SKY ICT Public Company Limited (SET: SKY) reported robust financial results for the third quarter ended 30 September 2025 (3Q25), achieving significant year-over-year (YoY) growth in both revenue and net profit.
Total revenue soared 64.4% to THB 2,820 million in 3Q25, up from THB 1,715 million in 3Q24. This massive increase was primarily driven by the System Integration (SI) segment, which saw revenue skyrocket by 163.6% to THB 870 million. This growth aligns with the government’s economic-stimulus policies and was bolstered by key project deliveries, including a Telecommunication Network Installation Project for the State Railway of Thailand and an Enterprise Resource Planning (ERP) system for the Provincial Electricity Authority.
Net profit jumped 83.8% to THB 204 million (up from THB 111 million in 3Q24), with the net profit margin improving slightly from 6.5% to 7.2%. Basic earnings per share (EPS) also rose by 56.3% to THB 0.25.
Despite strong top-line growth, SKY faced cost pressures impacting its overall profitability margin. The gross profit margin declined from 18.2% in 3Q24 to 16.0% in 3Q25. This contraction was mainly attributed to the increased cost of services, which rose proportionally higher than service revenue. This pressure stems from labor-intensive operations—specifically SKY CC’s customer service management and SAMCO’s smart property management—which were subject to annual minimum wage hikes that the Group had to absorb due to fixed contract terms.
However, SKY recognized a full-quarter contribution from its investment in SKY CC (formerly OTP), completed in August 2024, significantly boosting its service revenue segment, which grew 41.2% YoY. The expansion of Smart Security and Property Management Services, aided by the SAMCO investment, also added THB 253 million in revenue growth.
On the expense side, the Group successfully reduced selling expenses by 31.4% due to stricter control, though administrative expenses rose 24.8% due to the inclusion of newly invested subsidiaries SKY CC and SKY AI.
A notable drag on reported profit was the decline in the share of profit from associates and joint ventures, which dropped 36.5% to THB 40 million. This decrease was largely driven by a significant decline in the contribution from SAL Group (Thailand) Co., Ltd., impacted by the slowdown in Thailand’s tourism sector affecting ground handling services.
Management remains confident in its growth trajectory, supported by ongoing investment in digital infrastructure and a strategy focused on innovation and service development.
