SKY ICT Public Company Limited (SET: SKY) delivered a robust second quarter for 2026, reporting a net profit of THB 223 million, an 11.5% increase over the same period last year. Total revenue edged up slightly by 0.6% year-on-year to THB 2,653 million. While top-line growth remained modest, the company’s strategic pivot toward high-margin recurring services allowed it to significantly expand its bottom line, outperforming a challenging economic backdrop marked by rising energy costs and regional instability.
Key Financial Highlights:
- Net Profit: THB 223 million (+11.5% YoY).
- Revenue: THB 2,653 million (+0.6% YoY).
- Gross Profit Margin: Improved to 17.5% from 16.8%.
- EPS: THB 0.28 (+16.7% YoY).
The core of the quarter’s success was the service business, which now accounts for 67.5% of total revenue. Revenue from this segment rose to THB 1,786 million, fueled by a new cloud computing leasing project for the Ministry of Education. Conversely, the system integration (SI) unit saw a 20.2% revenue decline to THB 712 million. Management attributed this to the cyclical nature of project deliveries, noting that several large-scale projects recognized in 2025 did not have immediate equivalents this quarter.
Earnings were bolstered by an improved overall gross profit margin, which climbed to 17.5%. This was supported by a high-margin (30.4%) software sale to the private sector. However, the aviation service segment faced pressure, with revenue falling by THB 45 million. Ongoing conflict in the Middle East and high jet fuel prices led to reduced flight frequencies and a dip in international passenger numbers, impacting the use of SKY’s airport systems.
SKY remains liquid with a current ratio of 1.2x and a debt-to-equity ratio of 1.2x. Management is bullish on the future, pointing to a massive THB 27.8 billion backlog that provides clear revenue visibility.
Strategic initiatives are focused on diversifying into AI, Cloud, Big Data, and internet of things (IoT) to reduce reliance on the volatile aviation sector. A recent THB 3.28 billion ERP project win for Airports of Thailand Public Company Limited (SET: AOT) further underscores the company’s competitive edge in large-scale state infrastructure.
