Gemadept Group (GMD) Q1 2023 earnings summary

Executive summary

• Q1 sales reached VND 901,971,039,120, up from VND 879,858,269,357 YoY; profit after tax was VND 254,842,214,258, down from VND 319,155,424,454.

• Parent-company profit after tax fell VND 71,557,428,765 YoY, as higher port and logistics profit was outweighed by lower joint-venture and associate earnings and higher income tax expense.

Financial highlights

• Gross profit rose to VND 426,581,603,757 from VND 352,159,760,956; cost of sales declined to VND 475,389,435,363 from VND 527,698,508,401.

• Net operating profit was VND 302,512,870,029 vs VND 339,206,494,892; profit before tax was VND 308,382,277,074 vs VND 350,243,654,747.

• Profit after tax attributable to the parent was VND 202,174,319,854 vs VND 273,731,748,619; non-controlling interests received VND 52,667,894,404 vs VND 45,423,675,835.

• Financial income increased to VND 20,840,978,218 from VND 4,215,371,728; financial expenses rose to VND 39,761,476,419 from VND 32,288,226,860.

Segment performance

• Port operation sales were VND 655,193,728,693 vs VND 735,795,852,243; logistics services, asset leasing and other sales were VND 246,777,310,427 vs VND 144,062,417,114.

• Port operating costs declined to VND 374,327,815,040 from VND 441,365,868,384; logistics costs increased to VND 101,061,620,323 from VND 86,332,640,017.

• Port and logistics profit increased by over VND 58 billion YoY, while profit from joint ventures and associates decreased by over VND 104 billion.