AsemconnectVietnam - Saigon Ground Services JSC (SAGS, code SGN) reported a 9% decrease in Q2/2025 profit compared to the same period, due to a loss of VND6.9 billion from its subsidiary in Long Thanh which is in the investment phase and has not yet generated revenue, along with the Company no longer providing full-service ground services to Vietjet.

According to the Q2/2025 financial statement, Saigon Ground Services recorded net revenue of VND356 billion, down 6.3% compared to the same period last year. The company said that although the output serving international airlines increased compared to the same period, from April 20, the Company no longer provided full-service ground services to Vietjet at Tan Son Nhat International Airport, causing revenue to decrease. Due to the cost of goods sold also decreasing by 5%, gross profit decreased by 10%, to VND112.6 billion.
In addition, the Company recorded an additional VND20 billion in financial revenue, an increase of 61% over the same period. Regarding expenses, except for VND50.3 billion in business management expenses, SGN also spent more than VND1.33 billion on financial expenses. As a result, the Company's after-tax profit was VND63.3 billion, down 9% compared to the second quarter of 2024.
SAGS said that in the second quarter of 2025, the Company contributed capital to establish Saigon - Long Thanh Ground Services Company Limited (75% of which is held by SAGS) which is in the investment and construction phase, so it has not generated any revenue and recorded a business loss of VND6.9 billion.
In the first half of 2025, the Company brought in VND773 billion in net revenue and VND141.6 billion in profit after tax, up 3% and 3.6% respectively over the same period last year.
In 2025, SGN expects revenue to reach VND1,392 billion, down 11% compared to 2024. However, profit after tax is only VND159 billion, up 41% compared to the previous year's results. Thus, after the first half of the year, the Company has completed 89% of the annual profit target.
At the end of the second quarter, SAGS's total assets reached VND1,730 billion, up 16% compared to the beginning of the year. Of which, bank deposits were at VND530 billion, up more than 22% compared to the beginning of the year. In addition, financial investments held to maturity also increased by 27%, reaching VND756 billion.
On the other hand, the Company still has VND447.4 billion in payables, up 53% compared to the beginning of the year. SAGS has no loans, the Company's debt is concentrated in payables to employees of VND175.6 billion; other short-term payables of VND101 billion and short-term payable expenses of nearly VND52 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan