Tan Cang Offshore Services's Q3 profit triples on strong offshore demand, higher margins

Tan Cang Offshore Services JSC (UpCoM: TOS), a subsidiary of the military-run Saigon Newport Corporation, posted a threefold jump in Q3 net profit as offshore demand strengthened and margins improved.

Net profit rose to VND325 billion ($12.3 million) from VND107.3 billion a year earlier, according to the company’s consolidated financial report.

Revenue surged 61.6% to nearly VND1.36 trillion ($51.5 million), while cost of goods sold increased 37%, lifting gross profit 142% to VND475.2 billion ($18 million).

For the first nine months of 2025, revenue climbed 72% year-on-year to VND3.55 trillion ($134.7 million). Pre-tax profit jumped 230% to VND936 billion ($35.5 million), while net profit more than tripled to VND762.5 billion ($29 million) from VND235.9 billion a year earlier.

TOS attributed the sharp earnings growth to higher vessel utilization across domestic and regional projects, along with improved rental rates.

As of end-September, total assets rose 59% from the start of the year to VND8.98 trillion ($341 million), driven by higher receivables and inventories. Total liabilities reached VND6.58 trillion ($249.8 million), including an increase of about VND1 trillion ($38 million) in short- and long-term borrowings.

On March 15, 1989, Vietnam's Minister of National Defense issued a decision to establish Saigon Military Port under the Vietnam People's Navy. This is the foundation of Saigon Newport Corporation.

Over 35 years of development and growth, the corporation has become Vietnam's leading enterprise in port operation, logistics services and marine economic sectors.