TASECO AIRS 2022 AGM: POSITIVE SIGNAL AS AVIATION RECOVERS
On the morning of June 23, 2022, Taseco Air Services Joint Stock Company (Taseco Airs), ticker symbol AST (HOSE), has successfully held the 2022 Annual General Meeting at Pan Pacific Hotel Hanoi.
Summing up the business activities in 2021, the Company only achieved a consolidated revenue of VND 154 billion, decreased by 57.1% compared to 2020, with a negative pre-tax profit of VND 128.4 billion. The main reason for the above decrease is that most international commercial flights have been suspended, while domestic routes are only operating moderately following the development of the pandemic, the business activities of the entire system faced many difficulties. However, Taseco Airs decided that 2021 was a "calm moment" for the Company to fixate its time on organizing advanced training, improving the quality of existing human resources, advancing the organizational apparatus and management system. The company strived to provide support to employees affected by the pandemic and get the human resources ready at its finest for the recovery of the aviation industry. In addition, the Company also focused on new investments and seeks opportunities to expand market share at potential airports. In 2021, Taseco Airs has expanded 5 new business points, bringing the total to 105 points at 7 major international airports nationwide, and opened 1 more VIP lounge in Da Nang. Especially, the duty free business segment has already operated at 4 airports.
In 2022, despite having facedmany challenges such as high inflation rate globally, political instability in Eastern Europe,... but the aviation industry has shown positive signs of recovery. With most of the domestic routes being back to operation with a significant increase in flight frequency and passengers, a number of international routes from key markets such as Korea, Japan, and Europe.. has also recovered. Taseco Airs builds a 2022 plan with a total revenue of VND 632.7 billion and a pre-tax profit of VND 23.5 billion, increased sharply compared to 2021.
In answering questions from shareholders, the company's leaders emphasized that Taseco Airs always manages its cash flow transparently and effectively. By the end of 2021, the deposit balance is about 165 billion VND and is expected to increase to about VND 185 billion by the end of 2022. Along with the reopening of domestic and international routes, Taseco Airs also gradually reopened its business points. As of June 2022, Taseco Airs has reopened 72 business points in the whole system and plans to reopen all business points in the 3rd quarter of 2022.
Mr. Le Anh Quoc - Vice Chairman of the Board of Directors, General Director of Taseco Airs - shared, The Board of Directors is confident in presenting the plan at the General Meeting because it has been carefully calculated based on the forecasts given by numerous aviation organizations as well as the actual recovery in the numbers of domestic and international passengers and flight volume. In addition to participating in biddings for investment opportunities, Taseco Airs aims to promote M&A with companies in the same industry in 2022. It can be said that the resources of Taseco Airs are always ready to respond promptly to the growth of the aviation industry, with a burning determination to make a breakthrough recovery for development.
The new Board of Directors for the term 2022-2027 has also been elected at the meeting. There is a total of 07 members, of which: 03 members from Taseco Group, Mr. Lars Kjaer from PENM IV Fund, Mr. Kim Hongjin from STIC Fund elected to replace Mr. Seon Han Bae, along with 2 other independent members in accordance with the law. The General Meeting has unanimously passed the reports submitted by the Board of Directors and approved the Minutes and Resolutions of the General Meeting with an almost absolute consensus.
