Tan Son Nhat Airport Services Joint Stock Company - Sasco (SAS), chaired by Mr. Johnathan Hanh Nguyen, has just announced its financial report for the third quarter of 2024 with revenue and gross profit reaching more than VND 782 billion and VND 498 billion, respectively.

These are all record numbers that the aviation service giant recorded in a quarter. With the above profit level, the gross profit margin reached nearly 64%.

This means that, after deducting the cost of goods sold, Sasco earned a gross profit of nearly 13 dong for every 20 dong - a very high rate, higher than the profit from gold in what could be considered the most prosperous year - 2024. Since the beginning of the year, world gold has increased by more than 30%, SJC gold bars have increased by 20%, and gold rings have increased by about 38%.

After deducting financial expenses, sales expenses, business management expenses, etc., Sasco earned nearly 216 billion VND in pre-tax profit and nearly 181 billion VND in after-tax profit in the third quarter of 2024.

In the first 9 months, Sasco recorded total revenue of more than VND 2,117 billion and after-tax profit of more than VND 294 billion, up 12% and 22% over the same period last year. These are also impressive numbers compared to Sasco's capital scale of more than VND 1,330 billion.

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Mr. Johnathan Hanh Nguyen, Chairman of Sasco. Photo: IPP Group

Where does Sasco's huge profit come from?

The Imex Pan Pacific Group (IPP Group) of Mr. Johnathan Hanh Nguyen's family began to strongly enter the aviation and aviation services sector since 2015 with a cooperation deal between IPP Group and Sasco.

Sasco is a company chaired by “brand king” Johnathan Hanh Nguyen and his wife, former actress Le Hong Thuy Tien, is a member of the Board of Directors. This is a company specializing in retail, duty-free business and service business at Tan Son Nhat International Airport.

Mr. Johnathan Hanh Nguyen officially took over the position of Chairman of Sasco since 2017.

IPP Group also invested in holding more than 10% of shares of Noi Bai Airport Services Joint Stock Company - Nasco (NAS) and cooperated with Airports Corporation (ACV) at Cam Ranh International Airport.

Explaining the 40% increase in after-tax profit in the third quarter compared to the same period last year, Sasco said that it was thanks to the company's business situation having returned to normal (after the Covid pandemic). The company controlled costs well. Financial operating profit increased...

However, looking at the report, it can be seen that Sasco has a large profit mainly due to increased revenue and low cost of goods sold, thereby making high gross profit, with revenue of 20 VND and gross profit of nearly 13 VND. This profit margin is rare in the market.

Sasco achieved this result thanks to the advantage of focusing on upper-class, wealthy customers with luxury services at major airports in Vietnam.

Despite economic hardship and falling consumer demand, wealthy spending is generally not affected much by recessions.

Prime Lounge at Tan Son Nhat airport, for example, is considered a waiting room for businessmen and high-class guests with a private bartender bar, many expensive dishes, paintings, Bat Trang ceramics, Ha Dong silk... The profit can be very high.

According to the report, Sasco's main business activities are duty-free goods, retail systems, business lounge services, airline catering services, handling services, food services, tourism services, transportation vehicles, advertising services, etc.

Besides, Sasco also has famous resorts such as L'Azure Resort & Spa in Phu Quoc (Kien Giang); produces traditional fish sauce, and does import-export business.

IPP Group is one of the leading international luxury retail groups in Vietnam. This is a group that bears the mark of Ms. Le Hong Thuy Tien. Ms. Thuy Tien's business distributes many luxury brands such as: Burberry, Ferragamo, Versace, Rolex... and many fast food restaurant chain brands such as: Burger King, Dunkin Donuts...

Mr. Johnathan Hanh Nguyen's company reported a profit of more than 3 times. Mr. Johnathan Hanh Nguyen's aviation company reported its highest quarterly profit since 2019.