Bangkok Aviation Fuel Services Public Company Limited (BAFS) was founded by Cabinet Resolution in November 22, 1983 to construct and operate aircraft refuelling services at Bangkok International Airport (Don Mueang). Since then, and throughout its 36 years, BAFS has been playing an important role in fuelling Thailand’s air transport to become an aviation hub of the region and the world. BAFS has successfully been doing business based on good corporate governance, emphasizing efficient management and international standard work process, governed by best practices, business integrity and fidelity. This results in a transparent and progressive organization that develop into a leading refuelling company at the international level.
For this year,
In 2019, BAFS had encountered a wide range of situations amid global economic fluctuations due to impacts of a trade war between the United States and China and a continued appreciation of Thai Baht, resulting in a decreasing number of foreign tourists. Nonetheless, refuelling volume of aviation fuel which BAFS Group has provided at two major airports ie. Suvarnabhumi Airport (BKK) and Don Mueang International Airport (DMK) continued to grow, although the growth rate had slowed down to reach 2.3% compared to the previous year. In the meantime, volume of ground product fuels transported through pipeline system of Fuel Pipeline Transportation Limited (FPT) had increased; resulting in BAFS Group’s revenue growth of 3.9% compared to the previous year.
BAFS other subsidiaries’ performances were also achieved as plans. The construction of FPT’s Northern multi-product pipeline transportation project phase 1 including Pichit Oil Depot was completed and full commercial services had been provided since June 2019. The construction of Lampang Oil Depot is expected to be completed and opened for services at the end of 2020. Meanwhile, Thai Aviation Refuelling Company Limited (TARCO)’s hydrant pipeline construction project for Suvarnabhumi Airport was completed and shall be commissioning to ensure its readiness for services in alignment with the second-phase expansion. In addition, to establish BAFS Groups’ revenue stability, BAFS has studied and set up its Growth Strategy to expand businesses according to 3 main approaches, namely, aviation fuel service business to be expanded to other airports domestically and internationally, adjacencies business comprising services relating to airline and airport businesses, and other non-core businesses such as renewable energy, digital and IT solutions, in which BAFS has strength and expanding opportunities to international level.
Since BAFS has placed emphasis on being sustainability organization conducting business with quality, safety and good corporate governance, including systematic knowledge management and continued innovation promotion, BAFS thus received many awards in 2019 such as Outstanding Organization Awards, Thailand Sustainability Investment (THSI) Awards which BAFS has been granted for 5 consecutive years. BAFS assessment results on Corporate Governance Report of Thai Listed Companies (CGR) were also ranked as “Excellent” for 11 consecutive years.
On behalf of the Board of Directors, Management and the employees of BAFS, I would like to extend our gratitude to all stakeholders for supports given to BAFS. BAFS shall deliver values to all stakeholders across the supply chain, covering economic, social and environmental dimensions.