Gemadept Group (GMD) Q4 2024 earnings summary

Executive summary

• FY2024 revenue was VND 4.832tn, up from VND 3.846tn; PBT reached VND 2.099tn and completed 123% of plan.

• Profit after tax fell to VND 1.924tn from VND 2.534tn, as gains from financial transfers declined and other expenses rose despite higher core-business profit.

• Port and logistics activity grew as equipment additions and major port and logistics-center projects advanced.

Financial highlights

• Q4 2024 revenue was VND 1,412bn, up 37% YoY; PBT was VND 351bn, up 39% YoY.

• FY2024 net revenue was VND 4.832tn, up from VND 3.846tn; gross profit was VND 2.135tn versus VND 1.778tn.

• FY2024 operating profit was VND 2.419tn and PBT VND 2.099tn, versus VND 3.177tn and VND 3.147tn, respectively.

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

• Financial income fell to VND 426.1bn from VND 1.941tn as transfer proceeds declined; other expenses rose to VND 582.2bn from VND 84.5bn.

Outlook and guidance

• Gemalink Phase 2A is targeting operations from 2026; the wider Phase 2 development is planned to come online in 2026–2028.

• Nam Dinh Vu Phase 3 is targeted to operate from end-2025; completion is intended to make it Northern Vietnam’s largest and most modern river port.

• 2025 plans focus on key projects, port and logistics growth, and technology to improve efficiency and customer satisfaction.