Saigon Cargo Services Joint Stock Company (stock code: SCS) has just announced its Q1/2024 financial statements with revenue of nearly 213 billion VND, an increase of 31.5% over the same period last year. After deducting the cost of goods sold, the gross profit of this enterprise reached 168.3 billion VND, an increase of 37.3%. Gross profit margin is at 79%.
Financial revenue of Saigon Cargo Services decreased by 26.4% to 14.6 billion VND. The company’s expenses remained largely unchanged, particularly since the company incurred almost no financial expenses in the first quarter of 2024.
After deducting expenses, the airline company had a post-tax profit of 247.3 billion VND, an increase of nearly 30% compared to last year. Thus, the company has regained its growth momentum after 4 consecutive quarters of profit decline.
According to Saigon Cargo Service, with the recovery of the global economy in Q1/2024, the company’s total output increased by 34% in Q1/2023. Contributing to this growth are existing customers and especially new customer Qatar Airways. This has helped improve the company’s profits in the last quarter.
In 2024, Saigon Cargo Services plans to achieve revenue of 968 billion VND, pre-tax profit of 680 billion VND, respectively up 22% and 19.6% compared to 2023. Thus, the company has completed nearly 25% of the year’s plan.
As of March 31, Saigon Cargo Services’ total assets reached 1,649 billion VND, a decrease of more than 50 billion VND compared to the beginning of the year. More than 60% of the company’s assets are cash and deposits, at 1,000 billion VND.
