SKY Records 75% Increase in 1Q23 Earnings, Looking for Continuous Growth Following Tourism Recovery

SKY ICT Public Company Limited (SET: SKY) has announced its 1Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;


The company and its subsidiaries had total revenue for the first quarter ended 31st March 2023 amounted to 819.99 million baht, an increasing of 352.03 million baht or 75.23% compared to the previous year with total revenue of 467.96 million baht.

Revenue from Services, the amount of 630.21 million baht, accounting for 76.86% of total revenue, an increasing of 276.75 million baht or 78.30% compared to the previous year. Most of the services revenue in the first quarter year 2023 from the projects as follows:

1) 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 and China fully reopened its borders. In the first quarter of 2023, the recognized number of passengers in this period is higher than the previous year at 13 million passengers, equivalent to higher revenue recognition of 157 million bath.

2) The project of service and maintenance of the Common Use Passenger Processing System (CUPPS) at Suvarnabhumi Airport , Don Mueang Airport, Chiang Mai Airport, Hat Yai Airport and Mae Fah Luang Chiang Rai Airport. Even though, number of passengers both inbound and outbound increased, it did not reach 90 percent of the number of passengers according to TOR criteria. Therefore, the Company recognized revenue at 90% of number of passengers according to TOR criteria which the passengers in the first quarter of 2023 is higher than the same period of 2022

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


The company and its subsidiaries had net profit for the first quarter ended 31st March 2023 amounted to 83.32 million baht, a decreasing of 98.06 million baht or 54.07 percent compared to the prior year with a total net profit of 181.36 million baht. The decrease was mainly due to the first quarter of 2022 the Company gain on 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.


Total costs for the first quarter ended 31st March 2023 amounted to 584.90 million baht, an increasing of 131.09 million baht or 28.89% compared to last year with a total cost of 453.81 million baht.

The overall expenses of the Company for the first quarter ended 31st March 2023, amounted to 193.81 million baht, an increase of 44.12 million baht or 29.47% from the previous year.