Airports of Thailand Public Company Limited (SET: AOT) delivered a resilient bottom-line performance for the fiscal third quarter ended June 30, fiscal year 2026, reporting a net profit of THB 4.44 billion, a 14.93% increase year-over-year. This earnings expansion came despite a 2.82% dip in total revenue from sales and services, which fell to THB 14.91 billion. The double-digit profit growth signals strong operational management amid shifting revenue streams.
Key Financial Highlights:
- Net Profit: THB 4.44 Billion (+14.93% YoY)
- Total Revenue: THB 14.91 Billion (-2.82% YoY)
- Earnings Per Share (EPS): THB 0.31 (+14.81% YoY)
- Liquidity Ratio: 1.91x (up from 1.52x in Sept FY2025)
The company’s primary segments showed divergent paths. Aeronautical revenue rose 2.61% to THB 7.65 billion, buoyed by a modest 1.84% increase in passenger traffic and the initial impact of a significant hike in the international Passenger Service Charge (PSC).
Conversely, non-aeronautical revenue slid 7.96% to THB 7.26 billion. This contraction was primarily triggered by a 14.12% decline in concession revenues, largely due to a downturn in duty-free performance.
The surge in profit was also attributed to a sharp 11.73% reduction in total expenses. The primary driver was a THB 840.15 million reversal of expected credit losses, following a substantial debt repayment from an operator under a business rehabilitation plan. Additionally, employee benefit expenses dropped 13.27% as the company revised bonus estimates.
AOT maintains a robust balance sheet with a debt-to-equity ratio of 0.52x, well below the industry danger zone. Liquidity remains strong, with cash and equivalents climbing to THB 24.17 billion.
Looking ahead, management is pivoting toward a “World-Class Aviation Hub” strategy. The company recently implemented a 53% increase in the international PSC (to THB 1,120) to fund long-term infrastructure, including the multi-billion baht expansions of Suvarnabhumi and Don Mueang airports. These projects are designed to scale capacity to 120 million passengers annually by the next decade.
