Sky ICT Public Company Limited

Sky ICT Public Company Limited, or SKY, reported second quarter 2026 results with total revenue of 2.653 billion baht and net profit of 223 million baht. This brought first half 2026 total revenue to 5.442 billion baht, up 8 percent, and net profit to 523 million baht, up 29 percent compared with the same period last year. Chief Executive Officer Sittidej Mayalarp said that despite Middle East tensions, high energy costs and fewer passengers during the low season, SKY group gross profit rose by 162 million baht, or 19 percent, from a year earlier. For the second half, the aviation tech business is expected to grow during the high travel season, and IATA forecasts Asia Pacific passenger numbers to increase by 5 percent. Meanwhile, backlog at the end of the second quarter of 2026 stood at 27.838 billion baht, which will be recognised as revenue continuously over seven years.

Yuanta Securities stated that Sky ICT Public Company Limited, or SKY, posted second-quarter 2026 normalised profit growth of 20% from the same period last year, with net profit at 202 million baht and normalised profit at 192 million baht, down 29% from the previous quarter but up 20% from a year earlier, supported by a better gross margin. Core revenue was 2.646 billion baht, down 5% from the previous quarter but up 1% from a year earlier. System Integrations revenue was 712 million baht, up 194% from the previous quarter but down 20% from a year earlier, while Services revenue was 1.786 billion baht, down 30% from the previous quarter but up 3% from a year earlier, as passenger volumes declined after Middle East conflicts affected travel, especially among customers from the Middle East and Europe, and some airlines reduced flight frequencies. Backlog at the end of the second quarter of 2026 stood at 27.838 billion baht, up 10% from the previous quarter and 19% from a year earlier, growing for a third consecutive quarter and reflecting opportunities for revenue growth ahead. Yuanta Securities said first-half 2026 normalised profit accounted for 50% of its full-year 2026 profit estimate of 923 million baht, up 31% from a year earlier, and it expects second-half 2026 profit momentum to be stronger than the first half, driven by a recovery in tourism-related revenue and gradual recognition of revenue from a strong government project backlog. It values SKY at 25.75 baht per share at end-2026, based on a price-to-earnings ratio of 20 times.

Analysts at Yuanta Securities Thailand, or YUANTA, say the formation of five working groups under the Joint Public-Private Sector Consultative Committee, or Krung-Or, will boost money circulating in the economy by as much as 600 billion to 800 billion baht per year if the country's investment ratio can be lifted from the current 22 to 23 percent to 30 percent of gross domestic product as targeted. The plan is divided into three phases: a short-term phase of six months, a medium-term phase of two years, and a long-term phase of four years, covering strategies in investment, artificial intelligence and digital technology, the green economy, finance, and healthcare. Stocks expected to benefit directly include GULF, GUNKUL, KTB, STECON, CK, FORTH, SKY, PIS, DITTO, SAMART, and TASCO, especially power-plant operators and companies likely to win project work from the public sector. Analysts recommend closely monitoring progress in the first six months, because if the plan is executed as scheduled it will help restore confidence and support long-term earnings growth.

Sky ICT Public Company Limited, or SKY, has announced it is moving forward with its aviation technology business to drive long-term growth, with plans to develop an airport management platform and AI humanoid robots targeting the global market. Chief Executive Officer Sittidej Mayalarp revealed that the aviation industry is on an upswing, with global passenger numbers expected to grow by around 20 to 25 percent in 2026, while passenger numbers in Thailand are projected to grow by an average of 5 to 7 percent per year and will accelerate in the fourth quarter of 2026, which is the tourist season. Meanwhile, Airports of Thailand has plans to expand Suvarnabhumi Airport from a capacity of 60 million passengers per year to 75 million in the next three years, and to 140 million by 2034, which will be a factor driving increased demand for airport management technology. SKY is also developing the OCC Platform, a comprehensive ground handling management platform, with plans to launch it in international markets in 2030, while also pushing into the humanoid robot business through a joint venture with AGIBOT and TKC, in which SKY holds a 55 percent stake, to develop Thai-language AI and a large language model, aiming to deploy robots in actual airport operations by the end of this year. Currently, SKY provides technology systems at 13 airports nationwide, and as of the end of the first quarter of 2026, it had a backlog valued at 25.287 billion baht, with over 90 percent being long-term projects in the Technology as a Service segment.