BANGKOK, 17 May, 2022 - Asia Aviation Public Company Limited. (“AAV”), a major shareholder of Thai AirAsia Company Limited (“TAA”), announces its operational results for the first quarter of 2022 (“1Q2022”) with Baht 2,091.0 million in total revenue and a loss of Baht 2,370.6 million.

TAA has noted key indicators of improved performance for 1Q2022, including an average load factor of 73 percent, up by 7 percentage points compared to the same period last year. Passengers served in 1Q2022 also rose by 48 percent year-on-year (“YoY”) to 1.45 million, propelling the average fare by 7 percent YoY to 1,018 Baht per passenger. Cost of sales and services meanwhile rose in line with the increase in flights, the average fuel price hiked by 61 percent YoY, and selling and administrative expenses increased by 21 percent, mainly due to commission fees and related fees stemming from the company’s fundraising. Positively, passenger numbers have shown signs of a steady increase for the second quarter of 2022 (“2Q2022”) as the government eases restrictions and entry requirements to sustain international tourist arrivals, allowing TAA to continue to add routes and flight frequencies.

Santisuk Klongchaiya, Chief Executive Officer of Asia Aviation Plc. and Thai AirAsia Co. Ltd. (TAA), pointed out that, “Clear signs of recovery in the tourism sector were seen in 1Q2022 as entry restrictions into Thailand were eased while the COVID-19 pre-flight testing requirement was removed at the start of 2Q2022. TAA seized the opportunity during this period to resume both domestic and international routes, adding 11,002 flights, up by 32 percent from the same period last year, and plans to launch even more international routes throughout the ASEAN and South Asian markets in anticipation of the pent-up demand among foreign travellers to visit Thailand. Recently, TAA has opened flights to 8 countries, 19 routes, covering Maldives, Cambodia, Malaysia, Singapore, Vietnam, Indonesia, and Laos.

“TAA is forging ahead with its robust and sustainable growth plan, gradually adding seats and flights as the situation allows. The first quarter was a satisfactory start in the period of recovery of our business, and we believe we will be able to fully fuel the international expansion in the coming quarters, resuming both familiar routes and adding newer choices, including routes to Japan, where TAA is penetrating for the first time.” Mr. Santisuk said.

TAA observes the highest standards in service through its safety and on-time performance. TAA placed the third for on-time performance in the world by a low-cost airline on the Cirium ranking, and was recognised with two awards from the Tourism Authority of Thailand; the Best of SHA Awards recognition for aircraft and the Best of SHA 3-Star recognition for businesses with above-average adherence to SHA standards, affirming the airline as number one in all-round readiness to serve and underlining its potential for significant growth when the opportunity arises once again. AirAsia Group meanwhile received a 7/7 rating from airlineratings.com for its safety protocols.

For 2Q2022, TAA will continually be launching campaigns, emphasising on the SUPER+ that offers unlimited free flights across Thailand and ASEAN throughout the entire year, free deliveries from airasia Food and flight cancellation coverage. For 2022, TAA is targeting to serve 10.4 million guests, with a 78 percent average load factor, 90 percent on-time performance rate and to end the year with a fleet of 53 aircraft in operation.