After two years of losses, Saigon Tourist Corporation's profit recovered to nearly VND294 billion, the lowest level in profitable years.
Saigontourist's audited consolidated financial statements recorded more than VND4,100 billion in revenue, an increase of about 3.6 times compared to 2021 - the peak period of the pandemic. Financial revenue also increased by more than 26% over the same period. The company currently has nearly VND1,300 billion in cash and equivalents, more than double.
This period, Saigontourist also recorded more than 160 billion VND in profit from 30 joint ventures and associates. While this group used to be a burden when it suffered a similar loss in 2021.
In total, this business has a profit after tax of about 294 billion VND, escaping losses after two years of operating below cost price. However, both revenue and profit in 2022 are at the lowest level in the years Saigontourist has reported profits since the information was announced.
In a letter sent to staff at the beginning of the year, the board of directors said that business results "are on a very positive recovery path" with the total number of visitors in 2022 increasing by 178% and the State budget contribution increasing by 43%. In addition to the tourism and travel sector, Saigointourist also has a large source of revenue from organizing many large-scale events.
Saigontourist is one of the leading multi-service tourism corporations in Vietnam, established in 1975, managed by the Ho Chi Minh City People's Committee. In the previous period, this enterprise always reported profits of thousands of billions of VND. This company is best known for its member Saigontourist Travel Service Company Limited. This is a leading travel agency in the country, doing well in both domestic and international tourism.
In the accommodation sector, Saigontourist owns and manages more than 50 hotels and resorts nationwide with over 8,000 bedrooms. Among them, this enterprise has many famous hotels such as Continental, Majestic, Grand, Rex, Caravell Saigon, New World, Saigon - Morin Hue... Most of them have a long history, are located on the busiest streets of the city and have a stable business situation.
In addition to accommodation and travel, Saigontourist also operates in the fields of cuisine, entertainment and training... This enterprise holds 60% of the capital of Saigon Exhibition and Convention Joint Venture Company (SECC), 50% of the capital of Saigontourist Cable Television, and owns Saigontourist College of Tourism and Hospitality...
Rex Hotel (District 1, Ho Chi Minh City) - one of the famous hotels of Saigontourist. Photo: Rex Hotel
Overall, last year, the tourism industry recovered strongly after the social distancing period, with a large contribution from the boom of the domestic market. According to statistics from the General Department of Tourism, the number of domestic visitors for the whole year reached 101.3 million, an increase of 168% compared to the target of 60 million and exceeding the figure of 2019. Meanwhile, international visitors were only a trickle, welcoming only over 3.6 million visitors for the whole year, breaking the plan to welcome 5 million foreign tourists. The reason is said to be that the visa policy is not new, there are few outstanding products, and the level of readiness is not high.
This year, Vietnam's tourism industry aims to welcome 110 million visitors, including about 102 million domestic visitors and 8 million international visitors. Total revenue from tourism is 650,000 billion VND. HSBC's report in early February stated that the tourism industry this year has many prospects, especially when China opens up. This unit believes that tourism will be a key industry for Vietnam's economy this year.
Siddhartha
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