Gemadept Group (GMD) Q2 2023 earnings summary

Executive summary

• H1 net sales were VND 1.814T, down from VND 1.858T YoY; profit after tax rose to VND 1.966T, including a VND 1.844T gain from transferring the Nam Hai Dinh Vu Port investment.

• Sale completion on 31 May 2023 reduced the consolidated subsidiary count from 22 to 21; Nam Hai Dinh Vu Port was no longer included as a subsidiary at period end.

Financial highlights

• Q2 net sales were VND 912.2B vs VND 977.9B YoY; gross profit was VND 430.7B vs VND 436.0B.

• H1 profit after tax was VND 1.966T vs VND 654.0B YoY; parent-attributable profit was VND 1.848T vs VND 562.4B.

• H1 financial income reached VND 1.884T, including VND 1.844T proceeds from the investment transfer; current income tax expense was VND 525.1B vs VND 67.9B.

• H1 operating cash flow was VND 1.006T vs VND 533.6B; ending cash and cash equivalents were VND 1.758T vs VND 682.4B a year earlier.

Segment performance

• H1 port-operation sales were VND 1.338T vs VND 1.536T YoY; logistics, asset-leasing and other sales were VND 476.0B vs VND 322.2B.

• Q2 profit from port operations and logistics decreased by more than VND 40B YoY; H1 profit from those activities increased by more than VND 18B.

• H1 profit from joint ventures and associates decreased by more than VND 147B YoY; Q2 profit from those investments decreased by more than VND 42B.