Sasco plans for a 5% increase in revenue to VND 2,903 billion and a 3% increase in pre-tax profit to VND 343 billion, despite anticipating that business operations may be impacted by armed conflict, inflation, and rising fuel prices.
The Board of Directors of Tan Son Nhat Airport Aviation Services Joint Stock Company (Sasco, stock code: SAS) plans to present to the upcoming annual general meeting of shareholders a target of VND 2,903 billion in net revenue, a 5% increase compared to the previous year. Of this amount, net revenue from production and business activities is projected at VND 2,788 billion, an 8% increase compared to the previous year.
Sasco aims for pre-tax profit of VND 343 billion, a 3% increase year-on-year. The company expects earnings per share to reach VND 1,915, not significantly different from VND 1,889 last year. The company anticipates contributing VND 105 billion to the state budget, a 5% increase compared to 2023.
According to Sasco's management, this plan is based on the prospect of a better economic recovery in Vietnam, but the aviation industry still faces significant challenges regarding fuel prices, exchange rates, and the openness of key international markets. The management added that global economic growth is not yet stable, potential risks from war and epidemics remain, and rising raw material prices and inflation also affect the company's production and business operations.
Sasco's business plan for this year is also based on the estimated passenger volume of the Vietnam Airports Corporation (ACV) at Tan Son Nhat Airport. Specifically, the estimated passenger volume for both arrivals and departures is 42 million, an increase of 3% compared to the previous year and 4% compared to 2019 - a period when aviation operations were not yet affected by the pandemic.
Sasco's management also added that, in the event of market changes due to force majeure events stemming from global economic and political instability affecting the industry's operations, the company will submit a proposal to the shareholders' general meeting to authorize the Board of Directors to adjust the 2024 production and business plan to suit the actual situation.
In 2023, Sasco recorded net revenue of VND 2,762 billion and pre-tax profit of VND 334 billion, representing increases of 17% and 22% respectively compared to the initial plan. At the end of 2023, Sasco had total assets of VND 2,249 billion, a 10% increase compared to the beginning of the period. Liabilities as of December 31, 2023, amounted to VND 765 billion, a 48% increase compared to the beginning of the period.
According to the presentation at the upcoming annual general meeting of shareholders, the current after-tax profit to be distributed is VND 285.5 billion. The company has allocated a total of 11.7%, equivalent to VND 33.4 billion, to reward, welfare, and bonuses for the Board of Directors and the Supervisory Board. Subsequently, the company finalized the dividend rate at 18.26%, corresponding to a total distribution of VND 243 billion. Since the company has already distributed the first dividend at a rate of 8%, the remaining amount will be distributed after the profit distribution plan is approved. After distribution, the company will have VND 8.4 billion of retained after-tax profit.
In addition, Sasco also presented to shareholders a plan to pay an interim dividend for the first quarter of this year at a rate of 6% in cash, equivalent to 600 VND per share.
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