## Analysis of AOT Stock Financial Statements (2022-2024)
AOT (Airports of Thailand) operates six major airports in Thailand. The following analysis is based on the provided financial statements (in Million THB):
**Income Statement Highlights:**
* **Significant Revenue Growth:** AOT experienced substantial revenue growth from 15,894 Million THB in 2022 to 64,381 Million THB in 2024. This is primarily driven by "รายได้จากการดำเนินธุรกิจ" (Revenue from business operations), which shows a similar increase.
* **Net Profitability Improvement:** AOT's net profit ("กำไร (ขาดทุน) สุทธิ สำหรับงวด") dramatically improved, transitioning from a net loss of -11,038 Million THB in 2022 to a significant profit of 18,426 Million THB in 2024.
* **Expense Management:** While expenses increased overall, the increase was proportionally less than the revenue increase, leading to the improved profitability. "ค่าใช้จ่ายผลประโยชน์พนักงาน" (Employee benefit expenses) and "ค่าเสื่อมราคาและค่าตัดจำหน่าย" (Depreciation and amortization) are notable expense categories.
**Balance Sheet Highlights:**
* **Asset Growth:** Total assets increased steadily from 182,457 Million THB in 2022 to 202,686 Million THB in 2024. A significant portion of this growth is attributable to "ที่ดิน อาคาร และอุปกรณ์ - สุทธิ" (Land, buildings, and equipment, net).
* **Increased Current Assets:** Current assets also experienced considerable growth, mainly due to increases in cash and receivables.
* **Debt Management:** While total liabilities increased slightly, the company still maintains a substantial equity portion. The major component of liabilities is "หนี้สินตามสัญญาเช่า - ส่วนที่ถึงกำหนดชำระเกินกว่าหนึ่งปี" (Long-term lease liabilities).
* **Equity Increase:** The increase in retained earnings ("กำไร (ขาดทุน) สะสม") directly reflects the improved profitability.
**Cash Flow Statement Highlights:**
* **Positive Operating Cash Flow:** AOT generated a strong positive net cash flow from operating activities in 2023 and 2024, significantly higher than 2022.
* **Investing Activities:** Significant cash outflows were observed in investing activities, primarily related to capital expenditures ("เงินสดจ่ายจากการซื้อสินทรัพย์ถาวร").
* **Financing Activities:** Financing activities show a mix of borrowing and debt repayment.
**Overall:**
The financial statements indicate a strong recovery and significant improvement in AOT's financial performance from 2022 to 2024. Revenue growth significantly outpaced expense growth, leading to substantial profitability. The company made significant investments, likely related to infrastructure development. Further detailed analysis would require a deeper dive into individual line items and industry benchmarks for a more comprehensive understanding. The Thai language account names present a challenge for a fully detailed analysis without further translation and contextual understanding.
