The company, formerly known as Noi Bai Catering Processing Enterprise, was established in 1993 and is currently headquartered at Noi Bai International Airport in Hanoi.

In 2004, the company underwent equitization and converted into a joint-stock company, with national flag carrier Vietnam Airlines becoming its largest shareholder.

By December 2015, the firm’s shares were officially traded as NCS on the Unlisted Public Companies Market (UPCoM).

NCS mainly operates in the processing and supply of in-flight meals for commercial airlines and special charter flights. In addition, the company has expanded into catering services and other activities related to the production and supply of meals for customers both within and outside the aviation sector.

Notably, it benefits from its exclusive position as the in-flight meal provider for Vietnam Airlines – the company’s largest shareholder, which holds more than 60% of NCS’s charter capital. This exclusive relationship has provided significant support to NCS’s business operations.

This advantage is reflected in the company’s financial results. In 2025, NCS recorded revenue of VND875 billion ($33.34 million), up nearly 19.5% year-on-year, according to its Q4/2025 financial statements.

The firm's profit after tax reached VND67.7 billion ($2.58 million), an increase of nearly 24%. This marks the second-highest profit in the company’s history, trailing only the peak year of 2017, when profit exceeded VND83 billion.

Explaining the strong growth in revenue and profit, NCS’s leadership said that the recovery of the overall economy boosted travel demand, thereby increasing revenue for the company. At the same time, airlines expanded flight frequencies, enabling the firm to increase the volume of meals supplied.

Beyond business performance, NCS’s financial structure remains highly sound. As of the end of 2025, the company’s total assets reached VND485 billion ($18.48 million), slightly up from the year beginning. Of this, short-term assets accounted for more than 38% of total assets, reaching VND189 billion, up 17%.

A notable highlight was the company’s cash and short-term financial investments (mainly bank deposits), which amounted to nearly VND89 billion ($3.39 million), a significant increase from VND66.5 billion at the beginning of the year. This provides a strong liquidity buffer for the business.

Fixed assets represent the largest portion of NCS’s asset structure, totaling VND287.9 billion ($10.97 million) and accounting for nearly 60% of total assets. Notably, the company disclosed that as of December 31, 2025, a large portion of its tangible fixed assets had been fully depreciated, while their remaining usable value stood at just over VND74 billion ($2.82 million).

This suggests that depreciation expenses in future periods may decline significantly or remain at a very low level compared to previous years.

In particular, by the end of 2025, the company had sharply reduced total liabilities by 15.9%, from VND289.5 billion ($11.03 million) to VND244.4 billion. Outstanding loans and finance lease obligations (both short-term and long-term) fell from VND147.6 billion to approximately VND77.9 billion.

As a result, interest expenses in 2025 declined to VND7.7 billion, down 36% compared with 2024. The substantial repayment of long-term debt, leaving only VND17.5 billion ($5.62 million) in long-term liabilities, has significantly eased financial pressure and created ample room for future investment expansion plans.

Another positive development, thanks to strong business performance in 2025, NCS fully cleared its accumulated losses of VND51.7 billion ($1.97 million) carried forward from the end of 2024 and recorded a small positive retained earnings balance of nearly VND129 million ($4,916). Accordingly, the company’s equity increased slightly from VND472 billion ($17.98 million) to VND485 billion.

The improving financial position has also been an important driver of NCS’s share price performance. At the close of Friday, NCS shares were trading around VND41,400 ($1.58) apiece, up 7.51% compared with the beginning of this year. Over the past 12 months, NCS has gained 57.2%.