Bangkok Aviation Fuel Services Public Company Limited

A review of Q2 2026 earnings reports for 19 listed companies in Thailand's energy and utilities sector shows that all companies posted net profit growth compared to the same period last year. Notably, BGRIM, EASTW, WHAUP, and SUSCO saw profits surge by several hundred to several thousand percent. Meanwhile, PTT and PTTEP reported net profits of 52,524.59 million baht and 27,197.17 million baht, respectively, up 143.93% and 101.23%. Key drivers include higher electricity and water sales volumes, lower financial costs, and improved energy prices. Looking ahead, power plant operators continue to benefit from the new Power Development Plan (PDP2026), the introduction of direct power purchase agreements (Direct PPA), and rising electricity demand from AI and data center businesses. Investors should monitor gas costs, oil prices, and progress on government policies. Bangkok Aviation Fuel Services (BAFS) reported a net profit of 60.50 million baht, up 8.02%.

Bangkok Aviation Fuel Services, or BAFS, reported second-quarter net profit of 60.5 million baht, up 8% from the same period last year, even as jet fuel prices surged because of Middle East conflict, pressuring costs. Total revenue was 839.5 million baht, down 4% from a year earlier and down 13% from the previous quarter. First-half net profit was 212.3 million baht, up 7%. The board approved an interim dividend of 0.13 baht per share, with a record date of 28 August and payment on 10 September 2026. The company was also notified by Airports of Thailand to continue operating the aircraft fuel services system at Suvarnabhumi under the existing contract and conditions until the selection of a new operator is completed.

Bangkok Aviation Fuel Services, or BAFS, informed the Stock Exchange of Thailand that its board of directors, at meeting number 3 of 2026 held on 13 August 2026, approved the company's continued temporary operation of the into-plane services project at Suvarnabhumi Airport, in line with the management approach of Airports of Thailand, or AOT, for a period not exceeding 3 years and 6 months, under the original conditions set out in the into-plane services contract. The original contract had a term of 20 years and will expire on 27 September 2026.

BAFS disclosed that although the second quarter of 2026 was a low season and affected by the Middle East conflict, operating results still beat expectations thanks to cost reductions and maintaining refuelling volumes close to the previous year. For the second half, which is the high season, if oil prices are not too high, the company believes travel will be robust, with the Thai Tour Thai Plus measures providing significant support. As a result, for full-year 2026, the company has raised its refuelling volume target to growth of about 1 to 2 percent from the previous year's 5.372 billion litres. Meanwhile, the third-phase northern oil pipeline project is more than 90 percent complete and is expected to begin commercial operations within the fourth quarter of 2026, with revenue recognition starting in the first quarter of 2027. This will be a key driver for the group to achieve a leap in growth next year.

BAFS has unveiled its 2026 plan, projecting full-year jet fuel refueling volume at 5.0 to 5.3 billion litres, up from the previous year, supported by a tourism rebound and international events in the second half. Miss Pispong Jantranont, Investor Relations Manager, said that in the first six months of 2026, refueling volume will grow around 1 to 2 percent from the same period a year earlier. Although the second quarter will be affected by geopolitical factors, the current situation is steadily improving. At present, international flights account for about 60 percent of refueling volume and domestic flights 40 percent. Meanwhile, the northern oil pipeline project is expected to be completed by the end of 2026 and enter full commercial service in early 2027, boosting oil transport capacity by an additional 700 million to 1 billion litres from the original target of 1.35 billion litres. In addition, BAFS is pressing ahead with producing electric-powered aircraft refueling vehicles, with plans to deliver seven units to external customers in 2026, generating revenue of around 80 million baht. The company expects total revenue in 2026 to grow by approximately 3 to 4 percent.