Samart Aviation Solutions Public Company Limited (SAV) announced robust business performance for the second quarter of 2024, achieving revenue of Bt440 million and a profit of Bt116 million. This strong Q2 performance boosted the company’s total revenue for the first half of the year to Bt849 million, with a profit of Bt210 million, marking an 84 per cent growth compared to the first six months of 2023.

Thanks to the recovery of tourism in ASEAN and the Cambodian government’s promotion policy on tourism, SAV foresees continued strong growth in the second half of the year, particularly during the high season in the fourth quarter, with a target of achieving 20 per cent growth compared to the same period last year.

Mr. Teerachai Phongphanangam, President of Samart Aviation Solutions Public Company Limited (SAV) and a major shareholder of Cambodia Air Traffic Services Co., Ltd. (CATS), an exclusive air traffic and navigation service provider in Cambodia, said in Q2 2024, the company achieved total revenue of Bt440 million. This represents an increase of Bt72 million, or approximately 19 per cent compared to the same period last year. The Q2 profit also reached Bt116 million, up Bt33 million or 39 per cent from the second quarter of the previous year.

The performance in Q2 demonstrated positive business momentum, with revenue increasing by Bt31 million from the first quarter of 2024, a growth of 7 per cent, while Q2 profit grew by 23 per cent reaching an additional Bt22 million.

For the first half of the year, the company reported total revenue of Bt849 million, an increase of approximately Bt138 million or 19 per cent compared to the same period last year. Profit reached Bt210 million, up around Bt96 million or 84 per cent from the first six months of 2023.

The growth was driven by the recovery of ASEAN tourism to pre-COVID-19 levels and the Cambodian government’s ongoing support for the tourism sector. The government has designated 2024 as the Year of People-to-People Exchanges between Cambodia and China to boost tourism and investment. This initiative contributed to a rise in flights during Q2, reaching 24,678, an increase of 1,609 flights or 7 per cent compared to the same quarter last year. Additionally, flights rose by 544 or 2 per cent from the first quarter of 2024, bringing the total number of flights for the first half of the year to approximately 49,000.

SAV’s Q2 revenue came from its three main business segments:

• Revenue from domestic landing and take-off services amounted to Bt13 million, representing a 346 per cent increase compared to the same quarter last year.
• Revenue from international landing and take-off services totaled Bt144 million, up nearly 30 per cent from the same quarter last year.
• Revenue from overflight services in Cambodian airspace was approximately Bt281 million, marking a nearly 15 per cent increase compared to the same quarter last year.

“For the second half of the year, we expect revenue from domestic landing and take-off services in Cambodia to grow by at least 20 per cent compared to Q4 of the previous year. This growth is anticipated due to the Cambodian government’s continued support for tourism, including various promotional campaigns such as ‘Visit Siem Reap 2024,’ which will significantly boost tourism in Cambodia,” Mr. Teerachai concluded.