Bangkok Aviation Fuel Services Plc (BAFS) expects its revenue to reach 7.5 billion baht by 2026, driven by its diversification into new businesses, notably renewable energy development.
The jet refuelling service, which has recovered from losses caused by the pandemic over the past three years, remains the core business, though the proportion of its earnings is set to decrease.
BAFS expects this business to make up 50% of total revenue, down from 80% in 2022, with new businesses rising to 50%, up from 20% last year.
New businesses should be a key factor for the company's revenue growth, said Nathasit Diskul, president of BAFS.
The company, through its subsidiary BAF Clean Energy Corporation, diversified into clean power generation in 2020.
Three years later, it owns four power projects in Thailand and another two in Japan, with combined electricity generation capacity of 49.4 megawatts.
Renewable energy development is gaining momentum worldwide, following campaigns against global warming, caused by use of fossil fuels.
ML Nathasit said BAFS is in talks with companies to acquire 3-4 renewable energy assets both in Thailand and overseas in a move to increase its total capacity.
BAFS also established BX Global Invest Pte in Singapore to serve as an investment arm seeking opportunities in various companies.
BX Global Invest aims to help BAFS expand its revenue base, part of a strategy to grow the company through several measures, including human resource development and a fundraising scheme.
In the aviation fuel business, the company earlier announced it expects its jet fuel sales to increase by 40% to 4.2 billion litres this year, up from 3 billion litres in 2022, thanks to the lifting of international travel restrictions.
BAFS's jet refuelling service areas include the Suvarnabhumi, Don Mueang, Samui, Trat and Sukhothai airports.
The company is expanding the service to U-tapao airport in Rayong, which is located near the Eastern Economic Corridor.
BAFS, which also operates fuel storage and transport through Northern Fuel Pipeline Transportation System Co, an oil pipeline service provider, expects sales volume in this category to grow by 46% to 600 million litres this year, up from 410 million litres in 2022. The pipeline runs from Ayutthaya's Bang Pa-in district in the central region to the northern province of Lampang.