SKY ICT Public Company Limited (SET: SKY) reported a 9.3% increase in third-quarter net profit to 223 million baht, up from 204 million baht in the same period last year. Total revenue for the quarter ended September 30, 2026, rose 3.8% year-over-year to 2,928 million baht. Basic earnings per share (EPS) expanded 12.0% to 0.28 baht. For the first nine months of 2026, net profit jumped 22.3% to 745 million baht on revenue of 8,370 million baht.
Key Financial Highlights
- Net Profit: 223 million baht, up 9.3% Year-over-Year (YoY).
- Total Revenue: 2,928 million baht, up 3.8% YoY.
- Earnings Per Share (EPS): 0.28 baht, up 12.0% YoY.
- Contract Backlog: 26,784 million baht as of September 30, 2026.
Operational performance reflected contrasting dynamics across core business divisions. System Integration Services surged 31.6% year-over-year to 1,145 million baht, driven by major public-sector contract rollouts, including Airports of Thailand’s (AOT) Enterprise Resource Planning enhancement. However, segment gross margin narrowed to 15.7% from 21.5% due to lower-margin project delivery schedules.
Conversely, recurring Service Revenue declined 9.5% to 1,762 million baht as airport passenger processing fees shifted away from minimum guarantee contracts. Despite top-line service pressure, tighter cost controls widened service gross margins to 15.1% from 13.7%.
Earnings growth was largely catalyzed by non-operational and joint-venture income. Share of profits from associates and joint ventures surged 80.0% year-over-year to 72 million baht. Key drivers included Global Sports Ventures (+266.7% to 22 million baht) from tourist-fueled Muay Thai events, alongside a 9 million baht inaugural contribution from energy-management joint venture Energy Max. Net other gains improved by 20 million baht, further supported by an 11 million baht fair-value adjustment on listed securities.
SKY ICT maintained a manageable capital structure, with its Debt-to-Equity (D/E) ratio edging up to 1.3x and a current ratio of 1.3x to support working capital for major projects. Interest coverage remained resilient at 4.6x.
Looking ahead, management holds a robust 26,784 million baht backlog. Long-term growth prospects are anchored by Cabinet approval for associate AOTGA’s 25-year, 67.3 billion baht ground handling and cargo concession at Suvarnabhumi Airport.
