TASECO AIRS 2023 AGM: OFFICIALLY RECOVERS FULLY, SETS TARGET 4 TIMES HIGHER REVENUE THAN LAST YEAR

On the morning of June 28, 2023, Taseco Air Services Joint Stock Company (Taseco Airs), ticker symbol AST (HoSE) successfully held the 2023 Annual General Meeting.

The Board of Directors conducts the AST Annual General Meeting of Shareholders in 2023

          Summing up business activities in 2022, the Company achieved consolidated revenue of VND 603.6 billion and VND 39.2 billion in consolidated pre-tax profit, a sharp increase compared to the plan approved by the 2022 General Meeting of Shareholders. Judging by the breakthrough results in production and business last year, besides the careful management of cash flow and inventory, the main reason is that the domestic tourism market recovered strongly, even more outstandingly compared to the year 2019 before the epidemic; the number of international visitors to Vietnam was also on the rebound, most countries have loosened the open-door policy to promote tourism, and Vietnam has also actively lifted restrictions on entry passengers from March 15, 2022, and restores visa-free policy for 25 countries from May 2022.

          A bright spot in Taseco Airs business in 2022 is M&A and market share expansion at international airports. Jalux Taseco Duty-Free Co., Ltd opened 1 duty-free shop at Phu Quoc International Airport on May 31, 2022, and 2 duty-free shops at Tan Son Nhat International Airport on September 25, 2022; Ha Linh Service Joint Stock Company officially became a subsidiary of Taseco Airs on July 1, 2022. In addition, Taseco Airs has conducted bidding and successfully participated in many new business points at Tan Son Nhat International Airport (Ho Chi Minh City) and the new International Terminal of Phu Bai International Airport (Hue).

The first Sky Bakery & Coffee of Taseco Airs came into operation in January 2023 at Terminal 1, Noi Bai International Airport.

Lucky Cafe & Fast Food at Phu Bai International Airport (Hue) is invested in the design of a typical local interior style.

From the positive recovery signals of the Aviation Industry and the opening of new business locations, Taseco Airs business result in 2023 is calculated to increase sharply compared to 2022, with revenue reaching over VND 1,126 billion and profit before tax reaching about VND 155 billion.

Answering questions from shareholders, the Company's leaders said that Taseco Airs has fully recovered with business results consolidated revenue estimated at VND 526 billion and profit before tax is VND 83 billion in the first six months of 2023. Therefore, AST stock will no longer be on alert because the profit in the first six months of 2023 has offset accumulated losses because of the epidemic. The balance of cash and deposits as of the end of June 2023 is about VND 245 billion and the cash flow in 2023 is predicted to continue to be positive and grow steadily.

Also, the Company plans to expand to 21 new business points throughout the system this year. With a stable management and financial foundation and the promotion of market share expansion, Taseco Airs is determined to fulfill the set targets and towards sustainable development in the coming years.

The General Meeting voted unanimously to approve the plan to pay dividends at 15% from the profit after tax in 2023 and the reports, Minutes and Resolutions of the General Meeting with a consensus rate absolute in all content.