What is the difference between General Sale Agent (GSA) and Air Freight Forwarder ?
  • General Sale Agent (GSA) operates as an exclusive representative, appointed by airline to manage and sale air cargo space. The primary clients are air wholesale freight forwarder and e-commerce freight forwarder. Typically, there are 2 types of contracts: (1) Minimum Guarantee and (2) Cost plus.
  • Air freight forwarder is air cargo transport service provider, acting as retail shop purchase cargo space from capacity owner, including airline, GSA, and wholesale freight forwarder. They resale this cargo space to parties requiring cargo transport services, such as exporter and importer.

AOTGA operates ground handling service and air cargo terminal in airports. Currently The services categorized following below

  1. Ground handling services at Suvarnabhumi, Don Meang, and Phuket airports
  2. Air cargo terminal services
    • General warehouse at Phuket airport, covering area of 2,200 square maters
    • Multimodal warehouse at Suvarnabhumi airport, with a service area of approximately 3,800 square maters
  3. Cleaning services in 6 airports under AOT supervision such as Suvarnabhumi, Don Meang, Phuket, Hat Yai, Chaing Mai, and Chaing Rai airports
  • The Organic business refer to the original 4 business units which were established prior to the company’s listing on SET. There are (1)Air Freight business, (2)Chemical Business, (3)Logistics management business and (4)Sea freight and Inland transport business. The operating results are recognized as revenue in the company’s financial statements.
  • The Inorganic business involves investment in new and related business, expanded through Logistics & Beyond strategy to drive sustainable future. The operating resulting are recorded as share of profit from associates and joint ventures in the company’s financial statements.
  • The primary products transported by air such as electronic components, auto parts, fruits fresh and frozen food, and e-commerce goods
  • The main products transported by sea including electronic components, auto parts, rubber, agricultural products, and plastic product.

The Company has set a growth target of 10–15% for 2026, driven by two key supporting factors:

  • Growth in the Air Freight Business: The Company focuses on a strategy to increase cargo volume while expanding profit margins through the following initiatives:
    • Developing New Services to Enhance the Aviation Ecosystem: Launching the "Airport Truck Link" and multimodal transportation services to elevate Thailand as a regional hub for global cargo consolidation and distribution.
    • Expanding Air Charter Flight Services: Preparing and laying the foundation to transition into a full-fledged Cargo Airline by early 2027.
  • Inorganic Growth through Related Investments: The Company will recognize share of profit from its strategic investments in related logistics businesses. In 2026, focus will be placed on the following key growth engines:
    • AOT Ground Services Co., Ltd. (AOTGA): A ground handling service provider for passengers and airlines. Performance is expected to grow continuously, driven by rising tourist arrivals (particularly the recovery of the Chinese tourist market). Additionally, the Company is preparing to launch operations as the third ground handling operator at Suvarnabhumi Airport during the second half of 2026.
    • Asia Network International Public Company Limited (ANI): A Cargo General Sales Agent (GSA). Performance is projected to achieve outstanding growth compared to the previous year, fueled by expanding air freight demand, strategic route expansions with partner airlines, new contract appointments, and further acquisitions of other GSA companies.

According to the strategic plan, the Company will officially announce the launch immediately after obtaining all required licenses. This is anticipated to take place by late 2026. In the event of any delays, the launch will occur no later than Q1 2027. Initial operations are expected to serve the Thailand–Myanmar and Thailand–Vietnam routes as a priority.

Based on preliminary assessments, the Company's cargo volume related to the Middle East route accounts for 20% of its total air freight volume and less than 4% of its total sea freight volume.

The ongoing conflict has led Middle Eastern airlines to cancel flights on high-risk routes, resulting in a temporary shortage of air cargo space. Coupled with rising fuel prices, these factors have caused freight rates to increase rapidly.

Impact Summary: The Company anticipates that this situation will have a limited impact on its overall operations. Although cargo space may experience short-term reductions during periods of heightened tension, the rising freight rates are expected to compensate for the potential revenue shortfall in that segment.

The Company's revenue contribution categorized by business segment is as follows:

  • Air Freight Business: 57% of total revenue
  • Hazardous Goods and Chemicals Logistics: 26% of total revenue
  • Logistics Management Business: 17% of total revenue