SKY ICT Public Company Limited (SET: SKY) has announced its 2024 financial results, reporting a total revenue of 6.744 billion baht, marking an impressive 63% year-over-year (YoY) growth from 2023. The company also recorded a net profit of 481 million baht. The strong recovery of the tourism sector has significantly contributed to the expansion of SKY’s Aviation Tech and Airport Services businesses. Additionally, SKY has secured a substantial project backlog worth 23 billion baht, ensuring growth for the next 6-7 years.
Tourism Recovery Fuels Strong Growth in Aviation Tech
Mr. Sithidej Mayalarp, CEO of SKY ICT Public Company Limited or SKY Group, revealed that in Q4/2024, the company generated a total revenue of 2.014 billion baht, with a net profit of 150 million baht. For the full year of 2024, SKY achieved total revenue of 6.744 billion baht, a remarkable 63% increase YoY, alongside a net profit of 481 million baht. This growth is primarily driven by the recovery of tourism industry, which has propelled the expansion of SKY’s Aviation Tech and Airport Services businesses.
According to data from Airports of Thailand Public Company Limited (AOT), a total of 119 million travelers entered and exited the country in 2024. This surge in passenger traffic has directly contributed to the continued growth of SKY’s airport-related businesses, including the Common Use Passenger Processing System (CUPPS), Advance Passenger Processing System (APPS), and Biometric Identification System—key revenue drivers for the company. SKY anticipates that Thailand’s aviation industry will continue to expand more than 10% in 2025.
Diversified Investment Strategy Strengthens Long-Term Growth
Beyond its core Aviation Tech business, SKY has expanded investments into various sectors to ensure sustainable revenue streams. This includes Smart Facility Management services for the real estate sector through Metthier Co., Ltd., a Call Center business that leverages Large Language Model (LLM) and AI to enhance competitiveness via an investment in One To One Professional Co., Ltd., and large-scale government data management technology through Pro Inside Public Company Limited (PIS), which was recently listed on the stock exchange earlier this year.
SKY has structured its business model to include multiple revenue streams, such as concession-based income, recurring income, and long-term contracts (cash cow model), ensuring a solid foundation for future financial stability.
23 Billion Baht Backlog Secures Long-Term Growth
Mr. Sithidej, further stated that as of the end of 2024, SKY holds a backlog valued at over 23 billion baht, which will be gradually recognized as revenue over the next 6-7 years. The company is also restructuring its business operations to optimize growth across its various units. Additionally, SKY is actively exploring high-potential investment opportunities that can be enhanced with technology to strengthen its customer base across both the public and private sectors. SKY remains confident that in 2025, the company will sustain strong and stable growth, driven by the full recovery of the tourism industry and its strategic business expansion plans.
