Gemadept Group (GMD) Q3 2023 earnings summary

Executive summary

• Q3 consolidated profit after tax was VND 338,452,285,823 vs VND 287,483,790,040; 9M profit after tax was VND 2,310,506,241,494 vs VND 941,461,087,646.

• 9M earnings included VND 1,844,422,436,722 in proceeds from investment transfers; 9M profit from joint ventures and associates also increased, while income tax expense rose by over VND 464bn YoY.

Financial highlights

• Q3 net sales were VND 997,918,407,261 vs VND 991,937,049,942; gross profit was VND 464,747,046,226 vs VND 402,400,545,652.

• 9M net sales were VND 2,812,063,428,306 vs VND 2,849,725,033,637; profit before tax was VND 2,890,333,428,679 vs VND 1,056,862,849,137.

• 9M parent-attributable profit was VND 2,106,716,163,883 vs VND 806,275,979,136; non-controlling interests received VND 203,790,077,611 vs VND 135,185,108,510.

• 9M financial income was VND 1,916,821,301,149 vs VND 15,985,602,142, primarily reflecting VND 1,844,422,436,722 from investment transfers.

Segment performance

• 9M port-operation sales were VND 2,117,830,444,541 vs VND 2,315,458,714,261; logistics, asset-leasing and other sales were VND 694,232,983,765 vs VND 534,266,319,376.

• 9M port-operation costs were VND 1,149,182,093,710 vs VND 1,365,097,013,601; logistics costs were VND 312,136,379,204 vs VND 294,105,023,715.

• Management attributed a VND 126bn-plus 9M increase in port and logistics profit to higher operating profit; Q3 parent-attributable profit benefited from over VND 62bn higher gross profit in these activities.