Airports of Thailand non-aeronautical revenues soar in first nine months of financial year

The number one asset in the Airports of Thailand portfolio, Suvarnabhumi Airport, was a major contributor to a strong set of nine-month financial results

THAILAND. Airports of Thailand (AoT), operator of six international and four regional airports, has revealed its financial results for the nine months to the end of June 2023. As recovery from the COVID-19 pandemic gathers momentum in the country, they show that non-aeronautical revenues soared +188.1% year-on-year to Bt16,821.3 million (US$478.7 million).

The result was achieved from total nine-month revenues of Bt 33,109.64 million (US$942.2 million), up +190.3%.

The key Airports of Thailand numbers in the October 2022-June 2023 period (click to enlarge)

AoT airports served 74.39 million passengers across the first three quarters of the financial year, up +153.7% year-on-year. The split was 38.9 million international and 35.49 million domestic passengers.

Rising passenger numbers drove concession revenues for the nine-month period to Bt9,312.3 million (US$265 million), an increase of +307.8% year-on-year. Meanwhile, concession revenues in the latest quarter (April-June 2023) reached Bt4,168.68 million (US$118.63 million), an increase of +245.2%, underlining the accelerating rate of recovery across Thai airports.

A breakdown of Airports of Thailand non-aeronautical revenues for the first nine months of the financial year and the latest quarter (click to enlarge)

AoT noted that the strong concession revenue results were driven by major contributions from duty free, commercial trade and advertising revenues. King Power International Group is the key contributor through its duty free and other commercial contracts across the AoT airport network. ✈

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