--- title: "AST: Q3/2026 Financial Results and Margins" description: AST reported VND 520.4 billion in net revenue and VND 93.0 billion in consolidated net profit after tax for Q3/2026 according to financial filings. url: https://ginity.vn/en/blog/taseco-airs-ast-q3-2026-profit-airport-services canonical: https://ginity.vn/en/blog/taseco-airs-ast-q3-2026-profit-airport-services markdown: https://ginity.vn/en/blog/taseco-airs-ast-q3-2026-profit-airport-services.md language: en datePublished: 2026-10-31T00:00:00+07:00 dateModified: 2026-10-31T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ginity Editorial Desk analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: equity name: Companies & sectors url: https://ginity.vn/en/topics/equity tickers: - AST sources: [] publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # AST: Q3/2026 Financial Results and Margins > AST reported VND 520.4 billion in net revenue and VND 93.0 billion in consolidated net profit after tax for Q3/2026 according to financial filings. Gini · Companies & sectors · 2026-10-31 · https://ginity.vn/en/blog/taseco-airs-ast-q3-2026-profit-airport-services _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - Consolidated net revenue reached VND 520.4 billion in Q3/2026, up 13.6% compared to Q3/2025. - Consolidated net profit reached VND 93.0 billion in Q3/2026, advancing 3.7% year over year. - Gross profit margin stood at 64.1% in Q3/2026 according to VNDirect. - Share of profit from associate caterer VINACS rose 135.3% year over year to VND 14.0 billion in Q3/2026 according to VNDirect. Taseco Air Services Joint Stock Company (ticker: AST) published its separate and consolidated financial statements for the third quarter of 2026, detailing operating performance across terminal networks nationwide. Explanation document 372/2026/CV-AST dated 28/10/2026 and reported by [CafeF](https://cafef.vn/du-lieu/ast-3009285/ast-giai-trinh-bien-dong-kqkd-quy-32026-tren-bctc.chn) on 29/10/2026 shows that consolidated net revenue for Q3/2026 reached VND 520.4 billion, representing an increase of 13.6% compared to VND 458.2 billion recorded in Q3/2025. Consolidated net profit after tax reached VND 93.0 billion in Q3/2026, up 3.7% year over year. At the parent company level, net revenue reached VND 123.7 billion during Q3/2026. Parent company net profit reached VND 91.4 billion in Q3/2026, which included VND 74.6 billion in financial income from dividend distributions, reflecting dividend distributions from investee units according to disclosures published on 29/10/2026 via [CafeF](https://cafef.vn/du-lieu/ast-3009285/ast-giai-trinh-bien-dong-kqkd-quy-32026-tren-bctc.chn). ## Revenue mix and gross profit margin in Q3/2026 The core operations of AST center on terminal convenience stores, airport food and beverage outlets, business lounges, and duty-free retail partnerships. Consolidated gross profit for Q3/2026 reached VND 334.0 billion, up 13.4% compared to Q3/2025, with gross profit margin standing at 64.1%, according to an update report published on 29/10/2026 by [VNDirect](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-29/AST_Bao-cao-KQKD_20261029.1.pdf). To evaluate operating profitability per revenue unit generated inside secure airport gates, financial analysts calculate the gross profit margin using the standard ratio: $$\text{Gross Profit Margin} = \frac{\text{Gross Profit}}{\text{Net Revenue}} \times 100\%$$ The consolidated gross profit margin of 64.1% in Q3/2026 was supported by a favorable product mix and operating efficiency at newly opened retail points, based on the update report published on 29/10/2026 by [VNDirect](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-29/AST_Bao-cao-KQKD_20261029.1.pdf). Store rollout activity also expanded commercial presence across airport concourses. Financial reporting published on 03/08/2026 by [Tin nhanh chứng khoán](https://www.tinnhanhchungkhoan.vn/taseco-airs-ast-loi-nhuan-sau-thue-nua-dau-nam-2026-tang-52-bien-gop-cai-thien-14-diem-phan-tram-post395225.html) noted 6 new retail outlets opened in the first half of the year to reach 141 operating points, while financial findings published on 29/10/2026 by [VNDirect](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-29/AST_Bao-cao-KQKD_20261029.1.pdf) recorded 8 new outlets added across the network in 2026. Across the first 9 months of 2026, the cumulative gross profit margin reached 64.6%, advancing 0.9 percentage points compared to the first 9 months of 2025 according to the update report published on 29/10/2026 by [VNDirect](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-29/AST_Bao-cao-KQKD_20261029.1.pdf). Stable merchandise margins supported overall profitability across active airport retail locations. | Consolidated Financial Metric | Q3/2025 (VND billion) | Q3/2026 (VND billion) | Growth Rate (%) | | :--- | :--- | :--- | :--- | | Net Revenue | 458.2 | 520.4 | +13.6% | | Gross Profit | 294.5 | 334.0 | +13.4% | | Selling & Administrative Expenses | — | — | +20.4% | | Share of Profit from Associates | 6.0 | 14.0 | +135.3% | | Net Profit After Tax | 89.7 | 93.0 | +3.7% | Source: Consolidated financial data published on 29/10/2026 by [VNDirect](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-29/AST_Bao-cao-KQKD_20261029.1.pdf) and company earnings filings on [CafeF](https://cafef.vn/du-lieu/ast-3009285/ast-giai-trinh-bien-dong-kqkd-quy-32026-tren-bctc.chn). ```chart { "preset": "sector-columns", "label": "Consolidated revenue and net profit of AST in Q3/2026", "caption": "Consolidated net revenue and net profit after tax for AST comparing Q3/2026 against Q3/2025 in VND billion. Source: Financial filings published on October 29, 2026.", "locale": "en", "params": { "values": [458.2, 520.4, 89.7, 93.0], "labels": ["Revenue Q3/2025", "Revenue Q3/2026", "Net profit Q3/2025", "Net profit Q3/2026"], "unit": "VND billion", "highlight": 1 } } ``` ## Operating expenses and associate income contributions Alongside revenue growth, airport facility operations necessitated higher operating expenditures. Combined selling and administrative expenses rose 20.4% year over year in Q3/2026, driven by higher premises rental costs and additional staff costs required to serve newly opened retail outlets, based on analysis published on 29/10/2026 by [VNDirect](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-29/AST_Bao-cao-KQKD_20261029.1.pdf). A detailed breakdown of overhead expenses in the report published on 29/10/2026 by [VNDirect](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-29/AST_Bao-cao-KQKD_20261029.1.pdf) indicates that the ratio of selling and administrative expenses to net revenue expanded to 45.4% during Q3/2026, up 2.6 percentage points compared to Q3/2025. This cost expansion was primarily driven by higher premises rental costs alongside increased labor expenditures required to staff newly launched retail facilities. Consolidated net profit after tax rose 3.7% during Q3/2026, trailing the 13.6% increase in top-line net revenue due to higher premises rental costs and staffing overhead across airport locations, as detailed in financial data published on 29/10/2026 by [VNDirect](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-29/AST_Bao-cao-KQKD_20261029.1.pdf). Associate earnings provided positive momentum to total net profit during the period. Vietnam Air Catering Services Joint Stock Company (VINACS), in which AST holds an equity stake, recorded strong recovery. Financial updates published on 29/10/2026 by [VNDirect](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-29/AST_Bao-cao-KQKD_20261029.1.pdf) show that associate profit contribution rose 135.3% year over year to reach VND 14.0 billion in Q3/2026 compared to VND 6.0 billion in Q3/2025. In the first half of 2026, AST recorded a 52% year-over-year increase in net profit attributable to the parent according to an article published on 03/08/2026 by [Tin nhanh chứng khoán](https://www.tinnhanhchungkhoan.vn/taseco-airs-ast-loi-nhuan-sau-thue-nua-dau-nam-2026-tang-52-bien-gop-cai-thien-14-diem-phan-tram-post395225.html), with gross margin expansion cited as an assessment by Vietcap Securities. ## International passenger traffic trends across terminals Operational performance across airport retail relies directly on traveler traffic passing through Vietnamese airport terminals. Economic data published on 03/10/2026 by the [National Statistics Office](https://www.nso.gov.vn/du-lieu-va-so-lieu-thong-ke/2026/10/thong-cao-bao-chi-tinh-hinh-kinh-te-xa-hoi-quy-iii-va-9-thang-nam-2026/) show that international visitors to Vietnam in the first 9 months of 2026 totaled 17.7 million arrivals, advancing 14.5% compared to the first 9 months of 2025. Arrivals by air in the first 9 months of 2026 reached 14.7 million passengers, representing 83.2% of total international arrivals and rising 11.9% year over year. Official statistics published on 03/10/2026 by the [National Statistics Office](https://www.nso.gov.vn/du-lieu-va-so-lieu-thong-ke/2026/10/thong-cao-bao-chi-tinh-hinh-kinh-te-xa-hoi-quy-iii-va-9-thang-nam-2026/) indicate that international arrivals entering Vietnam via land border gates reached 2.7 million passengers during the first 9 months of 2026, while sea routes accounted for 243.4 thousand arrivals, demonstrating that commercial air corridors remain the primary transportation channel for cross-border travelers. Official tourism data published on 09/10/2026 by the [Government News Portal](https://baochinhphu.vn/nganh-du-lich-no-luc-tang-toc-de-dat-muc-tieu-don-25-trieu-luot-khach-quoc-te-trong-nam-2026-102261009164841903.htm) indicate that international visitor arrivals reached 1.76 million during September 2026, rising 16.1% compared to September 2025, supporting a full-year target of 25 million international visitors in 2026. An equity research update published on 22/09/2026 by [KB Securities Vietnam (KBSV)](https://www.kbsec.com.vn/pic/Service/KBSV_AST_Baocaocapnhat_20260922.pdf) projects that passenger traffic expansion across airport terminals will support transaction volumes and average spending per passenger across duty-free, retail, and business lounge operations. ## Concession store network and terminal expansion The commercial store network of AST operates across primary airport hubs including Noi Bai and Tan Son Nhat. Research findings published on 22/09/2026 by [KB Securities Vietnam (KBSV)](https://www.kbsec.com.vn/pic/Service/KBSV_AST_Baocaocapnhat_20260922.pdf) suggest that expanding the network of airport retail concessions supports long-term revenue growth for the company. Beyond active gateways, equity research published on 22/09/2026 by [KB Securities Vietnam (KBSV)](https://www.kbsec.com.vn/pic/Service/KBSV_AST_Baocaocapnhat_20260922.pdf) assumes AST will win concession tenders at Long Thanh International Airport to expand retail and lounge operations. ## Operational risks and airport space competition Despite holding an established presence in airport retail, AST faces several commercial risks that warrant attention. Higher premises rental costs add continuous pressure to operating overhead as retail networks expand across terminal concourses, as highlighted in analysis published on 29/10/2026 by [VNDirect](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-29/AST_Bao-cao-KQKD_20261029.1.pdf). A secondary risk factor involves sensitivity to external travel demand conditions. Economic statistics published on 03/10/2026 by the [National Statistics Office](https://www.nso.gov.vn/du-lieu-va-so-lieu-thong-ke/2026/10/thong-cao-bao-chi-tinh-hinh-kinh-te-xa-hoi-quy-iii-va-9-thang-nam-2026/) show that 17.7 million international arrivals entered Vietnam during the first 9 months of 2026; however, fluctuations in aviation fuel surcharges or airline ticket pricing could influence travel frequency. In addition, broader macroeconomic conditions across key source markets may shape discretionary spending per passenger at terminal commercial concessions. ## Sources - [CafeF](https://cafef.vn/du-lieu/ast-3009285/ast-giai-trinh-bien-dong-kqkd-quy-32026-tren-bctc.chn) (29/10/2026) - [VNDirect](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-29/AST_Bao-cao-KQKD_20261029.1.pdf) (29/10/2026) - [KB Securities Vietnam (KBSV)](https://www.kbsec.com.vn/pic/Service/KBSV_AST_Baocaocapnhat_20260922.pdf) (22/09/2026) - [Tin nhanh chứng khoán](https://www.tinnhanhchungkhoan.vn/taseco-airs-ast-loi-nhuan-sau-thue-nua-dau-nam-2026-tang-52-bien-gop-cai-thien-14-diem-phan-tram-post395225.html) (03/08/2026) - [National Statistics Office](https://www.nso.gov.vn/du-lieu-va-so-lieu-thong-ke/2026/10/thong-cao-bao-chi-tinh-hinh-kinh-te-xa-hoi-quy-iii-va-9-thang-nam-2026/) (03/10/2026) - [Government News Portal](https://baochinhphu.vn/nganh-du-lich-no-luc-tang-toc-de-dat-muc-tieu-don-25-trieu-luot-khach-quoc-te-trong-nam-2026-102261009164841903.htm) (09/10/2026) --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._