BAFS 9-Month Profit Rises 7% Despite Revenue Decline
Bangkok Aviation Fuel Services (BAFS) reported a 7% increase in nine-month net profit to 260.4 million baht despite a 4% revenue decline to 2.65 billion baht, as jet fuel demand remains subdued amid a slow tourism recovery. The company is rolling out new digital fuel management systems at Don Mueang Airport, with full launch expected in January 2027.
BAFS tightened its belt to support a 7% rise in nine-month profit to 260 million baht, even as aviation fuel revenue slowed alongside tourism. The company is moving forward with upgrades to its fuel management systems.
M.L. Natthasit Disakul, Chief Executive Officer of Bangkok Aviation Fuel Services Public Company Limited (BAFS), disclosed that the group's consolidated performance for the first nine months of 2026 showed a net profit attributable to shareholders of 260.4 million baht, up 7% from the same period last year. This came despite total revenue falling 4% to 2,649.1 million baht. Earnings before interest, taxes, depreciation, and amortization (EBITDA) declined 4% to 1,312.5 million baht. Earnings per share stood at 0.34 baht with a net profit margin of 8%.
However, the aviation industry and jet fuel demand continue to expand only gradually, in line with the tourism sector's slow recovery. European and domestic routes saw increased refuelling volumes, while East Asia, Southeast Asia, South Asia, and Pacific routes declined slightly.
M.L. Natthasit said for the third quarter of 2026, the group recorded total revenue of 842.6 million baht, down 8%. EBITDA was 377.4 million baht, down 11%. Net profit attributable to shareholders rose 10% to 48 million baht, thanks to cost control and a 16% drop in net finance costs after loan repayments and benefits from commercial bank interest rate cuts.
The company is advancing technology to improve operational efficiency. It is preparing to deploy the intelligent refuelling management system IRIS at Don Mueang Airport to enhance accuracy and service efficiency. It is also developing the Fuel Inventory Management System (FIMS) covering receipt, storage, transfer, and management of remaining fuel volumes.
"We are currently testing the system with users and expect to launch it officially within January 2027."
