After parting with “big client” Vietjet, Saigon Ground Services reports a 45% drop in Q4 2025 profit

In Q4 2025, Saigon Ground Services Corporation (SAGS) reported net revenue of approximately 356 billion VND, a nearly 9% decrease compared to the same period last year. After-tax profit fell by nearly 45% to only 43 billion VND, and the gross profit margin sharply dropped from 32% to 21%. This decline is mainly attributed to Vietjet ending its cooperation and switching to self-service operations at Tan Son Nhat airport from April 2025. The Ho Chi Minh City branch recorded a net loss of 2 billion VND, while the Da Nang branch reported net profit of nearly 40 billion VND, doubling from the previous year. SAGS has faced three consecutive quarters of poor performance while increasing marketing expenses to attract new customers. Nonetheless, total net revenue in 2025 reached more than 1.48 trillion VND, although net profit decreased by 23% year-on-year. SAGS shares dropped to 60,300 VND/share, with a total market capitalization exceeding 2 trillion VND.