Gemadept Group (GMD) Q1 2024 earnings summary

Executive summary

• Q1 2024 net sales were VND 1,005.5bn and profit after tax was VND 656.0bn; reported profit included a nearly VND 336bn gain from transferring Nam Hai Port shares and substantial equity-accounted earnings.

• Port operation and logistics remained the two core businesses; the period also included the termination of the Cambodia branch and a contract to transfer all Nam Hai Port shares.

Financial highlights

• Net sales rose to VND 1,005.5bn from VND 902.0bn YoY; cost of sales was VND 564.7bn versus VND 475.4bn, and gross profit was VND 440.9bn versus VND 426.6bn.

• Profit before tax was VND 708.0bn versus VND 308.4bn; profit after tax was VND 656.0bn versus VND 254.8bn.

• Parent-attributable profit reached VND 559.4bn, up from VND 202.2bn; non-controlling shareholders’ profit was VND 96.6bn versus VND 52.7bn.

• Financial income was VND 353.8bn versus VND 20.8bn, including VND 335.7bn proceeds from transferring long-term financial investments; financial expenses were VND 39.0bn.

Segment performance

• Port operation sales were VND 842.9bn versus VND 655.2bn YoY; logistics services, asset leasing and other sales were VND 162.6bn versus VND 246.8bn.

• Port operation costs were VND 479.0bn versus VND 374.3bn; logistics services costs were VND 85.7bn versus VND 101.1bn.