AOT's profits rose to 4,563 million baht, growing strongly by 1,231% in the first quarter.

Airports of Thailand (AOT) reveals operating results for the first quarter of 2024 (October-December 2023) creating excitement with a net profit of 4,563 million baht, up 1,231% from the previous year, a significant turnaround figure. Nice and compared to the first quarter of 2023, AOT achieved a net profit of only 342.77 million baht.

AOT's profits rose to 4,563 million baht, growing strongly by 1,231% in the first quarter.

Airports of Thailand Public Limited (AOT) The first quarter 2024 earnings report reveals the key factors supporting the results. The number of flights and passengers increased significantly, for example, Suvarnabhumi Airport saw a 23.5% increase in passenger departures compared to the previous year. Don Mueang Airport increased the number of departing passengers by 28.4%, Chiang Mai Airport increased the number of departing passengers by 33.2%, and AOT sales or service revenue increased by 78.01% to 7,076.66 million baht, divided into:

• Revenue from aviation operations reached 2,725.56 million baht, an increase of 62.64%.
• Income related to aviation operations reached 4,158.06 million baht, an increase of 92.96%.

Aviation operations revenues The increase came from:

• Outbound passenger service fees increased by 1,882.14 million baht or 52.19%, mainly due to the total number of passengers at all six airports increasing by 25.49%.
• Airport service fees rose by 816.55 million baht, or 138.41% of the total number of flights, by 18.51%.

AOT adjusts master plan Suvarnabhumi supports 150 million passengers/year

Mr Kirati Kitmanawat, Chairman of AOT or AOT, revealed the development plan for Suvarnabhumi Airport, and that AOT is in the process of reviewing a new master plan. It aims to expand passenger capacity from 120 million people/year to 150 million people/year by submitting plans to the Department of Transport, NESDB, and Cabinet for recognition. This new master plan consists of important projects as follows:

• The western expansion has a budget of 9,000 million baht
• The northern expansion has a budget of 40,000 million baht
• The South Terminal (South Terminal) has a budget of 100,000 million baht
• Secondary Atrium Building 2 (SAT-2) supports 28 parking spaces worth 30,000 million baht.
• Runway 4 can handle an additional 30 million passengers per year with a budget of 20,000 million baht.

Along with the 9,000 million baht eastern expansion project, adding 60,000 square meters of space to accommodate 15 million passengers annually, AOT is currently adjusting the building design to match the new aviation context. It is expected to be submitted to the Council of Ministers and open for bidding next May. It is targeted for completion in 2027.

AOT is moving forward with its Suvarnabhumi Airport masterplan review. To accommodate the increasing number of passengers. It aims to expand its passenger capacity from 120 million people/year to 150 million people/year.

Using the model of Chitose Airport in Japan.

Chitose airport modelIt has been used as an example in the transformation of Suvarnabhumi Airport. Focus on developing commercial areas Increase your travel experience and create sustainable income Examples of developing commercial spaces include adding space for shops, restaurants, and shopping centers. Organizing tourism promotion activities and developing various services

Mr. Kirati also mentioned the Chitose Airport model. Japan, advanced by AOT to develop Suvarnabhumi Focus on integrated management of commercial space Not focused on making profit alone but in order to attract passengers to use the airport space to its fullest potential, AOT expects for 2024 the number of passengers will return to 65 million people annually, similar to 2024. 2019 (before Covid).

AOT's recovery reflects positive signs for the Thai tourism sector. The expansion is expected to continue in 2024. Investors are watching AOT's performance in the coming quarters amid a recovery in the aviation and tourism sectors.