SKY ICT Public Company Limited (SET: SKY) is positioning itself as a key player in Thailand’s strategy to establish a regional aviation hub. The company announced significant progress on a 67.3-billion-baht mega-project in partnership with Airports of Thailand (AOT), through its subsidiary AOT Aviation Ground Services (AOTGA). This 25-year concession, anticipated to be signed by April 2026, constitutes a pivotal milestone for the group's future growth plans.
The project is segmented into two main contracts at Suvarnabhumi Airport: one valued at 29.39 billion baht for ground handling and passenger services, and another at 37.91 billion baht for cargo operations. These contracts are designed not only to generate revenue but also to support the increasing number of airlines and passengers utilizing Thailand's major airports, including Suvarnabhumi, Don Mueang, and Phuket.
SKY’s investment involves an indirect stake of approximately 24% in AOTGA, stemming from its 46.8% ownership of SAL Group (Thailand), which owns a 51% stake in AOTGA. This structure enables SKY to benefit from rising profitability as aviation activities expand.
Record-Performance and Future Outlook
The company is experiencing exceptional growth, with management projecting record-high revenue and profits in 2025. This upswing is driven by a recovery in the aviation sector, notably increasing demand for SKY’s passenger processing systems, APPS and CUPPS. Passenger traffic in December 2025 surpassed expectations by 5-10%, with an average of 250,000 travelers daily.
Looking forward, SKY aims for a 20-30% organic growth in 2026, supported by economic recovery and government policies promoting Thailand as an aviation center. The company's financial position is strengthened by a backlog of 23 billion baht at the end of 2025, with additional contracts to be finalized early in 2026.
Beyond passenger processing, SKY is expanding its recurring income sources, which now constitute 80-85% of total revenue. Its subsidiaries, such as Metthier for facilities and security, and Pro Inside (PIS) for network and cloud services, reinforce this diversified income base.
Furthermore, the company plans to invest over 5 billion baht in aviation technology over five years to position Suvarnabhumi Airport among the top 20 worldwide by 2027. It is also actively exploring mergers, acquisitions, and joint ventures to widen its business ecosystem.
