Airports of Thailand (AOT) Q4 2024 earnings summary

Executive summary

• FY2024 saw strong recovery in air traffic and passenger volumes, with double-digit growth across major airports.

• Audited consolidated and separate financial statements for the year ended 30 September 2024 were prepared in accordance with Thai Financial Reporting Standards and present fairly in all material respects.

• The Group operates six international airports and several subsidiaries in related businesses, with the Ministry of Finance holding a 70% stake.

• Total revenue increased significantly year-over-year, driven by both aeronautical and non-aeronautical segments.

• Net profit and EBITDA rebounded sharply, reflecting improved operational performance.

Financial highlights

• Total revenue for FY2024 was THB 67,827.8 million, up 40.01% year-over-year.

• Net profit reached THB 19,182.39 million, a 118.21% increase from the previous year.

• EBITDA rose to THB 38,447.55 million, up 65.19% year-over-year.

• Basic earnings per share rose to Baht 1.34 from Baht 0.62 year-over-year.

• Cash and cash equivalents at year-end were Baht 18,487 million, up from Baht 6,091 million.

Outlook and guidance

• Ongoing airport expansion projects, including Suvarnabhumi’s third runway (2024) and Don Mueang Phase III (2030), are expected to boost capacity.

• The Group expects continued growth in passenger and air traffic, supported by ongoing airport development projects and expansion of commercial activities.

• Major capital projects, including the Suvarnabhumi Airport development and third runway, are progressing, with significant completion milestones reached.

• Continued focus on enhancing both aeronautical and non-aeronautical revenue streams.