THAILAND. Airports of Thailand (AOT) has revealed financial results for the 12 months ended 30 September, with revenues climbing +40% to Bt67.8 billion (US$1.9 billion) and net profits more than doubling to Bt19.6 billion (US$560 million).
Non-aeronautical revenues surged by +39.6% to Bt36.1 billion (US$1.04 billion), within which concession income leapt +55% to Bt23.1 billion (US$668 million). This outstripped passenger traffic growth of +19.2% across the Thai airports network, where volumes reached 119.3 million in the year. Of these, 72.7 million were international travellers.
Duty free sales through King Power International Group contributed strongly to the growth in commercial performance, said AOT.
AOT has also come to an agreement with King Power subsidiary King Power Suvarnabhumi Company about food & beverage concession space occupied by the company at Bangkok Suvarnabhumi Airport, but required by the airport for the Terminal East Expansion and flagged since 2021. King Power’s contract runs to March 2033.
AOT’s board resolved this week to approve the reclamation of 1,257sq m of King Power Suvarnabhumi Company’s commercial space, repaying minimum guarantees of around US$5.5 million covering year two of the contract (to March 2024). AOT will also forego around US$700,000 per month in guarantees for the year to March 2025.
AOT said that upon the completion of the expansion, it will record “an increase in revenue from passenger service and commercial concessions which can further make up for such a revenue drop”. ✈
