“SASCO’s AGM: H1 Profits Double”

27 June, 2025

On June 26 morning, the 2025 Annual General Meeting of Tan Son Nhat Airport Services Joint Stock Company (SASCO, UPCoM: SAS) was held.

SASCO Chairman, Mr. Johnathan Hanh Nguyen, speaking at the meeting.

At the meeting, SASCO’s General Director, Mr. Nguyen Van Hung Cuong, shared that the company is estimated to have achieved cumulative revenue of over VND 1,530 billion in the first half of 2025, equivalent to 51% of the full-year plan, and a pre-tax profit of over VND 280 billion, doubling that of the same period last year. SASCO’s growth was achieved amid a record high number of international visitors to Vietnam.

However, Mr. Cuong also pointed out that Chinese customers, who used to spend lavishly, are now more cautious about their spending. Nevertheless, the company’s statistics show an increase in the value of invoices, despite a decrease in their number.

Chinese customers remain the top spenders and the largest contributors to SASCO’s sales, followed by Russian, Korean, and Japanese customers. Regarding Russian customers, Mr. Cuong mentioned that their numbers are still impacted by geopolitical issues. Specifically, at Tan Son Nhat airport, the number of Russian visitors is lower than in normal periods.

Market Share Projection

At the meeting, Chairman Johnathan Hanh Nguyen shared that in the context of expanding airports and the growth of non-airline services and passenger numbers, the ACV‘s strategy is to open up airport operations to more partners. This will likely affect SASCO’s future market share at Tan Son Nhat and Long Thanh airports.

However, he believes that SASCO still has room to grow. Using an analogy, he said, “If we used to earn 40-50 out of 100, now, even if we earn 30% of 1,000, it is still a significant amount.”

Accordingly, Mr. Nguyen has directed the SASCO team to focus on developing better services and products, thereby creating a foundation for ACV to choose to cooperate with the company. He added that the opportunities to participate in business operations at Tan Son Nhat Airport’s T3 terminal and Long Thanh Airport will be openly bid as per regulations.

Exploring Free Trade Zone Project

During the meeting, the General Director shared that the company’s lounge business improved in 2025 as SASCO gained better control over issues related to suppliers and input service providers.

In this field, SASCO is a market leader in terms of both service quality and price-setting capabilities.

However, SASCO’s lounges mainly serve business-class passengers and individual customers. Therefore, the company is striving to reach other customer segments, such as serving wholesale groups like banks. With this orientation, Mr. Cuong acknowledged that the team is facing challenges due to the lack of separate business premises.

Notably, during the discussion, Mr. Cuong shared that SASCO plans to explore participating in the free trade zone project inside and outside the Long Thanh airport area. Currently, the proposal for this trade zone has been agreed upon between Dong Nai province and ACV and is expected to be reported to the Prime Minister.

In response to a shareholder’s question, SASCO’s representative affirmed that the company remains focused on its core business but is also ready to leverage its accumulated resources to expand its service offerings.

“We will maintain our target market foundation in airports, but we will also diversify into other fields that align with our strengths,” said Mr. Cuong.

Regarding dividends, the General Director assured that the company will maintain its consistent cash dividend policy, which he believes aligns with the current business situation. However, the company also leaves room for capital mobilization if there are opportunities to participate in large-scale expansion projects.

For now, Chairman Johnathan Hanh Nguyen revealed that SASCO plans to pay out approximately VND 300 billion in dividends to shareholders in August.

Thua Van

– 16:48 26/06/2025