‘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:
- 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.
- 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.
- 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.
Triple i Donates Sports Equipment to Four Primary Schools under “Move More = Get More” Project (Year 2)
Continuing to Support Quality Growth for Children and Youth
Triple i continues its commitment to supporting the development of children and youth through ongoing social initiatives. Most recently, the Company donated sports equipment to four public primary schools located near its headquarters and warehouse facilities to encourage physical activity and promote both physical and mental well-being among children in surrounding communities.
The four recipient schools are:
1.Nonsi Primary School (Yan Nawa, Bangkok)
2.Wat Don Mueang School (Don Mueang, Bangkok)
3. Wat Bang Samak School (Chachoengsao)
4. Surao Bang Kasi School (Samut Prakan)
Now in its second consecutive year, the “Move More = Get More” project is filled with smiles and positive energy, made possible through the collective efforts of Triple i’s executives and employees, who share the goal of helping children grow with quality, happiness, and a brighter future.
Although floodwaters in Hat Yai and other southern provinces have begun to recede, information from relief teams on the ground indicates that many people are still facing hardship and remain in urgent need of assistance.
Following earlier donations of funds and essential items, Triple i employees from across all group companies once again joined forces to contribute necessary supplies, including dry food, canned food, milk, basic medicines, clothing, and daily necessities. These items were airlifted from Don Mueang Airport through the support of our partner Teleport for air transportation, and Mukda Air Cargo for local distribution to affected communities in the area.
In addition, drinking water was delivered to the Mirror Foundation to further support flood relief efforts.
We sincerely wish everyone strength during this difficult time and hope the situation returns to normal as soon as possible.
Asia Ground Service (AGS) and Triple i Air Express (TAX), two air cargo companies under the Triple i Group, jointly arranged essential relief supplies, including dry food, daily necessities, and basic medicines. The items were transported by air from Don Mueang to Hat Yai, with logistics support from Teleport, an AirAsia company, and local distribution support in Hat Yai from Mukda Air Cargo, our business partner, to assist those affected by the flooding.
We would like to extend our heartfelt support to everyone impacted and express our deepest condolences for all losses. We sincerely hope the situation will return to normal soon.
Mr. Tipp Dalal (third from right), Chief Executive Officer of Triple i Logistics Public Company Limited (III), received the Training Service Provider Certification from Air Chief Marshal Manat Chavanaprayoon (third from left), Director General of the Civil Aviation Authority of Thailand (CAAT). The certification recognizes DGP Training, a subsidiary of Triple i Group, as a certified provider of Dangerous Goods Training Programs and Competency-Based Assessments (CBTA).
This milestone represents an extension of DGP’s long-standing expertise in integrated hazardous and chemical logistics services, expanding into knowledge transfer and professional training for individuals and organizations involved in air transport of dangerous goods. All programs are designed to comply with international standards set by the International Civil Aviation Organization (ICAO), contributing to enhanced safety and efficiency in Thailand’s air transport sector.
DGP Training has launched its first CAAT-certified program, CBTA 7.1 – Personnel Responsible for Preparing Dangerous Goods Consignments, tailored for operators and personnel engaged in the preparation of dangerous goods for air transport. The next program, CBTA 7.3 – Personnel Responsible for Processing or Accepting Dangerous Goods Consignments, is currently under CAAT’s certification process and will be open for registration soon.
“Triple i” Achieves Highest AAA Rating in SET ESG Ratings by the Stock Exchange of Thailand
Triple i Logistics Public Company Limited has been awarded an AAA rating, the highest level, in the SET ESG Ratings 2025, marking a continued improvement from its AA rating in 2024.
This recognition reflects the Company’s strong commitment to elevating business standards with a comprehensive focus on sustainability across all dimensions — environmental, social, economic, and governance. The Company has also established clear goals and strategic plans to foster participation at every level of the organization, ensuring collective progress toward sustainable development.
Importantly, this achievement serves as a key driving force for Triple i in advancing toward its vision of becoming a leading regional logistics service provider with stable and sustainable growth.
Executives and employees of Triple i joined together to donate blood and platelets to help patients in need through the activity “iii Blood Donation – Giving Blood, Giving Life.” The mobile donation unit was provided by Rajavithi Hospital at our headquarters. This is a meaningful activity that we have continuously organized.
On this occasion, a total of 13,500 cc of blood was collected, which statistically can help up to approximately 90 patients (as each patient requires an average of about 150 cc of blood).
Rajavithi Hospital also noted that blood supplies remain in shortage. Those who are interested are encouraged to donate blood at nearby hospitals to help ensure sufficient reserves for patients in need.