Gemadept Group (GMD) Q1 2026 earnings summary

Executive summary

• Q1 revenue was VND 1,452.4B, up 14% YoY; profit before tax was VND 716.4B, up 23%, and profit after tax was VND 650.2B.

• Port-system throughput reached 1.233 million TEUs, up 16.5% YoY and the highest Q1 level in five years; Gemalink Phase 2 broke ground in April.

Financial highlights

• Net sales were VND 1,452.4B versus VND 1,276.9B; cost of sales was VND 815.9B versus VND 715.3B, and gross profit was VND 636.5B versus VND 561.6B.

• Net operating profit was VND 716.3B versus VND 577.7B; profit before tax was VND 716.4B versus VND 583.1B.

• Profit after tax was VND 650.2B versus VND 527.7B; parent-company profit was VND 534.2B versus VND 403.0B.

• Financial income was VND 60.1B versus VND 29.2B; financial expenses were VND 42.3B versus VND 28.6B.

Outlook and guidance

• Gemalink Phase 2 is expected to begin operations in Q4 2027, raising total port capacity to over 3 million TEUs annually.

• Expansion is being phased to match market growth and shipping-line demand, with the aim of developing Gemalink as a regional transshipment hub.

• Vietnam’s Q1 GDP grew 7.83%; regional growth is forecast to exceed the ASEAN average of 4.6%.