Major taxi operator Vinasun earns $7.9 mln profit in 2022

Vinasun Corporation, a leading taxi operator in Vietnam, made a post-tax profit of VND185.35 billion ($7.9 million) in 2022, versus a loss of VND277.17 billion ($11.8 million) in 2021.

The firm posted a net revenue of VND1,089 billion ($46.44 million), up 124.7% year-on-year, according to its latest financial report.

In Q4/2022, Vinasun earned a post-tax profit of VND55.53 billion ($2.37 million) on a revenue of VND324.73 billion ($13.85 million), up 162.4% and 264.8% year-on-year, respectively.

The taxi firm attributed the pacey growth to post-pandemic recovery. In Q4/2021, the early phase of the post-Covid-19 period, only 50% of its taxis were in action, while the figure was 100% in all quarters of 2022.

As the business earned a profit in 2022, it avoided risks of delisting from the stock exchange due losses over three consecutive years in line with the regulation.

Vinasun, listed on the Ho Chi Minh Stock Exchange (HoSE) as VNS, was once the taxi operator with the biggest market share in HCMC.

Prior to Vietnam's ongoing Lunar New Year holiday, the firm announced the addition of 1,000 four-seater and seven-seater vehicles to its fleet to further serve customers, along with a vow not to raise fees during peak hours or unfavorable weather conditions.

VNS shares jumped 6.8% to VND18,150 ($0.77) each on January 19, the last working day prior to the holiday.