SKY ICT Public Company Limited (SET: SKY) is positioning itself as a central player in Thailand’s ambitious journey to become a regional aviation hub. The company recently revealed significant progress on a massive 67.3-billion-baht mega-project in collaboration with Airports of Thailand (AOT) through its subsidiary, AOT Aviation Ground Services (AOTGA). This 25-year concession, expected to be signed by April 2026, marks a transformative milestone for the group’s long-term growth trajectory.
The mega-project is divided into two primary segments at Suvarnabhumi Airport: a 29.39-billion-baht contract for ground handling and passenger services, and a 37.91-billion-baht contract for cargo services. Beyond immediate revenue, this deal serves as a strategic “jigsaw piece” to support the increasing volume of airlines and passengers at Thailand’s major gateways, including Suvarnabhumi, Don Mueang, and Phuket.
SKY holds a significant stake in this venture through its 46.8% ownership of SAL Group (Thailand), which in turn owns 51% of AOTGA. This structure gives SKY an indirect stake of approximately 24% in AOTGA, allowing the company to benefit directly from increased profit sharing as aviation activities scale up.
Record-Breaking Financial Performance
The company is currently riding a wave of unprecedented growth. Management expressed confidence that 2025 will see “New Highs” in both revenue and profit. This performance is driven by a robust recovery in the aviation sector, which has boosted demand for SKY’s Advanced Passenger Processing System (APPS) and Common Use Passenger Processing System (CUPPS). In December 2025 alone, passenger traffic exceeded targets by 5-10%, averaging up to 250,000 travelers daily.
Looking ahead to 2026, SKY has set an organic growth target of 20-30%, supported by a recovering economy and a clear government policy to promote Thailand as an aviation center. The company’s financial stability is further bolstered by a massive backlog of 23 billion baht as of late 2025, with billions more in new contracts expected to be signed in early 2026.
SKY’s strategy extends beyond passenger processing. The company is aggressively expanding its “recurring income” base, which now accounts for 80-85% of total revenue. This stability is supported by its subsidiaries, such as Metthier, which focuses on facility management and security, and Pro Inside (PIS), which handles network infrastructure and cloud services.
The company also plans to invest over 5 billion baht in aviation technology over a five-year period to help elevate Suvarnabhumi Airport into the world’s top 20 by 2027. Furthermore, SKY is actively seeking M&A and joint venture opportunities to expand its business ecosystem.
