SKY Expects 100% Growth in 2023 from Tourism Boom and Upcoming Projects

Sky ICT Public Company Limited (SET: SKY) is expecting to record significant growth in 2023 with over 22 billion baht of backlog in the bag and two new projects worth 4 billion baht are expecting to be up for bidding soon.

The share price of SKY recorded a total of 21.50% gain from August 11, up from THB28.00 to the current level of THB34.00 per share.


Mr. Sithidej Mayalarp, Chief Executive Officer, told “Kaohoon” that the surge in recent days could be due to a positive trend in the tourism industry as other tourism-related stocks such as Airports of Thailand Pcl. (SET: AOT) and The Erawan Group Public Company Limited (SET: ERW) also recorded gains in the previous week.

The CEO stated that he is confident in SKY’s operating performance after being able to record 201 million baht of net profit in the first half of 2023, compared to 213 million baht throughout 2022. He noted that the performance in this quarter would outperform the previous one, seeing that tourist arrivals have surpassed the second quarter.

“We will have to wait and see if SKY can reach a 100% profit growth this year,” said Mr. Mayalarp.

SKY is expecting to participate in a bidding for two projects worth 4,000 million baht, including a system installation of Thailand’s hotline of the Royal Thai Police and a cloud system for the Ministry of Health.

The CEO added that he is confident in winning the bid for ground services of Suvarnabhumi Airport worth a total of over 10 billion baht.

The current backlog is 22 billion baht and is expected to increase to 23 billion baht by the end of this year.