SKY Group Revenue 4.1 Billion Baht, Net Profit Reaches 546 Million Baht

SKY Group has announced its impressive financial performance for fiscal year 2023, with revenues reaching 4.119 billion baht, marking a 47% growth, and a net profit of 546 million baht, reflecting a remarkable 161% increase. Boosted by the tourism boom, which surpassed expectations, revenue from airport–related projects surged, contributing to a backlog of 23.213 billion baht. With confidence in the outlook for 2024, driven by the full recovery of tourism, SKY Group anticipates continued growth in Aviation Tech and Airport Services.


Mr. Sithidej Mayalarp, CEO of SKY ICT Public Company Limited (SET: SKY), revealed that in the fourth quarter of 2023, the company achieved total revenue of 1.277 billion baht and a net profit of 213 million baht, marking growth of 51% and 156% respectively, compared to the same quarter of the previous year (YoY%). This contributed to the overall performance for fiscal year 2023 (January-December), with total revenue reaching 4.119 billion baht and a net profit of 546 million baht. This represents growth rates of 47% and 161% respectively, compared to the corresponding period of 2022 (YoY%).

The company attributes its substantial growth and record high to the recovery of the global tourism industry and a significant increase in inbound and outbound passengers, averaging 70,000 per day and surging to approximately 153,000 per day in 2023, an increase of over 150%. This surge in passenger traffic led to increased revenue from airport-related projects such as the Common Use Passenger Processing System (CUPPS) and the Advanced Passenger Processing System (APPS), which continued to grow steadily.

Furthermore, as of the end of fiscal year 2023, the company entered into new contracts and had a backlog of approximately 23.213 billion baht, with plans to realize revenue for SKY Group over the next 6-7 years.

Mr. Sithidej highlighted the government’s initiative to develop Suvarnabhumi Airport into a Digital Airport to accommodate the growing number of international tourists entering Thailand. As a leader in Aviation Tech, SKY Group is fully prepared to advance and elevate Thailand’s airport services to global standards, thereby supporting the tourism industry, which plays an important role in driving the country’s economy.

In addition to revenue generated from airport-related projects, SKY Group also plans to raise funds in the securities market this year through its subsidiary, Pro Inside Co., Ltd., to support the expansion of projects from the public sector. This includes partnering with Metthier Co., Ltd., a leading Smart Facility Management company, to penetrate the private sector market.

“SKY Group is confident that overall the company will continue to grow steadily this year. We are looking for new investment opportunities in potential businesses and preparing continuously in terms of technology and human resources to cope with new opportunities and challenges, including smart security technology, digital platforms, and expanding into various technology businesses in the future to penetrate both public and private sector customers, continuously strengthening the company,” said Mr. Sithidej.