The year 2018 was another successful year for BAFS’s business operations, with growth rates of 4.5 percent and 5.5 percent respectively in aircraft refuelling services and number of refuelled flights. This was mainly due to the expansion of Thai tourism industry and especially International Civil Aviation Organization (ICAO)’s removal of red flag against Thailand over significant safety concerns in late 2017, which was another positive factor causing airlines with suspended licenses to offer new routes and increase flight frequencies in popular routes. In addition, a continuous growth in low cost airlines’ long-haul flights compared to the previous year contributed to an increase of 4.8 percent in service revenue compared to the previous year.
For this year,
In addition, subsidiaries’ operations were carried out as planned. The construction of Phichit fuel depot under the Northern fuel pipeline transportation system project of Fuel Pipeline Transportation Co., Ltd. was completed as planned and was scheduled to open in April 2019. Also, the underground hydrant fuel pipeline system construction of Thai Aviation Refuelling Co., Ltd. was finished according to the plan under the Suvarnabhumi Airport Development Project Phase 2 of Suvarnabhumi Airport. The BAFS Innovation Development Co., Ltd. has invented a variety of innovative products, thus BID was granted the copyrights, petty patent and invention patents from the Department of Intellectual Property.
Despite continuous growth in the number of flights and refuelling volume, the global and national political economy volatility and uncertainty remained high. BAFS therefore expanded BAFS Group’s revenue generating engines through new businesses. In the previous year, BAFS established BAFS INTECH Co., Ltd. to provide aircraft refuelling vehicle design, manufacturing, assembly, repair, and maintenance services as well as develop innovations and technologies. Moreover, BAFS entered into a joint venture agreement with PTG Energy Plc. to establish BPTG Co., Ltd. that operated petrol stations in the areas of FPT’s fuel depots. Such business expansion not only increased BAFS Group’s market cap, but also diversified risks and offered BAFS Group more opportunities for extra revenue generation.
With its commitment to becoming a sustainable organization that operates through business with quality, standards, safety, and good corporate governance while ensuring systematic knowledge management and ongoing innovation promotion, BAFS then received prestigious awards such as Outstanding Sustainability Report Award 2018, Thailand Sustainability Investment (THSI) Award from the Stock Exchange of Thailand for the 4th consecutive year, National Outstanding Organization Award for Workplace Safety, Health and Environment 2018 for its three operating sites, and “Excellent” Corporate Governance Report of Thai Listed Companies (CGR) Assessment from the Thai Institute of Directors (IOD) for the 10th consecutive year.
On behalf of the Board of Directors, executives and employees, I would like to express my sincere gratitude to all stakeholders for providing support in all dimensions of BAFS’s operations. BAFS would like to assure that its sustainable operations will deliver value to stakeholders along the supply chain in a balanced manner and covering economic, social, and environmental dimensions.