SKY’s Net Profit Jumps Four Times to THB213 Million on Disposal of ‘Turnkey Communication’

SKY ICT Public Company Limited (SET: SKY) has announced its 2022 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2022 2021
Net Profit (Loss)
Million Baht
213.45 40.61
Earning Per Share
0.3400 0.0700
% Change 425.62

SKY reported a net profit of 213 million baht in 2022, increased 425% from a net profit of 40 million baht in 2021. The increase was mainly due to the disposals of investments in Turnkey Communication Services Public Company Limited (“TKC”) and special item from surplus in change in proportion of investment in TKC, an associated company, because TKC’s IPO price per share is more than the net book value of TKC in SKY’s financial statement.

During the fiscal year ending 31 December 2022, SKY achieved a total revenue of 2,800 million baht. Airports in Thailand have seen passenger traffic of 70,000 per day thanks to a global tourism industry recovery, allowing the company to make a leap in growth last year.

Revenue from Services was 1,772.45 million baht, accounting for 63.42% of total revenue,an increasing of 427.57 million baht or 31.79% compared to the previous year. Most of the services revenue in 2022 from the projects as follows;

1) The project of service and maintenance of the Common Use Passenger Processing System (CUPPS) at Suvarnabhumi Airport which has a service period of 10 years. The passengers for 2022 are increased from 2021, comply with criteria per TOR.

2) The project of the Advance Passenger Processing System (APPS) and Passenger Name Record (PNR) which has a service period of 7 years 11 months. The higher number of international passengers continuously increased according to the relaxation of the government’s Thailand Pass Measures.

3) The project of service and maintenance of the Common Use Passenger Processing System (CUPPS) at Don Mueang Airport. Phuket Airport, Chiang Mai Airport, Hat Yai Airport and Mae Fah Luang Chiang Rai Airport, started the revenue recognition rate at 90% of number of passengers according to criteria mentioned as TOR since June 15, 2022.

4) The project of Passenger Baggage Reconciliation System (PBRS) at Suvarnabhumi Airport which has been extended the service period for 1 year, contract dated on July 1st, 2022.