SOUTHERN AIRPORTS SERVICES JOINT STOCK COMPANY

SOUTHERN AIRPORTS SERVICES JOINT STOCK COMPANY (SASCO), established on June 30, 2010, operates as a publicly held joint-stock company under Business ID: 0301123125, registered with the Ho Chi Minh City Department of Planning and Investment. The company’s head office is located inside Tan Son Nhat International Airport, Ward 2, Tan Binh District, Ho Chi Minh City, with branches in Phu Quoc (Kien Giang), Long An, and Cam Ranh (Khanh Hoa)

Ownership and Leadership

SASCO’s charter and paid-up capital are  USD 54.84 million, and the company employs about 1,468 staff. It is publicly listed on the UpCOM exchange under the stock symbol SAS.
Key shareholders include:

• Airports Corporation of Vietnam (ACV): 49.07%

• IMEX Pan-Pacific Co., Ltd (IPP Group): 24.98%

• Au Chau Fashion and Cosmetics Co., Ltd: 15.39%

Financial Highlights: Rapid Post-Pandemic Recovery

SASCO recorded impressive growth in 2023, reflecting the strong recovery of Vietnam’s aviation and tourism sectors. As of December 31, 2023, the company achieved:

• Total assets: USD 92.4 million (▲10.05%)

• Equity: USD 60.98 million (▼2.7%)

• Sales revenue: USD 106.03 million (▲84.31%)

• Net profit: USD 11.73 million (▲35.96%)

• Working capital: USD 26.19 million (▼7.06%)

These results mark a strong rebound from the pandemic, with revenue increasing more than eightfold since 2021. Profit margins also improved substantially, driven by robust passenger traffic at Tan Son Nhat and Phu Quoc airports, where SASCO operates primary duty-free, retail, and hospitality services.

Core Business Activities

SASCO’s primary operations include:

• Duty-free retailing and airport service trading

• Hospitality and spa services for passengers

• Travel agency and logistics operations

• Real estate leasing and infrastructure management

The company’s diversified portfolio, spanning aviation, tourism, and retail, enables resilience against seasonal or regulatory shocks within the air travel industry.

Market Position and Strategic Outlook

With strategic shareholders like ACV and IPP Group, SASCO maintains a dominant presence in Vietnam’s airport service sector. Its  Phu Quoc International Airport retail expansion and partnerships with international brands enhance revenue diversity and brand recognition. However, profit margin pressure remains due to rising operational costs and limited retail space at Tan Son Nhat Airport.

VNBIS Insight: Financial and Operational Risk Outlook

According to VNBIS, SOUTHERN AIRPORTS SERVICES JSC demonstrates a strong credit profile, sustained by solid equity and consistent profit growth. Nevertheless, risks remain from high dependency on passenger volume, regulatory oversight, and concentrated shareholder influence.

Through its Company Report and Financial Risk Management Services, VNBIS supports investors and partners by offering detailed assessments of enterprises like SASCO, helping them evaluate financial health, operational trends, and investment potential within Vietnam’s rapidly expanding aviation and retail ecosystem.