Tan Son Nhat Airport Services Joint Stock Company - Sasco (stock code SAS), chaired by "King of Branded Goods" Jonathan Hanh Nguyen, has just announced its business results for the fourth quarter of 2023. Accordingly, in the last quarter of 2023, Sasco achieved revenue of more than 694 billion VND, an increase of more than 24% compared to the fourth quarter of 2022. Of which, revenue from sales of goods at duty-free shops in the airport contributed the most with 264 billion VND. Lounge revenue during this period reached 171 billion VND. The rest came from sales at shopping malls and other activities.
Every day, the company of "King of luxury goods" Jonathan Hanh Nguyen earns more than 7 billion VND.
However, Sasco's pre-tax profit this period dropped sharply by 53% to approximately VND49 billion. The company explained that this was mainly due to increased provisions for bad debts, causing profits from production and business to decline.
Accumulated for the whole year of 2023, Sasco achieved net revenue of more than 2,580 billion VND, a sharp increase of 84% compared to 2022. Pre-tax profit for the whole year reached 333.7 billion VND and after-tax profit reached nearly 293 billion VND, up 45% and 40% respectively compared to 2022. Thus, on average, the company earned more than 7 billion VND per day.
Thanks to that, the company exceeded its revenue plan by 9% and its profit target for the year by 22%. At the same time, this is the best business result of the enterprise since the Covid-19 pandemic. In 2023, domestic and foreign tourists in Vietnam have gradually recovered. The country welcomed 12.6 million international visitors, 3.4 times higher than in 2022 and far exceeding the target of 8 million visitors set at the beginning of the year.
Sasco is one of the largest aviation service providers in Vietnam. The company is famous for managing and operating duty-free shops, restaurants, and business lounges at Tan Son Nhat airport.
According to the shareholder structure, Vietnam Airports Corporation (ACV) is currently the largest shareholder holding more than 49% of capital. Next is the group of 3 companies related to "King of luxury goods" Jonathan Hanh Nguyen including Lien Thai Binh Duong Import-Export Company, Au Chau Fashion and Cosmetics Company, Duy Anh Fashion and Cosmetics Company holding a total of more than 45% of capital.
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