AsemconnectVietnam - Taseco Aviation Services Joint Stock Company (stock code AST) is preparing to hold the Annual General Meeting of Shareholders on June 28, 2023 in Hanoi.

According to published documents, in 2023, Taseco sets a revenue target of VND1,126 billion, an increase of 86.55% compared to last year's performance, planned profit before tax of VND155 billion, 3.9 times higher than last year's results.
According to the forecast of the International Air Transport Association (IATA) on the global aviation market, the international passenger transport volume in 2023 is expected to be 80% and the domestic volume to reach about 95% compared to 2019(before the Covid-19 epidemic). However, the recovery rate varies from region to region. For Vietnam, the aviation industry has recovered and by the end of 2022, the domestic market has fully recovered and has high growth compared to 2019. The international market is gradually recovering and is forecasted to reach 2019 levels by the end of 2023. On March 15, 2023, China officially opened group tourism to Vietnam, which is a positive signal for the recovery of the international aviation market in next time.
Taseco said that besides opportunities, there are still big challenges for the aviation industry in 2023 such as limitations on airport infrastructure, instability in fuel prices, prolonged Russia-Ukraine conflict, and speed. The recovery of key international tourist markets to Vietnam is still slow. In addition, it is forecasted that the world economy in 2023 will face many difficulties and challenges with slow growth, tight monetary policies of countries in the context of high inflation, which has a great impact to the recovery and development of the aviation industry.
In order to complete this year's business plan, the Company said that it will promote market research, analyze customer needs, consumption trends, and competition in the market, thereby offering product and services structure in line with consumer tastes. Improve the quality of goods and services at business points, set up flexible selling prices, according to seasons and customers, well control cost of goods, save operating costs.
Regarding the business situation in the first quarter of 2023, Taseco recorded revenue of VND263 billion, up 289% compared to last year's results. Profit after tax reached VND26 billion while the same period last year lost VND21 billion. With this result, the Company has completed 23.3% of the revenue plan and 16.7% of the profit plan in 2023.
SSI forecasts that AST can achieve a profit of VND230 billion in 2023 (up 501% year-on-year and down 13% compared to 2019). And in 2024 when the market fully recovers, AST's profit can reach VND331 billion (up 44% compared to the previous year and up 26% compared to 2019).
SSI assumes that total international passenger arrivals can recover to 30% of 2019 results by 2022, to 70% by 2023 and fully recover to pre-Covid levels of 41.7 million by 2024. The path to profit recovery will largely depend on the international market, especially the main markets of Vietnam's tourism such as East Asian countries.
N.Nga
Source: VITIC/Tinnhanhchungkhoan