Bangkok: Bangkok Aviation Fuel Services Public Company Limited (BAFS) forecasts a 4% growth in aviation fuel sales by 2026.
According to Thai News Agency, BAFS reported a net profit of 211.9 million baht attributable to shareholders in 2025, marking a 106% increase, equivalent to 0.25 baht per share, with a net profit margin of 4%. This growth was primarily driven by increased aircraft refueling volume and pipeline fuel transportation, alongside aggressive marketing strategies.
M.L. Natthasit Diskul, Managing Director of BAFS, noted that in 2025, Thailand's tourism industry recovery was still fragile and below expectations. The slower-than-expected recovery of key tourist markets, particularly China, impacted by weak purchasing power and changing travel behaviors, was a significant factor. Additionally, global economic slowdown, high travel costs, and geopolitical uncertainties affected international travel decisions, resulting in approximately 32.9 million international tourists, a 7% decrease from the previous year.
The Thai tourism industry is showing signs of structural adjustment, with tourists from India, the Middle East, and Russia, as well as long-stay tourists, beginning to fill the gap left by previous markets. Thus, 2025 was seen as a year of rebalancing and laying the foundation for the industry rather than focusing solely on quantitative growth. In 2025, the aviation business group projected aircraft fuel refueling volume of 5,372 million liters, generating total revenue of 3,008.2 million baht, with fuel usage recovering to 88% of pre-COVID-19 levels. The company also earned 65.8 million baht from the sale of aircraft refueling vehicles to domestic and international clients.
The Utilities business group is experiencing growth, with oil transportation volume projected at 1,353 million liters in 2025, a 10% increase from the previous year, resulting in total revenue of 450.4 million baht. The Power business group reported total revenue of 276.1 million baht, derived from the sale of Renewable Energy Certificates (RECs) and rooftop solar panels, marking an increase from the prior year.
For 2026, BAFS GROUP plans to maintain a balanced revenue structure, targeting aviation fuel refueling volume at 5,560 million liters, reflecting a 4% increase from 2025. This target aligns with aviation industry trends and Thailand's tourism outlook, which is expanding at a slower pace compared to previous recovery periods. Consequently, the rise in flights and flight frequencies is expected to be gradual.
The oil pipeline transportation business anticipates an 11% year-on-year growth in oil volume, reaching 1.5 billion liters. The third phase of the northern oil pipeline extension project (Ang Thong-Saraburi) is expected to begin commercial operations by early 2027. The aircraft refueling vehicle manufacturing and assembly business continues to grow, with BAFS INTECH scheduled to deliver 11 refueling and airport service vehicles in 2026, valued at over 137.3 million baht.
Earlier in the year, BAFS INTECH signed a contract for manufacturing mobile service vehicles for inspecting fuel quality and cleaning aircraft refueling wells at Noi Bai International Airport in Vietnam, marking an expansion into the Southeast Asian market after successful entries in Laos, Myanmar, and Cambodia.