BAFS rides tourism recovery, pipeline growth, and leak resolution
Tourism recovery lifts fuel demand BAFS expects jet fuel refuelling volume to rise to 5.0–5.4 billion litres in 2026, driven by a tourism rebound and government stimulus. Higher volumes directly boost revenue and profit, as the aviation fuel business is the core earner.
This is the main demand driver behind BAFS's earnings and future growth.
Pipeline expansion to boost market share The third-phase northern oil pipeline (Link Line) is over 90% complete and set to start commercial operations by early 2027. It should increase BAFS's oil transport volume and lift its market share from 40% to 62%, driving future profit growth.
This is a major new growth project that will significantly increase BAFS's earnings power.
Profit rises and dividend declared BAFS reported Q2 2026 net profit up 8% to 61 million baht despite lower revenue, thanks to cost cuts and lower interest costs. It also paid an interim dividend of 0.13 baht per share, showing financial health and returning cash to shareholders.
Profit growth and dividend signal operational resilience and shareholder returns.
Pipeline leak: temporary halt, limited financial impact A pipeline leak at Rama 3 forced a temporary shutdown, but BAFS says aviation fuel transport was unaffected and the leak occurred after the pipeline was transferred to BFPL, so BAFS expects no financial hit and maintains its 2026 target. Repairs and inspections continue, with insurance covering damages.
The leak is a negative event but BAFS has contained the impact, making it a mixed but manageable risk.