Gemadept Group (GMD) Q1 2025 earnings summary

Executive summary

• Q1 net sales were VND1,276,946,137,045, up from VND1,005,539,540,911 YoY; consolidated profit after tax was VND527,662,976,585 versus VND655,990,104,106.

• Parent-company profit after tax was VND402,975,060,813, down VND156,439,998,950 YoY; stronger core operations and equity-accounted earnings were offset by the absence of a prior-year port-transfer gain.

Financial highlights

• Gross profit rose to VND561,631,814,693 from VND440,885,329,142; cost of sales was VND715,314,322,352 versus VND564,654,211,769.

• Net operating profit was VND577,711,136,965, down from VND704,172,746,423; financial income fell to VND29,194,419,294 from VND353,810,511,192.

• Profit before tax was VND583,088,554,624 versus VND707,962,297,511; current income tax was VND61,385,601,630 and deferred tax benefit VND5,960,023,591.

• Consolidated profit after tax attributable to non-controlling shareholders was VND124,687,915,772, up from VND96,575,044,343 YoY.

Segment performance

• Port-operation sales were VND1,138,334,115,956 versus VND842,915,406,444; logistics services, asset leasing and other sales were VND138,612,021,089 versus VND162,624,134,467.

• Port-operation costs were VND636,784,280,394 versus VND478,963,500,504; logistics-services costs were VND78,530,041,958 versus VND85,690,711,265.

• Parent-company core port and logistics revenue increased VND271 billion, or 27% YoY; gross profit and pretax profit from core activities rose by over VND120 billion and VND58 billion, respectively.