Hai An Transport And Stevedoring (HAH) H1 2024 earnings summary

Executive summary

• Net sales for the first 6 months of 2024 reached VND 1,652.9 billion, up 30.5% year-over-year, with gross profit of VND 356.1 billion, a 4.8% increase.

• Profit after tax attributable to shareholders was VND 171.1 billion, down 20.9% year-over-year, with EPS at VND 1,314.

• Vessel operation remains the largest segment, contributing 81% of total sales.

• Acquisition of Luu Nguyen Cai Mep Port Service JSC completed in March 2024, but divestment was approved in June 2024.

Financial highlights

• Gross margin for the period was 21.5%, down from 26.8% in the prior year.

• Financial income decreased to VND 8.7 billion from VND 12.6 billion year-over-year.

• Financial expenses rose to VND 53.5 billion, mainly due to higher loan interest and bond issuance costs.

• Total assets increased to VND 5,925.4 billion from VND 5,358.9 billion at year-end 2023.

• Cash and cash equivalents rose to VND 368.1 billion from VND 245.4 billion at the start of the year.

Outlook and guidance

• Management notes decreased revenue from vessel operations due to lower sea freight and charter rates, and higher costs from new vessel depreciation.

• No material events after the balance sheet date except for share issuance for dividend payment.