Sky ICT’s subsidiary Pro Inside eyes Stock Exchange of Thailand listing

Image courtesy of SKY ICT

Sky ICT, a SET-listed aviation technology firm, is planning to list its wholly-owned subsidiary Pro Inside on the Stock Exchange of Thailand in early 2024, in a bid to create a new long-term revenue stream. Pro Inside, an intelligent system integrator, was separated from Sky ICT last year to focus on bidding for state projects.

Pro Inside CEO Benyapa Chalermwat stated that the company specialises in providing system integration services for security, big data, artificial intelligence-embedded solutions, and smart healthcare. In 2021, Pro Inside recorded a total revenue of 674 million baht and a net profit of 87 million baht. The previous year, the company reported a total revenue of 642 million baht and a net profit of 18 million baht. Benyapa said…

“The lower profit last year was mainly the result of the company’s organisational restructuring after separating from its parent.”

Pro Inside anticipates its total revenue to reach 2 billion baht in 2023, driven by potential contracts worth a combined 4 billion baht. The funding from an initial public offering would benefit the company’s operations, making it easier to bid for larger projects due to a higher market capitalisation and improved reliability, according to Benyapa.

Pro Inside is in discussions with several potential partners in China and aims to sign a memorandum of collaboration with two private firms by the end of this year. One specialises in artificial intelligence, and the other focuses on robots. The partnership is expected to strengthen Pro Inside’s business capabilities and create synergies through research development, product line development, and workforce upskilling cooperation. Benyapa said…

“Large corporations have continued to invest in digital transformation, while medium-sized firms need to invest in digital if they want to survive.”

Sky ICT CEO Sithidej Mayalarp revealed that the company has project backlogs worth around 23 billion baht over the next eight years, with 2 billion baht to be booked in financial statements this year. In the first quarter of 2023, Sky ICT recorded total consolidated revenue of 820 million baht, a year-on-year growth of 75%, and a net profit of 83 million baht, attributed to a surge in passenger arrivals as the tourism industry recovered.

Sky ICT offers consultation, design, supply, and distribution of products and devices related to ICT and security infrastructure solutions. The company was granted an 8-billion-baht, 10-year concession by Airports of Thailand to develop aviation platforms, with eight years remaining on the concession, reporteds Bangkok Post.

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