Saigon Ground Services Joint Stock Company faced revenue and profit declines
Saigon Ground Services Joint Stock Company (SGN) experienced significant financial setbacks. The company's 2025 after-tax profit target decreased by 41% compared to the previous year. This was primarily due to Vietjet's decision to self-handle ground services at Tan Son Nhat Airport. The loss of this major customer caused a 39-40% drop in SGN's revenue. Additionally, the company incurred substantial costs related to retaining staff, totaling approximately VND 60 billion in compensation and severance payments.
Saigon Ground Services Joint Stock Company (SGN) experienced significant financial setbacks. The company's 2025 after-tax profit target decreased by 41% compared to the previous year. This was primarily due to Vietjet's decision to self-handle ground services at Tan Son Nhat Airport. The loss of this major customer caused a 39-40% drop in SGN's revenue. Additionally, the company incurred substantial costs related to retaining staff, totaling approximately VND 60 billion in compensation and severance payments.
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