Summary · why it matters
BAFS, or Bangkok Aviation Fuel Services Public Company Limited, is targeting fuel volume growth of about 4% in 2027 from an expected flat performance this year, with 2025 volume at 5.3 to 5.4 billion litres. Jakkrasanit Kritsaaadchai, Deputy Managing Director for Accounting and Finance of the group, told the Thai news agency Efinancethai that the growth will come from two main projects: the Link Line oil pipeline connection project, which is 95% complete and undergoing commissioning, with completion expected within this year, and the Surat Thani community waste-to-energy power plant with a capacity of 9.9 megawatts, a joint venture with Sermsang Power Corporation Public Company Limited, or SSP, which is expected to begin commercial operation, or COD, within this year despite delays caused by heavy rain. The company expects the pipeline connection to drive revenue and net profit growth by leaps and bounds and to clearly improve its EBITDA margin, with profit growth outpacing revenue growth in 2027, though next year's profit will not yet reach the previous peak before COVID, in 2019, when it earned nearly 1 billion baht. For 2026, fuel volume dipped slightly because of conflict in the Middle East, leaving total volume below target, but the company still maintained volume at a holding level. Suvarnabhumi Airport continued to see normal refuelling volume, while Don Mueang Airport, especially low-cost carriers, faced weakness from larger-than-usual flight cuts. Low-cost carriers account for only about 20% of total refuelling volume at Don Mueang, so a 30% cut in flights does not have much impact on the overall picture. On cost reduction and the adoption of technology, the company has launched the Iris system at Suvarnabhumi Airport and will expand it to Don Mueang Airport late this year, helping cut costs by about 20%, while a fuel depot management system is set to go live late this year and is expected to cut costs by another 10% to 20%. As for Solar Rooftop, it has already been installed and is supplying power commercially at Suvarnabhumi Airport and the Lampang fuel depot, with total capacity of about 700 kilowatts, helping cut electricity costs by as much as 30%. In the northern oil pipeline business, transport volume has recovered to about 80% to 90% of normal levels, and the FPT/BBT northern pipeline project, which used to lose about 300 million baht a year, will turn profitable from operations next year.
Bangkok Aviation Fuel Services Public Company Limited
Sermsang Power Corporation Public Company Limited