Sky ICT Public Company Limited, or SKY, is set to recognise its share of profits from AOT Ground Aviation Services Company Limited, or AOTGA, after the Cabinet approved the selection of the private partner and the key terms of joint investment contracts for two major projects of Airports of Thailand Public Company Limited, or AOT. The projects are the apron and ground handling equipment services project and the cargo terminal services project. AOTGA is the private company selected to jointly invest in both projects under a 25-year concession model, with a combined value of more than 67.3 billion baht. SKY holds a net stake of approximately 24% in AOTGA through a subsidiary. Sittidech Mailap, Chief Executive Officer of SKY, said the company is currently awaiting AOT's call to sign the contracts so that operations can officially begin. The apron and ground handling equipment services project is expected to start operations around the middle of next year, while the cargo terminal services project is scheduled to begin actual operations within two years of the start of ground services. Once the projects begin operations, AOTGA will immediately start recognising revenue, and SKY, as a shareholder, will recognise returns in the form of profit sharing in proportion to its shareholding. This will cause SKY's earnings from next year onward to grow significantly. Meanwhile, Yuan Ta Securities (Thailand) Company Limited said in an analysis that AOTGA is the third player in a growing market and is expected to hold a long-term market share of 15-20%. Under that assumption, AOTGA is expected to earn around 700-1,000 million baht per year. SKY, meanwhile, targets revenue growth of around 20% year on year in 2026 and expects growth to continue in 2027. It estimates normal profit of 923 million baht in 2026, up 31% year on year, rising to 1,150 million baht in 2027, up 25% year on year, representing average growth of around 28%. It also gives a preliminary appropriate price at the end of 2026 of 25.75 baht per share.
Sky ICT Public Company LimitedAOTGA, in which SKY holds ~24%, won two AOT concessions worth 67.3 billion baht, driving SKY's profit-sharing and earnings growth from next year.
