "Some Asian clients in particular are coming back into the euro zone government bond space," said Benjamin Moulle, global head of primary credit for sovereigns, supranationals and agencies at Credit Agricole CIB. "Large Asian central banks are very confident, more comfortable than previously when it comes to investing in EGBs." Political stability in Europe, relatively lower budget deficits and lower inflation which gives the European Central Bank more room to cut rates further if needed, made the region's debt attractive to central banks, Moulle said. Carla Diaz Alvarez de Toledo, director general for treasury and financial policy at Spain's economy ministry, told Reuters the country was seeing higher demand for its bond sales over the last two years from official institutions in the Nordics, Middle East and Asia. While rising demand for the bloc's debt is positive, bankers stressed it was too soon for central bank reserve managers to be shifting currency allocations meaningfully in response to developments this year. Central banks may be shifting their euro zone bond holdings into longer maturities as they had not really been buying long paper in recent years, said a second banker who arranges government debt sales. They remain U.S. dollar-focused and usually adjust their asset allocation models later in the year, so a major change will not have happened yet, the banker said, asking not to be identified. "What's actually happening on the ground, that is incredibly hard to say," said Rohan Khanna, head of euro rates strategy at Barclays. "I have had these conversations with sovereign wealth funds out of China, out of Europe. Their viewpoint has been that it's too early." While such investors are considering whether to invest incremental flows they received outside the U.S., they acknowledged that the U.S. Treasury market does not have a real alternative, Khanna said.
Zawya
2 hours ago
- Zawya
India's June gold imports fall to two-year low as record price dents demand
India's gold imports in June fell 40% from a year ago to their lowest level in more than two years, as a price rally to a record high sapped demand, a government and two industry officials told Reuters. Imports to India, the world's second-largest gold consumer, fell to 21 tons, the lowest since April 2023, said a government official, who declined to be named as he was not authorised to talk to the media. In value terms, gold imports fell to $1.84 billion in June from $2.48 billion a year ago, the official said. In the past decade, on average, India imported 52.4 tons of gold in June. In the first half of 2025, India's gold imports fell 30% from a year ago to 204.1 tons, the lowest since the first half of 2020, when the COVID-19 outbreak led to lockdown, the trade ministry data showed. The rapid surge in prices has been discouraging retail buyers from making jewellery purchases, said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji. Domestic prices hit an all-time high of 101,078 rupees per 10 grams in June. Gold prices have risen 27% so far this year after rising 21% in 2024. Gold imports would remain subdued even in July, as demand is still tepid because of higher prices, Jain said. Silver imports in June nearly doubled from a year ago to 197 tons, but were significantly lower than the 544 tons imported in May, the government official said. In recent months, Indian investors, traditionally obsessed with stockpiling gold, are increasingly turning to silver , as its returns this year outpaced those of gold. (Reporting by Rajendra Jadhav Editing by Ros Russell)
Web Release
5 hours ago
- Web Release
Hikma, IFC sign $250mn deal, marking a 40-year partnership driving access to quality medicines in the MENA region
Hikma Pharmaceuticals PLC (Hikma), a multinational pharmaceutical company, and the International Finance Corporation (IFC), a member of the World Bank Group, have signed a $250 million six-year financing agreement focused on expanding access to medicines to support Hikma's operations across the Middle East and North Africa region (MENA), by strengthening local medicine production. This financing builds on IFC's anchor role in Hikma's $500 million, five-year bond issuance, which included a $50 million subscription from IFC. The latest investments mark another milestone in a 40-year partnership and reaffirm IFC's commitment to supporting Hikma's mission of providing high-quality, affordable medicines across key MENA markets. Over four decades, IFC has offered Hikma financing and advisory tailored to the company's growth trajectory and helping reinforce its operational resilience. In 2017, IFC extended a loan to facilitate Hikma's regional expansion and later, in 2020, provided a financing package that enabled the uninterrupted distribution of medicines across the MENA region during the COVID-19 pandemic. 'Our longstanding partnership with IFC has supported our expansion into new markets over the past four decades, most recently through the strategic $250 million loan and contribution to our $500 million bond issuance. This has allowed us to respond effectively to critical healthcare needs in the regional markets we serve.' said Mazen Darwazah, Hikma's Executive Vice Chairman and President of MENA. 'Our partnership transcends monetary transactions and reflects our long-term alignment and shared values on corporate governance and sustainability. Together, we have grown strategically while staying focused on what matters most; supporting our patients by addressing high unmet healthcare needs across the region.' Hikma operates in over 50 countries across MENA, North America, and Europe, reporting revenues of over $3 billion in 2024. The company's growth has been driven by investments in local manufacturing and a series of strategic acquisitions and partnerships with multinational companies aimed at expanding access to high-quality medicines. Hikma has been listed on the London Stock Exchange since 2005 and was recognised in the FTSE4Good Index for ten consecutive years for its sustainability performance. In 2012, IFC honoured Hikma with its Client Leadership Award in recognition of its achievements in sustainability and corporate governance. Khawaja Aftab Ahmed, IFC's Regional Director for the Middle East, Pakistan, and Afghanistan, added: 'IFC's 40-year partnership with Hikma continues to demonstrate what's possible when global development institutions and private sector leaders collaborate. Together, we've expanded access to high-quality medicines across emerging markets, enabling the company to grow into new territories and deliver critical medicine when it was needed most, including during the COVID-19 pandemic. Our recent engagements build on that strong foundation and open the door for even greater impact by supporting local medicine production and continued regional growth, despite ongoing conflict and uncertainty.' The 40-year anniversary of our partnership was celebrated at Hikma's Amman headquarters on 14 July, with senior leaders and partners in attendance to honour their shared commitment to building stronger, more resilient health systems across the MENA region and beyond.
