According to the recently released 2022 annual report, Vietnam Airlines Corporation (Vietnam Airlines, stock code HVN) achieved consolidated revenue of VND71,775 billion. The company has a total of 19 subsidiaries and affiliates, operating entirely in the aviation sector, providing related aviation services. While Vietnam Airlines itself has been continuously losing money, most of its subsidiaries and affiliates are still profitable.
Most of Vietnam Airlines' subsidiaries and affiliates are profitable.
Specifically, in 2022, Vietnam Aviation Fuel Company Limited (Skypec) took the lead with a revenue of more than VND 32,940 billion and a pre-tax profit of VND 281.4 billion. In recent years, Skypec has maintained profits. According to the plan, Vietnam Airlines intends to sell 100% of Skypec's capital to the Vietnam Oil and Gas Group (PVN) to support the restructuring of the national airline and develop PVN's capacity in the petroleum production and supply chain.
Another company is the Aircraft Engineering Company Limited (VAECO), 100% owned by Vietnam Airlines, which last year achieved revenue of more than VND2,065 billion and pre-tax profit of VND106.2 billion.
Vietnam Airport Ground Services Company Limited (VIAGS) specializes in providing services at passenger terminals, cargo terminals, and apron services, technical services, and ground trade for passengers and aircraft of airlines... In 2022, the company had revenue of VND 1,588 billion and pre-tax profit of VND 46.8 billion.
Or Vietnam Air Catering Services Company Limited (VACS) last year had revenue of 459.7 billion VND, pre-tax profit of 19.5 billion VND. Similarly, Noi Bai Cargo Services Joint Stock Company had revenue of 754 billion VND and pre-tax profit of 297 billion VND. Or Tan Son Nhat Cargo Services Joint Stock Company recorded revenue of 916 billion VND and pre-tax profit of 549 billion VND, ROE reached 425%. These are the units with the highest profit margin.
Next is Vietnam Aircraft Leasing Joint Stock Company (VALC), which is the only aircraft leasing company in Vietnam, with Vietnam Airlines holding 32.48% of the charter capital. In addition to leasing, this company also maintains and supplies spare parts for aircraft. The company only buys back aircraft and then leases them back to the national airline and puts them into use. Last year, VALC had a revenue of 72 million USD and a pre-tax profit of 21.8 million USD...
In terms of pre-tax profit, most companies in the ecosystem were profitable, except for Pacific Airlines JSC, which lost VND 2,096 billion, lower than the loss in 2021.
In 2022, the parent company Vietnam Airlines suffered a pre-tax loss of VND 8,841 billion, lower than the loss in 2021 of VND 11,833 billion. At the 2023 Annual General Meeting of Shareholders, the parent company Vietnam Airlines itself estimated that this year it would lose about VND 5,350 billion, with a consolidated pre-tax loss of VND 6,082 billion...
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