SKY Reports a Net Profit of ฿149Mn in 2020 with a Backlog on Hand Worth ฿20.1Bn!

SKY ICT Public Company Limited (SKY) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;

In 2020, SKY recorded a net profit of 149 million baht, decreased 31.45% from a net profit of 218 million baht in 2019 due to the increasing of expenses and decreasing of share of profit from associated companies.

The total income of SKY in 2020 amounted to 3,542.2 million baht, a decrease of 418.4 million baht or 10.6 percent compared to the previous year. Revenue from System Integration Services of 2,344.0 million baht, accounting for 66.2 percent of total revenue, a decrease of 1,259.3 million baht or 34.9 percent compared to the previous year.

Revenue from Sales recorded at the amount of 460.5 million baht or 13% of total income has increased from last year 263.1 million baht or 133.3% as the company and its subsidiaries began to expand the market to the private sector. Meanwhile, revenue from services came in at 737.7 million baht or equivalent to 20.8% of total revenue, increasing from the previous year 577.8 million baht or 361.3%

 

Total costs for 2020 amounted to 2,967.6 million baht, a decrease of 541.7 million baht or 15.4 percent from the previous year, most of which was the cost from the system integration services, which decreased according to the recognized revenue.

Considering the gross profit margin for FY2020 is 16.2%, a 4.8% increase from 2019 due to the expansion of the business to sell products to the private sector and providing maintenance services for various projects with higher gross margins

 

In 2020, the company recognized its share of profit from investments in associates and joint ventures. The total amount is 72.4 million baht, a decrease of 58.4 million baht from the previous year.

 

SKY stated that due to the COVID-19 situation since the beginning of the year 2020, the company has been impacted by the COVID-19 situation. In some projects where employees are required to travel to work in certain areas. This has resulted in delays in the implementation of the plans for some projects.

However, during 2020, the company has a competitive advantage on technology which leads the company to win big projects, therefore the company has a backlog contract of approximately 20,147 million baht.