THAILAND. Airports of Thailand (AoT) has revealed financial results for the year ended 30 September, with non-aeronautical revenue almost doubling (+95%) year-on-year, driven by strong passenger traffic.

Non-aeronautical revenue in the 12 months reached Bt9,269.97 million (US$256 million). Within this, concession revenue hit Bt4,031.26 million (US$111 million), a leap of +193% compared to the year before. Concessions accounted for 43% of non-aeronautical income, against 29% in 2021. King Power International Group is a key contributor through its duty free and other commercial contracts across the airports network.

Non-aeronautical revenues by channel in FY22 (in Thai Baht); click to enlarge

Total group revenue of Bt17,891 million (US$494 million), which was also up sharply (+137%).

Passenger traffic across AoT’s six airports climbed by +133% year-on-year to 46.7 million, with 13.9 million international and 32.8 million domestic passengers.

Despite recent recovery, the performance continues to lag well behind 2019. Then, passenger traffic was over 141 million, full-year revenues were Bt64.5 billion (almost four times higher than FY2022) with non-aeronautical revenues reaching Bt27.7 billion, around three times higher than this year.

Key financials for the full year; click to enlarge

The company posted a net loss for the year of Bt11,087 million (US$306 million).

AoT said it expected further improvements in its performance in the year ahead, after the authorities declared an end to the Kingdom-wide emergency COVID-19 measures effective from 30 September.

King Power Duty Free last week unveiled a new promotional campaign at Suvarnabhumi Airport in Bangkok, themed ‘Love Travellers: Let’s travel the world, let the world travel Thai’, to tap into the return of travel at scale

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