Airports of Thailand (AOT) Q3 2024 earnings summary

Executive summary

• Total revenues for the first nine months of FY2024 rose 53.32% year-over-year to THB 50,764.96 million, with net profit reaching THB 14,910.35 million, a 127.24% increase from the same period last year.

• Revenue and profit surged year-over-year for both the three- and nine-month periods ended 30 June 2024, reflecting strong recovery in air traffic and commercial activities.

• Comprehensive income was impacted by fair value losses on equity investments, but core profitability remained robust.

• Passenger movements increased 21.17% year-over-year to 90.14 million, and aircraft movements grew 15.51% to 548,514 for the period.

• Strong recovery in both international and domestic segments, with international passenger growth outpacing domestic.

Financial highlights

• EBITDA for 9M FY2024 was THB 29,505.59 million, up 86.71% year-over-year.

• EBIT rose 178.23% to THB 21,005.14 million, and profit before tax increased 172.46% to THB 19,099.55 million.

• Nine-month consolidated revenue reached Baht 50,346.95 million, up from Baht 32,779.04 million year-over-year.

• Net profit for the nine-month period was Baht 15,272.46 million, compared to Baht 5,639.99 million last year.

• Cash position improved to THB 9,848.64 million as of June 30, 2024.

Outlook and guidance

• Major airport expansion projects are underway, including Suvarnabhumi’s third runway (2024), east expansion (2025), and north expansion (2028), as well as Don Muang Phase III (2030).

• Passenger and flight volumes continue to recover as global and domestic COVID-19 restrictions ease.

• Management remains focused on revenue collection improvements and cost controls during the transition from the pandemic.

• Additional capacity will support continued passenger and aircraft movement growth.