TAN SON NHAT PETROL COMMERCIAL JOINT STOCK COMPANY

TAN SON NHAT PETROL COMMERCIAL JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN THƯƠNG MẠI XĂNG DẦU TÂN SƠN NHẤT) – also known as TAPETCO JSC – is one of Vietnam’s leading enterprises in the aviation fuel supply and petroleum trading industry. Headquartered at No. 45, Truong Son Street, Ward 2, Tan Binh District, Ho Chi Minh City, the company operates under Business ID: 0305515395, issued by the Ho Chi Minh City Department of Planning and Investment on February 18, 2008, and has been active for over 17 years.

As a strategic supplier within Vietnam’s aviation infrastructure network, TAPETCO specializes in wholesale and operation of solid, liquid, and gaseous fuels, focusing primarily on aviation fuel distribution, technical fuel testing, and fuel logistics. The company also operates branches in Hanoi (Noi Bai International Airport), Da Nang (Apron No. 4, Da Nang Airport), and Lam Dong Province, serving Vietnam’s three major aviation hubs.

Ownership and Management

Major national entities in the aviation and airport services sector jointly own TAPETCO JSC. Southern Airports Services Joint Stock Company holds 38.03%, Vietnam Airlines JSC owns 30.47%, and the remaining 31.5% belongs to other shareholders. This ownership structure demonstrates strong institutional backing, ensuring both financial stability and strategic synergy within the aviation ecosystem.

The company is led by Mr. Le Dai Duong (Director), a seasoned executive with extensive experience in fuel logistics and aviation operations. Under his leadership, TAPETCO has grown from a regional supplier into a national petroleum trader with a robust financial foundation and a reliable customer network.

Financial Performance

TAPETCO’s financial results show exceptional growth momentum and sound profitability across all key metrics in 2024.

• Total assets: USD 80.18 million, up 45.91% year-on-year

• Equity: USD 24.47 million, up 22.69%

• Revenue: USD 179.19 million, up 78.7%

• Net profit: USD 9.37 million, up 46.92%

• Working capital: USD 14.42 million, up 86.32%

This marks TAPETCO’s third consecutive year of double-digit growth, demonstrating substantial operational leverage and financial management. The company’s revenue more than doubled in two years (2022–2024), primarily driven by post-pandemic recovery in aviation fuel demand and expanded ground-handling operations.

Profitability has remained strong, with the net profit margin maintained above 5%, a solid performance for the petroleum distribution sector. Its equity growth and rising working capital reflect healthy liquidity, enabling the company to meet short-term obligations and sustain continued expansion.

Credit and Risk Evaluation

From a credit management perspective, TAPETCO JSC presents a low-to-moderate credit risk profile, supported by:

• Consistent profitability and positive cash flow generation

• Substantial institutional shareholders (Vietnam Airlines, Southern Airports Services)

• Diversified revenue base through multiple operational branches

• Positive working capital and stable equity growth trajectory

However, like other fuel traders, TAPETCO remains exposed to volatility in global oil prices and fluctuations in aviation fuel consumption. Nevertheless, its integrated operations and multi-branch supply network reduce dependency on any single market segment.

Business Outlook

The company’s medium-term outlook remains positive, driven by Vietnam’s rapidly expanding aviation and logistics sectors. With steady recovery in passenger and cargo volumes, TAPETCO is well-positioned to benefit from rising fuel consumption and infrastructure upgrades at major airports.

In conclusion, TAN SON NHAT PETROL COMMERCIAL JSC demonstrates a strong financial structure, proven management capability, and reliable market presence. The company’s growth trajectory, coupled with institutional backing, makes it a credible and financially sound counterparty for fuel suppliers, financial institutions, and trade partners.