Container Vietnam Joint Stock Company (VICONSHIP), formerly known as Container Vietnam Company, was established on July 27, 1985, and was one of the first state-owned enterprises to provide container transportation services at that time. Port operation is one of the main business areas of VICONSHIP.
In 2002, the company underwent equitization and became a joint stock company. In 2023, the company officially changed its name to Container Vietnam Joint Stock Company. In 2008, the company was officially listed on the Vietnam stock market with the stock code VSC.
With nearly 40 years of formation and development, the company is one of the leading port operators and professional supply chain and logistics service providers in Vietnam.
Regarding business activities, the company’s Q4 business report showed remarkable economic performance. The company experienced two consecutive quarters of revenue growth compared to the same period last year. In Q4/2023, the revenue reached VND 625.9 billion, an increase of 20.4% compared to the same period last year. Gross profit reached VND 190.3 billion, an increase of 24.8% compared to the same period last year, with a gross profit margin of 30.4% (slightly increased by 1.1% compared to the gross profit margin in Q4/2022).
Selling and administrative expenses (SG&A) amounted to VND 50.5 billion (a decrease of 4.9% compared to the same period last year). However, short-term and long-term loans increased by 72.3% compared to the beginning of the year, amounting to VND 1,565 billion, leading to a tenfold increase in interest expenses compared to the same period last year, reaching VND 44.1 billion. Therefore, pre-tax profit increased by only 4.8% compared to the same period last year, reaching VND 96.1 billion.
Accumulated throughout 2023, VSC recorded revenues of VND 2,180.9 billion, an increase of 8.6% compared to the same period last year, and pre-tax profit of VND 268 billion, a decrease of 44.6% compared to the same period last year.
With these results, VSC completed 96.9% and 103.1% of the full-year 2023 plan. In the whole year of 2023, the company achieved a net profit of VND 126 billion, a decrease of 60% compared to 2022 and the lowest level since 2009.
Notably, the significant decrease in pre-tax profit compared to the same period last year is due to the impact of operating expenses and borrowing costs to finance M&A activities. Specifically, SG&A expenses amounted to VND 227 billion, an increase of 23% compared to the same period last year, and interest expenses amounted to VND 170.5 billion compared to VND 1.1 billion recorded in 2022.
| Year 2019 | 1,793 |
|---|---|
| Year 2020 | 1,689 |
| Year 2021 | 1,892 |
| Year 2022 | 2,007 |
| Year 2023 | 2,181 |
VSC’s total assets reached VND 5,187 billion as of December 31, 2023, an increase of 18.8% compared to the beginning of the year, mainly due to a VND 998 billion investment in Nam Hai Dinh Vu Port Joint Stock Company with a 35% voting rights. To finance this investment, long-term borrowing and finance lease increased by an additional 106.6%, reaching VND 1,446 billion.
VSC is currently actively investing in additional projects through M&A activities. Specifically, on January 30, 2024, VSC spent about VND 82 billion to increase its ownership to become a major shareholder in Hai An Transportation and Stevedoring Joint Stock Company (HAH), increasing its ownership stake from 2.96% to 5% of the charter capital (equivalent to 5.2 million shares).
VSC is also currently conducting a capital raising plan of VND 1,333 billion to transfer an additional 44% of the charter capital at Nam Hai Dinh Vu Port within 2024. The completed acquisition of Nam Hai Dinh Vu Port will help VSC improve its financial performance after business consolidation as the port currently accounts for about 10% of the market share in cargo handling at Cam River – Hai Phong.
