Hai An Transport And Stevedoring (HAH) H2 2024 earnings summary

Executive summary

• Net revenue in Q4 2024 reached VND 1,210.7 billion, up 82.1% year-over-year; profit after tax surged 344.9% to VND 280.2 billion, driven by expanded vessel operations and higher freight rates.

• Four new vessels (Alfa, Beta, Opus, Gama) were added, boosting transport output and charter rates; subsidiaries and associates also posted improved results.

Financial highlights

• Q4 2024 net revenue: VND 1,210.7 billion (Q4 2023: VND 664.8 billion); full-year revenue: VND 3,992.1 billion (up from VND 2,612.7 billion).

• Q4 2024 profit after tax: VND 280.2 billion (Q4 2023: VND 63.0 billion); full-year profit after tax: VND 650.5 billion (up from VND 384.9 billion).

• Gross profit in Q4 2024: VND 518.2 billion (Q4 2023: VND 113.1 billion); gross margin improved significantly.

• Basic/diluted EPS for Q4 2024: VND 3,672 (Q4 2023: VND 448); full-year EPS: VND 4,986 (prior year: VND 2,888).

• Cash and cash equivalents at year-end: VND 921.9 billion, up from VND 245.4 billion.

Outlook and guidance

• Growth attributed to fleet expansion and higher market rates; continued focus on vessel operations and leveraging subsidiary/associate performance.