SCS released its Q2 2021 results with revenue jumping 47% YoY to VND212bn (USD9mn) and NPAT-MI surging 51% YoY to VND150bn (USD6.5mn). We note that Q2 2020 was an abnormally low base due to the drastically negative disruption from COVID-19. In H1 2021, SCS’s revenue was up 24% YoY to VND408bn (USD18mn) while NPAT-MI was up 30% to VND288bn (USD12mn). H1 2021 revenue growth was mainly driven by cargo volume growth of 22% YoY and an average service price (ASP) increase of 3.4% YoY.