The post-tax profit of an aviation service enterprise associated with Vietnam’s “king of luxury goods,” Jonathan Hanh Nguyen, has dropped significantly compared to the same period last year. One of the main reasons is a sharp decline in duty-free sales.

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One of SASCO’s duty-free shops at Tan Son Nhat Airport. Photo: Anh Phuong

Tan Son Nhat Airport Services Joint Stock Company (SASCO), a core business in the ecosystem of Jonathan Hanh Nguyen, has just released its Q3/2025 financial report showing a noticeable profit decline.

Specifically, SASCO’s revenue from sales and service provision for the quarter reached 804.8 billion VND (approximately 32.8 million USD), down 22.5 billion VND (about 918,000 USD) compared to the same period last year. From the beginning of 2025 to date, SASCO has recorded total revenue of 1.339 trillion VND (roughly 54.6 million USD).

While income from airport lounge services slightly increased, duty-free sales fell sharply. Last year, duty-free sales reached 345 billion VND (around 14 million USD), but this quarter, SASCO only recorded 285 billion VND (approximately 11.6 million USD), marking a drop of nearly 60 billion VND (roughly 2.45 million USD).

In Q3/2025, SASCO reported post-tax profit of 107 billion VND (about 4.36 million USD), down 41% from 180.5 billion VND (around 7.35 million USD) in the same period last year.

According to SASCO’s explanation, the decline in profit was partly due to the company not yet recording a reimbursement of profit from duty-free operations. This figure will be settled and reflected in the following quarter.

The fall in duty-free revenue coincides with the recent opening of Terminal T3 at Tan Son Nhat Airport, increasing competitive pressure in the sector.

Beyond its core aviation service business, SASCO also holds several land plots, with most located in Phu Quoc Special Economic Zone and An Giang Province.

In real estate, the company is developing several projects, including Suoi Nhung Farm in Dong Nai Province, Suoi Hoa Ecotourism and Resort in Lam Dong Province, and Vung Bau Phu Quoc Ecotourism Area in An Giang.

Anh Phuong