Gemadept Group (GMD) Q2 2024 earnings summary

Executive summary

• H1 2024 net sales rose to VND 2,156,437,966,607 from VND 1,814,145,021,045; profit after tax fell to VND 1,101,082,728,302 from VND 1,972,053,955,671, reflecting prior-year capital-transfer gains.

• Interim review conclusion: nothing came to the auditor’s attention indicating the statements failed to present a true and fair view in all material respects.

Financial highlights

• Gross profit was VND 951,402,174,792 versus VND 885,997,909,166; operating profit was VND 1,167,686,713,186 versus VND 2,474,600,249,002.

• Financial income declined to VND 383,735,882,370 from VND 1,883,949,531,169; prior-year results included VND 1,844,422,436,722 from liquidation of long-term financial investments.

• Profit after tax attributable to the parent was VND 889,771,947,153 versus VND 1,852,574,275,241; non-controlling interests received VND 211,310,781,149 versus VND 119,479,680,430.

• Operating cash flow was VND 550,672,346,466 versus VND 873,361,911,869; ending cash and cash equivalents reached VND 1,831,041,566,616.

Segment performance

• Port-operation external sales were VND 1,828,330,661,442 versus VND 1,338,077,671,661; logistics sales were VND 327,544,300,855 versus VND 475,345,996,710.

• Real-estate external sales were VND 563,004,310 versus VND 721,352,674; total H1 sales included VND 149,939,977,137 from overseas customers.

• Port and logistics gross profit increased by more than VND 65 billion; equity-method gains from joint ventures and associates were VND 281,244,552,673 versus VND 80,290,090,905.