TOS Reports Tripled Profits in 2025, Driven by Soaring Vessel Utilization
Tan Cang Offshore Services JSC (TOS), a leading Vietnamese marine services provider, has reported a remarkable surge in profits for the first nine months of 2025. The company's net profit more than tripled, reaching VND762.5 billion ($29 million).
TOS's impressive performance can be attributed to several factors. Revenue climbed 72% to VND3.55 trillion ($134.7 million), driven by a 61.6% increase in Q3 revenue to nearly VND1.36 trillion ($51.5 million). The company's gross profit in Q3 soared 142% to VND475.2 billion ($18 million).
TOS's pre-tax profit for the first nine months jumped 230% to VND936 billion ($35.5 million), with a threefold increase in Q3 net profit to VND325 billion ($12.3 million). The company credited this sharp earnings growth to higher vessel utilization and improved rental rates.
Founded in 1989 as Saigon Military Port under the Vietnam People's Navy, TOS has since grown into a significant player in the offshore services sector. As of end-September, its total assets rose 59% to VND8.98 trillion ($341 million), with total liabilities reaching VND6.58 trillion ($249.8 million), including an increase of about VND1 trillion ($38 million) in borrowings.
TOS's strong financial results reflect the company's robust performance and growth in the marine services sector. With increased revenue, profits, and assets, TOS continues to solidify its position in the market. The company's ability to improve vessel utilization and rental rates has been a significant driver of its success.
