Gemadept Group (GMD) Q2 2025 earnings summary

Executive summary

• H1 2025 net revenue was VND 2,770,677,739,218 versus VND 2,156,437,966,607; core-business growth offset the loss of prior-year profit from the Nam Hai Port capital transfer.

• H1 PBT reached 1,261, up 40% YoY, achieving 70% of the annual plan; consolidated profit after tax was VND 1,131,775,875,175 versus VND 1,101,082,728,302.

• Interim financial statements received a review conclusion stating that nothing came to the auditors’ attention indicating they were not fairly presented in all material respects.

Financial highlights

• Q2 2025 revenue was 1,497, up 27% YoY; PBT was 677, up 32%.

• H1 gross profit was VND 1,283,613,314,736 versus VND 951,402,174,792; net operating profit was VND 1,378,701,295,090 versus VND 1,167,686,713,186.

• Parent-company profit after tax was VND 848,236,864,657 versus VND 889,771,947,153; financial income was VND 91,517,551,504 versus VND 383,735,882,370, including prior-year investment-transfer income of VND 325,022,433,051.

• Other profit was a loss of VND 118,152,185,338 versus profit of VND 60,045,889,063; other expenses included VND 110,780,951,871 of inefficient investment costs.

• Operating cash flow was VND 1,090,272,860,986 versus VND 550,672,346,466; net cash flow for H1 was negative VND 216,975,502,943.

Segment performance

• Port operations contributed 86% of core-business PBT and Logistics and Shipping 14%; port-system throughput was 2.4 million TEU, up 19% YoY.

• Port-operation external revenue was VND 2,447,088,479,874 versus VND 1,828,330,661,442; segment financial performance was VND 973,161,569,809 versus VND 727,923,784,414.

• Logistics-services external revenue was VND 323,127,994,236 versus VND 327,544,300,855; segment financial performance was VND 84,706,499,051 versus VND 68,702,052,980.

• Equity-accounted gains from joint ventures and associates were VND 470,041,949,207 versus VND 281,244,552,673; rubber-tree planting segment performance was negative VND 37,250,619,191.