Saigon Ground Services reported profit after tax in the first 6 months of 2023 reaching VND 134.4 billion, up 74.5% over the same period last year.
Saigon Ground Service Joint Stock Company (HoSE: SGN) has just announced its financial report for the second quarter of 2023.
In the second quarter of 2023, Saigon Ground Service recorded sales and service provision revenue of VND 365.3 billion, revenue from financial activities reached VND 18 billion, up 53.7% and 268.4% respectively over the same period last year. In which, financial income mainly comes from bank deposit interest, recorded at 16.5 billion dong, up 13.3 billion dong over the same period in 2022.
Cost of goods sold also increased by 58.9% to 251.2 billion dong.
Financial expenses in the second quarter of 2023 of Saigon Ground Services increased from 10.2 million VND to 300.6 million VND (an increase of about 290.4 million VND). General and administrative expenses were recorded at VND 36.1 billion, up 51% over the same period.
Production business results in the second quarter of 2023. Source: Financial statements of the second quarter of 2023.
Closing the second quarter of 2023, Saigon Ground Services recorded a total profit before tax of VND 95.7 billion, profit after corporate income tax reached VND 78.2 billion, up 58.2% and 60.9% respectively over the same period last year.
In the first 6 months of 2023, Saigon Ground Service recorded sales and service provision revenue of VND 694.5 billion, an increase of VND 288.2 billion, equivalent to an increase of 70.9% over the same period last year.
Saigon Ground Services reported profit before tax in the first 6 months of the year reaching 165.7 billion dong, up 70.8% over the same period in 2022. Profit after tax in the first 6 months reached 134.4 billion dong, up 74.5% over the same period last year.
In the second quarter of 2023, the exploitation output of domestic and international airlines continued to have a strong recovery compared to the same period in 2022. Therefore, Saigon Ground Services signed additional service contracts with some new customers, adjusted to increase service costs with some existing customers. Besides, the subsidiary SAGS-CXR has had better profit compared to the same period and is still suffering a loss. Therefore, the profit in the second quarter of 2023 of Saigon Ground Services increased sharply compared to the same period last year.
At the end of the second quarter of 2023, Saigon Ground Services recorded total assets at VND 1,258.3 billion, up 16.9% compared to the beginning of the year (up VND 181.8 billion). Long-term assets decreased by 8.3% to 218.6 billion dong.
Short-term assets jumped 24.1% to VND 1,039.7 billion. In which, cash and cash equivalents increased by 14.1% compared to the beginning of the year, recording VND 144.8 billion. Short-term financial investment increased by nearly 105 billion dong compared to the beginning of the year, recorded 485 billion dong. Short-term receivables were recorded at VND 394.9 billion, up 24.2% compared to the first day of the year.
Inventories were VND 9.2 billion, an increase of nearly VND 1 billion, equivalent to 11.2% compared to the beginning of the year.
As of the end of the second quarter of 2023, Saigon Ground Services recorded total liabilities of VND 352.7 billion, an increase of 64.3% compared to the end of the second quarter of 2022 of VND 214.6 billion. Due to the increase in revenue and profit, taxes and other payables to the State, payables to employees, and other short-term payables all increased sharply, recording VND 26.1 billion, VND 147.3 billion and VND 93.3 billion, respectively.
