NCT considers paying a 100% cash dividend and exploring participation in the Gia Bình airport project

CTCP Noi Bai Cargo Services (NCT) will hold its 2026 annual general meeting, where the company has recently added documents outlining its production plan and profit distribution proposal.

2026 business targets

The board of directors set 2026 targets including revenue of 1,315 billion VND and net profit after tax of 427.5 billion VND, representing growth of 4% and nearly 11% year-on-year, respectively.

NCT also set a goods throughput target of 431,000 tons, up 2% compared with the previous year.

Profit distribution and dividend plan

For 2025, NCT is expected to propose a dividend payout of 80% of charter capital, equivalent to over 209 billion VND. For 2026, the dividend payout ratio would be increased to 100%.

Operating outlook and key market factors

Management noted that global geopolitical risks have pushed world oil prices higher, creating inflationary pressure. In particular, Jet A1 aviation fuel prices have risen, which directly affects airlines’ operating costs and may influence flight frequency and air cargo demand.

In Vietnam, production and trade are described as being closely linked to export-market demand, while also exposed to volatility in commodity and energy prices.

Despite these challenges, NCT cited advantages including a network of free trade agreements, stable foreign direct investment (FDI) inflows, and a shift of supply chains from China to Vietnam. The company also referenced the government’s flexible macroeconomic policies aimed at maintaining stability and strengthening sustainable development foundations, with a target of 10% GDP growth in 2026.

On that basis, NCT forecasts that throughput at Noi Bai International Airport will continue to grow in 2026, with major contribution expected from high-share categories such as smartphone components, electronics, and apparel.

2026 investment plan and equipment upgrades

For its 2026 investment plan, NCT plans to allocate a total of 151.9 billion VND for assets and equipment, with expected disbursement of 73.3 billion VND.

For ongoing projects from 2025, the company will continue investing and upgrading equipment to support operations, including a 2.5-ton electric forklift, an electric tractor, ULD trucks, and the 20-foot Truckdock system. NCT said project progress has been adjusted to reflect actual operations and is expected to be completed in the first half of 2026.

For new investment projects, NCT will prioritize assets that directly support cargo operations, including 10-foot Truckdock, electric forklifts, and IT components. The company also plans to invest in a UPS power storage system, CCTV surveillance, and other equipment to support production management and improve cargo handling quality and operational efficiency.

Potential external investments and Gia Bình airport study

In addition to internal investments, NCT is continuing to seek opportunities to invest in newly formed enterprises or privatizations in Noi Bai, Bac Ninh, and surrounding areas. The company said prospective investments would operate in related fields or have potential synergies with NCT’s core business, supporting financial capacity, competitiveness, and expansion of the value-added services chain.

NCT also highlighted a plan to study opportunities to participate in the Gia Bình International Airport project. The project is described as a key aviation infrastructure initiative in the northern region, approved in principle and being accelerated. Its stated objectives include becoming a modern international aviation hub, reducing pressure on Noi Bai Airport, promoting logistics development, and strengthening connectivity between the capital region and major northern industrial centers.

NCT said it is actively studying and evaluating its ability to participate and is preparing the necessary resources, viewing the project as a strategic opportunity that could provide additional growth momentum in the next development phase.