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Transportation

Airports of Thailand

Company Background

Airports of Thailand, a state-owned airport operator, is 70% controlled by the finance ministry. The company was established in 2002 when the Airports Authority of Thailand was privatized.

It operates six major airports in Thailand. Suvarnabhumi Airport, the new international airport that opened in Bangkok in 2006, just after a coup that toppled the Thaksin Shinawatra government, is run by the company. The airport was seized by anti-government protestors in 2008 and forced to shut down for a week.

Don Mueang International Airport, which opened in 1914, was replaced by Suvarnabhumi, but is now a budget airline hub. Other airports include those at popular tourist destinations such as Phuket and Chiang Mai.

The chairman post at Airports of Thailand is filled by air force officials. Current Chairman Araya Ngampramuan is an Air Chief Marshal. He was named to replace Sita Divari, a squadron leader who was picked by ousted Prime Minister Yingluck Shinawatra, and resigned after the military coup in May 2014. The president's post is currently vacant. Former President Makin Petplai stepped down from his post in September without citing reasons. The company has invited members of the public to apply for the role.

Business Summary

Airports of Thailand Public Co. Ltd. engages in the operation of airport and hotel. It operates through the Airport Business and Hotel Business segments. It also manages Suvarnabhumi Airport (BKK), Don Mueang Airport (DMK), Chiang Mai (CNX), Hat Yai (HDY), Phuket (HKT), and Mae Fah Luang - Chiang Rai. The company was founded on December 17, 1903 and is headquartered in Bangkok, Thailand.

Financial Highlights

Sep 2019 THBUSD
Revenue62,783.41M1,981.31M
Gross Profit32,985.86M1,040.96M
Operating income30,201.29M953.09M
Income before tax31,484.31M993.58M
Net income25,026.36M789.78M
EBITDA36,052.76M1,137.75M
Diluted EPS1.750.05
Dividends Per Share1.050.03
Total Assets198,381.55M6,486.23M
Total liabilities43,842.92M1,433.47M
Total equity153,899.11M5,031.84M
Operating cash flow32,128.85M1,013.92M
Currency in THBCurrency in USD

Historical Data

 Sep 2015Sep 2016Sep 2017Sep 2018Sep 2019
Revenue 43,968.99M 50,961.95M 54,901.16M 60,537.40M 62,783.41M
Gross Profit 24,409.92M 26,513.08M 28,263.90M 33,305.42M 32,985.86M
Operating income 20,151.90M 24,038.26M 25,786.90M 30,710.54M 30,201.29M
Income before tax 23,335.22M 24,171.34M 26,184.97M 31,127.36M 31,484.31M
Net income 18,728.65M 19,318.31M 20,683.60M 25,170.76M 25,026.36M
EBITDA 26,339.92M 30,442.31M 31,431.40M 36,352.21M 36,052.76M
Diluted EPS 1.31 1.35 1.45 1.76 1.75
Dividends Per Share 0.65 0.68 0.86 1.05 1.05
Total Assets 160,506.66M 173,130.82M 179,346.74M 187,708.55M 198,381.55M
Total liabilities 51,694.52M 52,816.60M 47,658.05M 43,439.43M 43,842.92M
Total equity 108,587.57M 120,057.54M 131,376.25M 143,902.78M 153,899.11M
Operating cash flow 23,359.14M 28,945.25M 25,930.41M 32,849.22M 32,128.85M
 Sep 2015Sep 2016Sep 2017Sep 2018Sep 2019
Revenue 1,313.13M 1,439.92M 1,589.26M 1,871.05M 1,981.31M
Gross Profit 729.00M 749.12M 818.17M 1,029.38M 1,040.96M
Operating income 601.83M 679.20M 746.47M 949.18M 953.09M
Income before tax 696.90M 682.96M 757.99M 962.06M 993.58M
Net income 559.32M 545.83M 598.74M 777.96M 789.78M
EBITDA 786.63M 860.14M 909.86M 1,123.55M 1,137.75M
Diluted EPS 0.03 0.03 0.04 0.05 0.05
Dividends Per Share 0.01 0.01 0.02 0.03 0.03
Total Assets 4,422.28M 4,996.56M 5,377.71M 5,804.22M 6,486.23M
Total liabilities 1,424.28M 1,524.28M 1,429.02M 1,343.21M 1,433.47M
Total equity 2,991.80M 3,464.86M 3,939.31M 4,449.68M 5,031.84M
Operating cash flow 697.61M 817.84M 750.62M 1,015.28M 1,013.92M

Valuation Measures

Sep 2019
PER42.67
ROA12.96%
ROE16.80%
Operating margin48.10%
Profit margin39.86%

Key executives

  • President & Director: Nitinai Sirismatthakarn
  • Chief Financial Officer: Pattanapong Suwannachat
  • EVP-Information and Communication Technology Group: Kittipoj Venunandana
  • Senior Executive VP-HR & Administration: Chadanisa Chumnanvej
  • Senior Executive Vice President-Corporate Strategy: Sasisubha Sukontasap

Shareholders

  • Government of Thailand (70.0%)
  • Social Security Office of Thailand (1.1%)
  • TMB Asset Management Co., Ltd. (0.4%)
  • Sands Capital Management LLC (0.3%)
  • Norges Bank Investment Management (0.2%)
  • Dimensional Fund Advisors LP (0.1%)
  • TD Asset Management, Inc. (0.1%)
  • Bessemer Investment Management LLC (0.1%)
  • JPMorgan Asset Management (Singapore) Ltd. (0.1%)
  • Canada Pension Plan Investment Board (0.0%)

Contact Details

Related Companies

  • Airport Duty Free Co. Ltd.
  • Don Mueang International Airport Hotel Co. Ltd.
  • Suvarnabhumi Airport Hotel Co. Ltd.

Competitors

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