Company Where Johnathan Hạnh Nguyễn Serves as Chairman Proposes Record Dividend Payout – VnExpress Business

In the documents for the upcoming annual meeting later this month, Tan Son Nhat Airport Services Joint Stock Company (Sasco) reported more than VND 700 billion in undistributed after-tax profit. The board of directors proposed allocating VND 617 billion for cash dividends and VND 81 billion to establish a reward and welfare fund. The company would retain only about VND 3 billion of profit.

Under this plan, the dividend payout ratio for this year is expected to reach 46.24%. This is Sasco’s highest rate to date, surpassing last year’s 28.09%.

On the stock market, Sasco shares (ticker: SAS) trade around VND 35,000, which corresponds to a dividend yield of up to 13%. Thus, if an investor buys shares at the current price level, the dividend they would receive is equivalent to 13% of their investment.

Mr. Johnathan Hạnh Nguyễn has said that paying substantial dividends is intended to protect shareholders’ rights, including the state shareholder, Airports Corporation of Vietnam (ACV). “As long as I remain chairman and sit here, everyone can still smile,” he said at last year’s annual meeting.

Mr. Johnathan Hạnh Nguyễn answering an interview with VnExpress, March 2025. Photo: Thành Nguyễn

ACV currently holds 49.07% of Sasco’s capital, so it could receive more than VND 300 billion in dividends. The group of shareholders related to Mr. Johnathan Hạnh Nguyễn’s family owns 45.3% and would receive about VND 280 billion.

Sasco is a leading company in the airport services sector. Its main business activities include duty-free retail, business lounges, and food and beverage services.

Last year, the company recorded revenue of VND 3,535 billion and profit before tax of VND 844 billion, both far exceeding shareholder targets. These were also the highest figures in the company’s history.

However, management expects key targets to decline this year. Specifically, revenue is projected to fall 2% to VND 3,450 billion and profit before tax to decrease 5% to VND 802 billion.

In the proposal for the upcoming annual meeting, management said the plan was developed on a conservative basis to ensure feasibility and align with a stable development方向. The company assessed that the business environment is being strongly affected by geopolitical factors, particularly the Middle East conflict, which has driven up oil and fuel prices and affected airlines’ flight schedules. Increased transportation costs, longer delivery times, fluctuations in the USD exchange rate, and passengers cutting back on spending also directly impact revenue and profit.

Sasco identifies Tan Son Nhat Airport as its traditional and key market. In addition, the company is closely monitoring the bidding and operation plans of Long Thanh International Airport to prepare business models, operating plans, personnel, financial arrangements, and tender documentation for participation in bidding packages.

Phuong Dong