Commercial revenues drive strong Airports of Thailand Q1 performance

THAILAND. Airports of Thailand (AoT) today reported first-quarter results (to 31 December 2023), with non-aeronautical revenues reaching Bt8,630.98 million (US$240.1 million), up +92.96% year-on-year, as the business continues its strong recovery.

The number one airport in the Airports of Thailand portfolio, Suvarnabhumi International, made a key contribution to strong Q1 financial numbers

The improved performance was partly driven by first-quarter concession revenues, including retail, food & beverage, advertising and lounges. This delivered Bt3,215.96 (US$89.46 million), an increase of +139.5 year-on-year.

How non-aeronautical revenues broke down in Q1; click to enlarge

The non-aeronautical revenue growth far outstripped Q1 passenger performance. The airports under AoT’s jurisdiction served 28.88 million passengers during the period, a rise of +25.49% against the comparable quarter of the previous year.

Total revenues for the airports group in Q1 reached Bt15,707.64 million (US$437 million), up +78.1% year-on-year, with net profit at Bt4,682.24 million (US$130.28 million). ✈

A summary of key AOT financials; click to enlarge

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