Bangkok Fuel Firm Thrives: Tourism Surge Fuels 8% Revenue Growth
Bangkok—Bangkok Aviation Fuel Services (BAFS), a key player in Thailand’s aviation fuel market, projects an 8% surge in fuel sales for 2025, reaching an estimated 5.4 billion liters. This optimistic forecast follows a resurgent tourism sector and enhanced airport infrastructure, setting the stage for a profitable year for the SET-listed company.
M. L. Nathasit Diskul, president of BAFS, anticipates this fuel sales growth will translate to an 8% rise in revenue, reaching 3.8 billion baht, up from 3.5 billion baht in 2024. This projected financial upswing is largely attributed to the increasing influx of international flights into Thailand. Foreign tourist arrivals are expected to rebound significantly, reaching 88% of pre-pandemic 2019 levels, signaling a healthy recovery for the nation’s tourism industry. This resurgence follows a positive trend in 2024, which saw over 35 million tourists contributing over 1.6 trillion baht to the Thai economy, according to data from the Tourism and Sports Ministry. The Tourism Authority of Thailand aims to welcome 40 million foreign arrivals in 2025, further bolstering aviation fuel demand.
Beyond the burgeoning tourism sector, BAFS is also capitalizing on airport facility improvements. The expansion of Suvarnabhumi Airport, including its third runway (operational for a full year in 2025), will facilitate increased air traffic, directly impacting jet fuel demand. BAFS, which provides refueling services at several key airports including Suvarnabhumi, Don Mueang, Koh Samui, Sukhothai, and Trat, is well-positioned to benefit from this infrastructural development.
BAFS demonstrated remarkable adaptability during the pandemic. Facing lockdown challenges, the company diversified its operations beyond jet fuel, venturing into oil pipeline transport services and the sale of electric refueling trucks. This strategic move has proven fruitful, and M. L. Nathasit projects a 5% increase in oil pipeline transport volume in 2025, reaching 1.3 billion liters. This growth is further supported by the ongoing third-phase development of the oil pipeline between Ang Thong and Saraburi. Upon completion, this expansion will significantly boost the pipeline’s capacity, adding over 700 million liters annually to its transportation capabilities, strengthening BAFS’s position in the oil transport sector.
Further showcasing its innovative spirit, BAFS, through its subsidiary BAFS Intech Co., is making strides in the electric vehicle market. The company designs and sells electric trucks specifically for aircraft refueling, catering to domestic and international clients. Having already delivered 22 trucks, BAFS Intech has secured contracts for an additional 16, worth 187 million baht, further diversifying the company’s revenue streams. While jet refueling remains the company’s primary earner, contributing 80% to its earnings before interest, tax, depreciation, and amortization (EBITDA) in 2024, non-jet fuel businesses represent a growing 20% share, highlighting the success of BAFS’s diversification strategy.
As Thailand’s tourism industry continues its upward trajectory and infrastructure projects reach fruition, BAFS is well-prepared to capitalize on these positive trends, solidifying its position as a leading provider of aviation fuel and related services. The company’s proactive diversification and commitment to innovation demonstrate a resilient and forward-thinking organization poised for continued growth.
