SKY ICT Reports 160% Profit Growth in 2023 as Revenue from Services Surge 80%

SKY ICT Public Company Limited (SET: SKY) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

SKY reported a net profit of 545 million baht, an increase of 336.74 million baht or 161.08 percent compared to the prior year with a total net profit of 209.05 million baht. The increase was mainly due to the contribution from the service of the Advance Passenger Processing System (APPS) and Passenger Name Record (PNR) project that includes the number of passengers both inbound and outbound.

International passenger service through the APPS and PNR systems has continuously increased since the COVID situation subsided during the beginning of 2023. The cumulative number of passengers for the 12-month of 2023 was 59.82 million, an increase of 37.76 million compared to the prior year. The company also has recognized the income from government projects for which the company has continuously won bidding and has delivered work according to contract during 2023.

SKY had core revenue for the year ended 31 December 2023 amounted to 4,119.03 million baht, an increase of 1,324.36 million baht or 47.39% compared to the previous year with total revenue of 2,794.66 million baht.

Revenue from services contributed the most in 2023 with the amount of 3,175.00 million baht, accounting for 77.08% of total revenue, an increase of 1,402.56 million baht or 79.13% compared to the previous year.

As business grew in 2023, SKY also recorded a total amount of costs of 3,064.21 million baht, an increasing of 714.37 million baht or 30.40% compared to last year with a total cost of 2,349.84 million baht, However, the increasing of total costs did not result in the overall gross profit margin. The company’s gross profit increased from the previous year to 610.00 million baht or 137.13%.

The overall expenses of the company for the year ended 31 December 2023, amounted to 824.59 million baht, an increase of 193.41 million baht or 30.64% from the previous year.