SKY ICT Records 42% Profit Growth in 1Q24 with Strong Surge in Service Revenue

SKY ICT Public Company Limited (SET: SKY) has announced its 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q24 1Q23
Net Profit (Loss)
Million Baht
118.86 83.89
Earning Per Share
0.1800 0.1400
% Change 41.68

SKY reported a net profit of 118 million baht in 1Q24, increased 41.68% from a net profit of 83.89 million baht in 1Q23. The increase was a result from the service revenue of the Advance Passenger Processing System (APPS) and Passenger Name Record (PNR) project. International passenger service through the APPS and PNR systems has continuously increased from the previous year. The cumulative number of passengers for 3-months of 2024 was 18.91 million, an increase of 4.32 million compared to the previous year. The company also has recognized the income from maintenance service after delivered work in 2023.

The Company had total revenue for the first quarter ended 31st March 2024 amounted to 1,378.86 million baht, an increase of 558.87 million baht or 68.16% compared to the previous year with total revenue of 819.99 million baht.

Revenue from System Integration Services, the amount of revenue of 109.40 million baht, representing 7.94% of total revenue, decreased 79.07 million baht or 41.95% compared to the previous year. The delivered and recognized project revenues in this year were lower than previous year revenue as most of the projects were completely implemented. SKY noted that the revenue after the implementation phase will be maintenance service revenue.

Revenue from Sales, the amount of 9.07 million baht, represents 0.66% of total revenue, an increase of 7.76 million baht or 592.37% compared to the previous year resulted from the revenue from sales of computer equipment to the private sector.

Meanwhile, revenue from Services was 1,260.39 million baht, accounting for 91.40% of total revenue, an increase of 630.18 million baht or 100.00% compared to the previous year.


Profit sharing from SAL Group (Thailand) limited (SAL) amounting to 59.12 million baht increased by 20.22 million baht compared to 1Q23 due to good performance of AOT ground aviation service Company Limited, AOTGA, which is an associate company of SAL. AOTGA performance in this year was increased because of more airline traffic volume for both domestic and international flights at Don Mueang and Phuket airports.