‘Triple i’ Reports Q4/2025 Revenue Growth of 12.4% QoQ Targets 10–15% Growth in 2026, Launches Charter Flight Ahead of Cargo Airline Expansion

Triple i Logistics Public Company Limited (III), Thailand’s leading regional international logistics provider, announced strong operating results for Q4/2025, recording total revenue of THB 689.9 million, up 12.4% quarter-on-quarter (QoQ), and net profit of THB 110.2 million, increasing 8.9% QoQ. The growth was driven by the high season for air cargo transportation and the continued recovery of Thailand’s tourism sector.

For the full year 2025, the company generated total revenue of THB 2,477.9 million and net profit of THB 393.6 million. Looking ahead to 2026, III plans to strengthen its Aviation Ecosystem strategy to further enhance its air cargo logistics capabilities. The company has already launched its pilot Charter Flight service and is preparing to officially enter the market with its scheduled Cargo Airline business in Q4/2026.

Mr. Tipp Dalal, Chief Executive Officer of Triple i Logistics Public Company Limited (III), said the company continued to deliver solid growth in Q4/2025. Revenue rose to THB 689.9 million, increasing 12.4% QoQ, while net profit reached THB 110.2 million, up 8.9% from the previous quarter.

The key growth driver came from the increase in flight volumes during the high season, which significantly boosted the company’s core air freight business, including cargo handling services at Don Mueang Airport and operations at the Multimodal Warehouse located at Suvarnabhumi Airport. In addition, III recorded higher profit contributions from its investment in AOTGA, supported by the recovery of Thailand’s tourism industry.

For the overall performance in 2025, the company generated total revenue of THB 2,477.9 million, supported by continued expansion in its core air freight and logistics management businesses. Net profit totaled THB 393.6 million, slightly declining due to lower profit contributions from ANI as air freight rates softened, as well as temporary impacts on AOTGA from the slowdown in Chinese tourist arrivals during the middle of the year. However, the situation began to recover during Q4, which is expected to positively support business performance going forward.

In 2026, Triple i will focus on driving growth through three key strategies by fully integrating its Aviation Ecosystem:

1. Strengthening the connectivity of Thailand’s three major airports through the Airport Truck Link service connecting Suvarnabhumi, Don Mueang, and Phuket airports. The company is currently expanding the service network to China and Singapore following its successful expansion into Malaysia, alongside the continued development of its Multimodal Warehouse services.
2. Positioning Phuket Airport as a strategic air cargo gateway. Due to lower cargo traffic congestion, Phuket Airport offers greater available cargo capacity and significant business opportunities. Triple i plans to utilize its Airport Truck Link solution to transport cargo from Suvarnabhumi Airport for export via Phuket Airport, helping airline partners maximize cargo space efficiency.
3. Establishing a scheduled Cargo Airline business. The company is currently in the licensing process and expects operations to commence in Q4/2026. In the meantime, III has initiated system and operational testing through its Charter Flight service, which officially launched on February 21 on the Thailand–Myanmar route. The company plans to increase flight frequency and expand additional ASEAN routes throughout 2026.

“Our key strategy moving forward is to strengthen and expand the Aviation Ecosystem we have built, together with strategic partnerships with various airlines. Government policies supporting Thailand’s ambition to become a regional Aviation Hub, the development of the EEC Aerotropolis project, and related infrastructure investments are all aligned with our long-term strategy and will create significant business opportunities for the company. We are confident these factors will enable us to achieve our growth targets as planned,” said Mr. Tipp.

Meanwhile, AOTGA, in which Triple i invested through SAL Group (Thailand) Co., Ltd. (SAL), has been selected as the third ground handling and cargo warehouse service provider at Suvarnabhumi Airport. The project is expected to generate significant revenue growth for the group. Contract signing is anticipated shortly, with operations expected to commence around mid-2026.

At the same time, Asia Network International Public Company Limited (ANI) continues to expand its airline partnerships and service routes. The company is also in discussions regarding merger and acquisition (M&A) opportunities, with further clarity expected by mid-year.