SKY ICT Public Company Limited (SET: SKY) has kicked off 2026 with a robust financial performance, demonstrating a successful strategic shift toward a recurring revenue model. In the first quarter ended March 31, 2026, the Group reported a net profit of Baht 300 million, representing a staggering 47.1% increase compared to the Baht 204 million recorded in the same period last year.
The company’s total revenue surged by 17.0% year-on-year, reaching Baht 2,789 million. This growth was almost entirely fueled by the continued expansion of the service business segment, which now accounts for a dominant 91.2% of total revenue. Revenue from services jumped 48.9% to Baht 2,540 million, driven largely by a new cloud computing system leasing project for the Ministry of Education, which contributed an additional Baht 742 million. The aviation service business also remained a key pillar, growing 25.9% to Baht 645 million as passenger volumes recovered and new biometric systems were deployed across 13 airports.
Conversely, revenue from system integration services fell by 64.1% to Baht 242 million, a decline the company attributed to the natural cycle of project deliveries compared to a high base in Q1 2025. Despite this, SKY’s profitability metrics improved markedly; the net profit margin rose from 8.6% to 10.8%, while the overall gross profit margin climbed to 19.3%, up from 16.7% in the previous year.
On the expense side, administrative costs rose 49.2% to Baht 197 million, primarily due to the full-quarter recognition of SKY AI and personnel expansion to support new projects. However, this was mitigated by a 15.3% reduction in finance costs, which dropped to Baht 61 million following the early redemption of debentures and structured loan repayments.
With a massive contract backlog of Baht 25,287 million, SKY ICT appears well-positioned for long-term stability. The Group’s pivot toward high-value AI, cloud, and digital transformation solutions is clearly delivering enhanced operational efficiency and higher returns for shareholders.
