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SASCO profits soar 77 times

By Phuong Dong   January 18, 2023 | 12:11 am PT
SASCO profits soar 77 times
A SASCO shop in HCMC's Tan Son Nhat airport. Photo courtesy of SASCO
Southern Airports Services JSC reported a pre-tax profits of roughly VND230 billion ($9.7 million) in 2022, the highest over the past three years, and up 77 times against 2021.

The higher profits were mainly due to the recovery of the aviation sector. The company earned total revenues of VND1.4 trillion last year, quadrupling revenue earned a year earlier.

The last quarter’s revenue was approximately VND560 billion, up nine times over the same period in 2021, with revenue from duty-free sales and airport lounges both growing by double digits.

SASCO reported after-tax profits of VND89 billion in the last quarter, 33 times higher than the same period in 2021, and the biggest increase of the past three years.

The company’s management, chaired by Johnathan Hanh Nguyen, said better business results stemmed from the much higher number of domestic and foreign passengers arriving at Tan Son Nhat International Airport, dividends from firms it has stakes in, and exchange rate fluctuations.

SASCO’s total assets at the end of last year were over VND2.04 trillion, an increase of some VND500 billion against the beginning of the year.

The company currently owes some VND520 billion jin debt, four times the amount at the beginning of last year, with new debt mainly related to the IPP Group, a firm owned by the family of Johnathan Hanh Nguyen.

 
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