Gemadept JSC (code: GMD) has just announced its financial report for the first quarter of 2024, with net revenue of VND1,005 billion, an increase of more than 11% compared to the same period last year. Cost of goods sold increased by 18.8%, resulting in a narrower gross profit margin of 43.9%. Gross profit reached nearly VND441 billion, a slight increase of 3.3% compared to the first quarter of 2023.
In the period, Gemadept’s financial revenue surged to nearly VND354 billion, 17 times higher than the first quarter of 2023, mainly thanks to the profit from the transfer of Nam Hai Port. Profit from joint ventures and associates also skyrocketed 4.5 times year-on-year to nearly VND98 billion.
As a result, Gemadept’s pre-tax profit in the first quarter of 2024 reached nearly VND708 billion, 2.3 times higher than the same period last year. After-tax profit was nearly VND656 billion, an increase of 157% compared to the first quarter of 2023, in which net profit attributable to the parent company’s shareholders was over VND559 billion.
Gemadept is one of the leading port and logistics companies in Vietnam, in which port operation contributes about 70-80% of revenue, and the rest comes from the logistics sector.
In the Northern region, Gemadept also owns two ports: Nam Dinh Vu and ICD Nam Hai. In the South, the company has two container ports: Gemalink – the largest deep-water port in Vietnam, capable of accommodating the largest super-ships today – and 1 ICD Phuoc Long port. In addition, Gemadept also operates a dry port in Dung Quat.
In 2023, Gemadept recorded revenue of VND3,846 billion, not much different from 2022. However, pre-tax profit increased by 2.4 times to VND3,147 billion, thanks to the transfer of all capital in Nam Hai Dinh Vu Port JSC. The after-tax profit was VND2,534 billion, an increase of 118% compared to 2022, the highest level since its operation.
With the significant increase in profit, GMD shares on the stock market also increased steadily and continuously set new highs. This stock is currently at VND84,200 dong/share, an increase of 19% since the beginning of 2024. The market capitalization also set a record of over VND26,000 billion (over USD1 billion), 64% higher than a year ago.
