Gemadept Group (GMD) Q4 2023 earnings summary

Executive summary

• FY2023 net sales were VND 3.846tn, while profit after tax reached VND 2.534tn, largely reflecting a VND 1.841tn gain from transferring Nam Hai Dinh Vu Port capital.

• The independent auditor gave an unqualified opinion that the consolidated statements presented a true and fair view under Vietnamese accounting standards.

Financial highlights

• Net sales fell to VND 3.846tn from VND 3.898tn YoY; cost of sales declined to VND 2.068tn from VND 2.180tn.

• Gross profit rose to VND 1.778tn from VND 1.718tn; financial income increased to VND 1.941tn, including VND 1.841tn from the port-capital transfer.

• Profit before tax was VND 3.147tn vs VND 1.308tn; profit after tax was VND 2.534tn vs VND 1.161tn.

• Parent-attributable profit was VND 2.251tn vs VND 994bn; basic and diluted EPS were VND 7,207 vs VND 3,034.

Segment performance

• Port-operation sales were VND 2.909tn vs VND 3.086tn YoY; logistics-services sales rose to VND 935.8bn from VND 810.8bn.

• Net external sales were VND 3.547tn in local areas and VND 299.1bn overseas, compared with VND 3.445tn and VND 453.0bn, respectively, in 2022.

• Segment financial performance was VND 1.083tn for port operations and VND 275.1bn for logistics services; the segment schedule reports VND 1.137tn total.