According to the Q1 2024 financial statements, QNP‘s net revenue reached over VND 275 billion, a 40% increase year-over-year (YoY). The company reported that the volume of goods transported through Quy Nhon Port in Q1 2024 exceeded 2.8 million tons, a rise of more than 45% YoY.
Gross profit margin improved by 3.3 percentage points to 23.5%, resulting in a 63% increase in QNP‘s gross profit to nearly VND 65 billion.
QNP reported a pre-tax profit of over VND 40 billion, a 67% increase, which accounts for 35% of its annual plan of VND 115 billion. After deducting taxes, QNP‘s net profit was close to VND 32 billion, a significant 64% increase.
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Q1 2024 Business Results of QNP
Unit: Billion VND
Source: VietstockFinance
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As of the end of Q1, QNP‘s total assets were over VND 1,325 billion, a nearly 5% increase from the beginning of the year. Fixed assets decreased slightly to nearly VND 531 billion (accounting for 40%).
QNP invested nearly VND 249 billion (19%) in short-term financial investments, an increase of 79%. The entire amount was in term deposits for 6-12 months at Vietinbank, BIDV, and Techcombank, with interest rates ranging from 3-7.3% per annum.
Short-term receivables were close to VND 216 billion (16%), an increase of 34%. Some of QNP‘s key partners include Maersk Vietnam Co., Ltd.; Bình Định Branch of DHT International Investment and Import-Export JSC; and MSC Vietnam Co., Ltd.
QNP also had a total of over VND 158 billion in cash and cash equivalents (12%), a 34% decrease due to a reduction in term deposits for 1-3 months. QNP deposited these funds in BIDV, Vietcombank, and Vietinbank, with interest rates ranging from 2.1-2.5% per annum.
 Source: QNP‘s Q1 2024 Financial Statements
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Source: QNP‘s Q1 2024 Financial Statements
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In terms of capital structure, QNP has minimal debt, with a total outstanding debt of nearly VND 232 billion, representing 17% of total capital. The debt is entirely long-term and was newly incurred in March 2023 from BIDV. This loan has a credit limit of nearly VND 328 billion and a term of 120 months from the date of first disbursement. It aims to cover reasonable and legitimate expenses (including interest during construction) for the investment project to upgrade Berth No. 1 of Quy Nhon Port.
 Source: QNP‘s Q1 2024 Financial Statements
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In January 2024, QNP approved an investment of nearly VND 195 billion in a multi-purpose rotary crane project at Berth No. 1 of Quy Nhon Port to enhance operational efficiency. Prior to this, in 2023, QNP temporarily increased its fixed assets for the investment project to upgrade Berth No. 1 of Quy Nhon Port. The provisional increase amounted to over VND 363 billion, while the project’s work-in-progress was increased after the project’s completion was settled.
