Airport service business is a 'golden goose', Sasco pays employees double-digit income increase

Phoenix is ​​one of the stores operated by Sasco at Tan Son Nhat - Photo: CONG TRUNG

Labor income at Sasco improved

Average income from salary fund last year reached 29.9 million VND/person, up 12% compared to 2023.

The report also said that the total income of the board of directors in 2024 (excluding the general director and board members participating in management) is 3.55 billion VND. While the total income of the three members of the board of supervisors last year was more than 2.56 billion VND.

In the detailed financial report of the executive board, Mr. Nguyen Van Hung Cuong - general director - received an income of 952 million VND, an increase of 15%.

Sasco increased its income payments to employees amid positive business results, with pre-tax profit reaching VND504 billion, up 47% compared to the plan. Sasco's basic earnings per share reached VND2,789/share, up 46%.

In the first quarter of 2025, Sasco's business situation continued to record positive results. Sasco recorded net revenue of 764 billion VND, an increase of 12% over the same period last year.

In the revenue structure, the business lounge business segment accounted for the largest amount with nearly 229 billion VND, up 29% over the same period. This segment is also considered Sasco's "golden goose" because of its high gross profit margin.

In the first quarter of the year, the cost of capital for the waiting room segment was 43.5 billion VND, but Sasco's gross profit in this segment reached nearly 186 billion VND, more than 4 times the cost of capital.

Gross profit is calculated by taking net revenue minus cost of goods sold, excluding some expenses such as interest (if any) and taxes...

According to Sasco, in November 2024, the company launched The SENS Leisure Lounge at Phu Quoc airport.

The company revealed that this is a step in its strategy to expand its lounge system throughout Vietnam's airports, especially at Terminal T3 of Tan Son Nhat Airport, Long Thanh Airport and join Airport Dimensions' lounge network worldwide .

Who is the major shareholder of the "golden goose" Sasco?

After the lounge segment, revenue from duty-free stores was the second highest in Sasco's total structure, accounting for VND223 billion, down slightly compared to the same period last year. The cost of goods sold in this segment in the first quarter of the year reached VND176.8 billion, gross profit reached more than VND46 billion.

Meanwhile, revenue from goods at Sasco's shopping malls and other branches reached nearly VND92 billion, up 25%. This is also an effective segment of Sasco when the cost of goods sold only accounted for VND22 billion, equivalent to a gross profit of nearly VND70 billion. The remaining revenue from other activities was combined by Sasco to reach VND220 billion in the first quarter alone, up 15%.

Combining all segments, Sasco's gross profit margin in the first quarter of 2025 is at nearly 40% - the "dream" of many other businesses. Thanks to that, despite the increase in operating costs, Sasco's after-tax profit still reached VND 112.7 billion, nearly 2.5 times higher than the same period last year.

According to Sasco leaders, profits increased sharply due to the recovery of the aviation market. At the same time, the company has applied many programs to stimulate customers to use services and goods...

Currently, the main production and business activities of this company are retail, duty-free goods and service business in the target market of Tan Son Nhat International Airport.

Also according to the 2024 annual report, Sasco's shareholder structure includes 4 major shareholders. Of which, 3 enterprises related to Mr. Johnathan Hanh Nguyen (Chairman of Sasco's Board of Directors) hold more than 45% of capital at the end of 2024.

- Vietnam Airports Corporation (ACV) holds 49.07%

- Imex Pan Pacific Import Export Company Limited (IPP) holds 24.98%

- Duy Anh Fashion and Cosmetics Company Limited (DAFC) holds 4.93% (now reduced)

- European Fashion and Cosmetics Company Limited (ACFC) holds 15.39%

While Sasco operates mainly at Tan Son Nhat, at Noi Bai airport, the "boss" of the food and beverage service business is Noi Bai Airport Services Joint Stock Company (Nasco).

To date, Nasco has not yet released its Q1-2025 financial report. The audited 2024 financial report does not separate standing room revenue. The explanation shows that the restaurant and food service sector in general is the 'golden goose' for Nasco.

While the cost of restaurant and catering services was more than 70.4 billion VND, the revenue was nearly 254 billion VND, equivalent to a gross profit margin of 72%.

BINH KHANH

Source: https://tuoitre.vn/kinh-doanh-dich-vu-san-bay-ga-de-trung-vang-sasco-tra-thu-nhap-nhan-vien-tang-hai-con-so-20250516103327522.htm