AFTER lowering airline passenger growth forecast for this fiscal year to less than 1% due to global economic and geopolitical volatility, Airports of Thailand Plc (AOT) expects this to edge up to 2% in 2027 while proceeding with airport expansion projects to accommodate long-term travel demand, PPTVHD36 said today (June 26).
Ms. Paweena Jariyathitipong, AOT’s president and CEO, said during the first eight months of fiscal 2026 (October 2025 – May 2026), AOT’s six airports handled a total of 552,119 flights, an increase of 1.38% compared to the same period last year. Total passengers reached 90.98 million, an increase of 2.76%, comprising 55.2 million international and 35.7 million domestic travellers.
However, AOT has revised down its passenger growth forecast for this fiscal year from 6% to approximately 3%, and most recently to possibly less than 1% due to the impact of the conflict in the Middle East on aviation fuel prices, a significant cost for airlines.
For fiscal year 2027, AOT expects passenger total to rise by approximately 2% from this year’s expected stable base. It estimates that the total could climb from 126 million to approximately 128.5-129 million if the Middle East remains calm, even if oil prices remain high for some time.
AOT remains positive about the long-term outlook of air travel, citing forecasts by International Civil Aviation Organisation (ICAO), International Air Transport Association (IATA), Airports Council International (ACI), and global consultants. These aviation bodies expect global air passenger total to increase by approximately 20% over the next 20 years from the current 5 billion travellers. Thailand is one of the five countries expected to benefit from this growth, as most of the expansion will occur in the Asian region, she said.
To support this trend, AOT has accelerated infrastructure development, with this including technology for the six airports under its management, with a budget of 300 billion baht to accommodate 160 million tourists per year by 2034.
The initial investment will be tapped from revenue obtained from passenger service fees (PSCs) instead of borrowing to avoid impacting public debt.
AOT will proceed with expanding Suvarnabhumi Airport, accelerating the construction of the eastern extension of the passenger terminal to add 81,000 square metres of usable space, expected to be completed in 2031.
This will be done concurrently with the development of the southern extension of over 750,000 square metres, with construction divided into phases. Currently, the design phase is underway, and construction is expected to begin in 2029. The first phase of the southern extension is expected to open in 2033. Once both extensions are completed, Suvarnabhumi Airport will be able to accommodate 70 million passengers.
As for Don Mueang Airport, AOT is pushing forward with the construction of a third passenger terminal and a Junction Terminal to increase passenger capacity to 40 million a year, along with improvements to the airport’s transportation and traffic systems, after more than 112 years of operation.
Chiang Mai Airport is currently reviewing plans for a new passenger terminal. To accommodate both international and domestic flights, Phuket Airport, with a maximum passenger capacity of 18 million a year and currently handling 17.3 million passengers, is designing a passenger terminal expansion project to be undertaken during 2028-2031 to address congestion issues.
Hat Yai Airport, currently handling 3.3 million passengers per year which exceeds its terminal capacity of 2.5 million, is developing a master plan to accommodate future expansion. Meanwhile, Chiang Rai Airport is preparing to upgrade its passenger terminal and improve services, and is in the process of drafting the Terms of Reference (TOR) to find a contractor for the project.
Regarding financial performance, Paweena said AOT is currently in the midst of an organisational restructuring to increase operational efficiency. In the first two quarters of fiscal year 2026, expenses increased by only 2%, lower than the normal level of approximately 8-10% per year, reflecting the organisation’s efforts to manage costs and boost operational efficiency.
At the same time, AOT continues to develop non-aviation revenue streams through the development of over 2,000 rai of vacant land around the airports, including hotel projects, logistics, electric vehicle charging stations, and activities supporting the aviation business.
CAPTIONS:
Top – Suvarnabhumi Airport is accelerating the construction of the eastern extension of its passenger terminal.
Insert – AOT President and CEO Paweena Jariyathitipong.
Front Page – Don Mueang Airport is pushing forward with the construction of its third passenger terminal. All photos – AOT
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