After three profitable quarters, Superdong Kien Giang lost nearly 7 billion in the fourth quarter of 2023 because the weather and tourism in Phu Quoc have not shown signs of recovery.
A recent financial report shows that Superdong Kien Giang High-Speed Boat Joint Stock Company (SKG) had a revenue of about 64.9 billion VND, down nearly 18% compared to the fourth quarter of 2022. The slower decrease in cost of goods sold caused gross profit to fall by 29%.
After deducting expenses, the company lost more than VND6.8 billion after tax, an increase of about 3% compared to the same period last year. The management said the reason was that the positive factors supporting the tourism market in Phu Quoc have not shown signs of recovery yet. In addition, strong winds on the Phu Quoc - Rach Gia and Phan Thiet - Phu Quy routes forced the company to stop operations for more than 10 days.
Accumulated for the whole year of 2023, SKG's revenue decreased slightly to 409.4 billion VND, while profit increased by more than two-thirds to nearly 70 billion VND. This enterprise was profitable in the previous three quarters, of which profit was more than 30 billion VND per quarter in the first half of the year - a high level compared to the business results of the previous period. From the third quarter, Superdong Kien Giang's profit began to drip because tourism information in Phu Quoc was often "ripped off", leading tourists to change their destination to a place with lower costs and affected by the weather.
In fact, Phu Quoc tourism is less attractive to domestic tourists - the main group using high-speed boats as a means of transportation. The Phu Quoc Professional Tour Guide Association said that all of its international tour guides work throughout the holiday period because there are "a lot of foreign tourists". However, the number of tour guides specializing in domestic tourists who have jobs during the New Year holiday is only about 30%.
During the recent holiday, the People's Committee of Phu Quoc City has strengthened the inspection and control of service prices, security and order, and food safety to serve tourists. They established a tourism inspection team to try to restore the beautiful image of Phu Quoc, in addition to issuing a code of conduct for individuals and organizations participating in the tourism service supply chain.
Previously, Superdong Kien Giang said it was expecting the move of the People's Committee of Kien Giang province and related departments and branches in finding solutions to restore Phu Quoc tourism. Internally, this enterprise plans to reallocate the operating schedule of routes in accordance with the current number of visitors to optimize costs. At the same time, the company also implements many promotional programs to stimulate tourism.
A Superdong speedboat is sailing offshore. Photo: SKG
Superdong Kien Giang is a company that operates 16 high-speed boats and two ferries transporting passengers, vehicles, and goods from the mainland to Phu Quoc, Nam Du, Con Dao, and Phu Quy. This is one of the shipping companies holding a large market share in sea transport to the famous tourist islands.
According to the plan, this year Superdong will upgrade four high-speed trains to put into operation on the Rach Gia - Phu Quoc, Ha Tien - Phu Quoc, Rach Gia - Nam Du routes. Particularly on the Rach Gia - Phu Quoc route, all trains will be guaranteed to be high-speed. The company also wants to maintain a continuous train schedule with competitive fares.
SKG will also invest in three new ships to operate the Ho Chi Minh City - Vung Tau route, restore the Phu Quoc - Nam Du and Rach Gia - Hon Nghe routes. The company is researching to expand potential routes in Kien Giang and other provinces and cities.
Siddhartha
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