Gemadept Group (GMD) Q4 2024 earnings summary

Executive summary

• FY2024 revenue rose to VND 4.832tn from VND 3.846tn; profit after tax fell to VND 1.924tn from VND 2.534tn, reflecting lower gains from financial transfers and higher other expenses.

• Core port and logistics activities grew; the annual statements attribute the profit decline mainly to differences in the profit and scale of capital-transfer transactions, despite higher core-business profit.

Financial highlights

• Net revenue was VND 4.832tn, up from VND 3.846tn; gross profit reached VND 2.135tn versus VND 1.778tn.

• Operating profit was VND 2.419tn versus VND 3.177tn; profit before tax was VND 2.099tn versus VND 3.147tn.

• Profit after tax was VND 1.924tn versus VND 2.534tn; parent-attributable profit was VND 1.455tn versus VND 2.251tn.

• Financial income declined to VND 426.1bn from VND 1.941tn, mainly as proceeds from transfers of long-term financial investments fell to VND 337.5bn from VND 1.841tn.

• Other expenses rose to VND 582.2bn from VND 84.5bn; other income increased to VND 262.2bn from VND 54.9bn.

Segment performance

• Port-operation external revenue was VND 4.191tn, up from VND 2.909tn; segment financial performance was VND 1.557tn versus VND 1.083tn.

• Logistics external revenue was VND 630.8bn, down from VND 935.8bn; segment financial performance was VND 60.2bn versus VND 275.1bn.

• Trading real estate revenue was VND 10.5bn versus VND 1.5bn; planting rubber trees was separately reported as a business segment.

• Domestic external revenue was VND 4.616tn and overseas revenue VND 216.3bn; FY2023 comparatives were VND 3.547tn and VND 299.1bn, respectively.