Airport developer ACV posts 10-fold profit increase

The Airports Corporation of Vietnam (ACV) reported a pre-tax profit of VND7,561 billion ($320 million) in 2022, up 10 times year-on-year, thanks to the air transport market's recovery after two years of a pandemic-induced hiatus.

The figure reached 295% of the year target, according to the company's 2022 business report. ACV, with the state holding a 95.4% stake, is operating 22 airports across the country.

The airport operator's total revenue is estimated at VND15,381 billion ($651.7 million), equivalent to 149% of its target and two times more than in 2021.

Total costs are estimated at VND7,819 billion ($331.3 million) or 101% of the year plan and up 25% year-on-year. Payment to the state budget is estimated at VND1,548 billion ($65.59 million).

In 2022, ACV serves 99 million passengers, or 122% of the plan, and an increase of 228% compared to 2021. Of this, 12 million were international visitors and 87 million domestic tourists.

Total take-off and landings hit 658,000 or 114% of the year plan, up 125% year-on-year.

ACV has been involved in a number of key projects including the construction of Long Thanh International Airport Phase 1 in Dong Nai province and the T3 passenger terminal at Tan Son Nhat International Airport in Ho Chi Minh City.

In 2023, ACV aims to serve 116 million passengers, up 18% compared to 2022. Total cargo volume is expected to reach 1.6 million tons, an increase of 18%. The total volume of landings and take-offs might reach 768,000, up 17%.

The company aims to reap revenues of VND18,414 trillion ($778.91 million) next year, up 20% year-on-year, and pre-tax profits of VND8,448 billion ($357.9 million), up 11%.

It will focus on implementing key projects like the Long Thanh Phase 1, T3 passenger terminal at Tan Son Nhat International Airport, construction of Dien Bien Airport, expansion of T2 at Noi Bai Internatioknal Airport, and construction of Cat Bi T2 terminal.