Enterprise

The Sea Port Business: A Lucrative Venture with Record-Breaking Profits and Deposits

The second quarter of 2025 saw an impressive growth in revenue and profits for port operators, with many setting new records. This boom was driven by an increase in export activities as businesses rushed to ship goods before the implementation of retaliatory tariffs by the US.

Administrator

30 August, 2025

According to data from Vietstock Finance, the 25 port companies listed on the stock exchange achieved a total revenue of nearly VND 11,700 billion, up 5.5% over the same period. In contrast, net profit decreased by 10.5%, to more than VND 1,800 billion, as some companies had extraordinary financial income last year which did not recur this year.

Among the group, 13 businesses recorded profit increases, with most achieving double-digit growth. One company maintained its results, 10 units decreased profits, and PAP remained loss-making.

Setting new peaks

Gemadept (HOSE: GMD) achieved a record revenue of nearly VND 1,500 billion, up 27% over the same period. Net profit was VND 423 billion, up 39%. This result was mainly due to strong growth in port and logistics throughput, alongside significant contributions from the Gemalink joint venture.

The revenue of Container Vietnam (HOSE: VSC) also hit a new high at VND 807 billion, up 13%, with a net profit of VND 116 billion, up 71% thanks to efficient port operations at its subsidiaries and financial income of nearly VND 66 billion. A difference in this quarter compared to last year is that VSC‘s report now includes the consolidation of Cong Ty TNHH Cang Nam Hai Dinh Vu.

GMD’s Q2 2025 revenue sets a new record

Major ports in Central and Southern Vietnam also followed this positive trend.

In Central Vietnam, Danang Port (HNX: CDN) reported revenue of VND 411 billion, up 17%, and a profit of VND 97 billion, the highest in its history. Nghe Tinh Port (HNX: NAP) also broke through with a net profit increase of 170% to over VND 10 billion, thanks to a nearly 14% increase in cargo volume.

In the South, Dong Nai Port (HOSE: PDN) achieved a record revenue of VND 392 billion, up nearly 22%. Net profit was VND 125 billion, up 47%. Cat Lai Port (HOSE: CLL) also attracted attention with a 62% surge in revenue to VND 127 billion and a nearly 27% increase in net profit.

Several other enterprises also recorded new peaks, including Xanh Vip Port (UPCoM: VGR) with a gross profit margin of up to 50.2% and a record net profit of VND 125 billion. Thanks to the improved gross profit margin, Quang Ninh Port (UPCoM: CQN) also achieved a new peak with a net profit of VND 52 billion.

Strong profit growth at many ports compared to the same period last year (in %)

Source: Author’s compilation

Exceptions to the vibrant picture

Vietnam Maritime Corporation (UPCoM: MVN) was an exception to the trend, with a profit decrease of nearly 46%, to VND 468 billion, as there was no large financial income this year.

Hai Phong Port (UPCoM: PHP) earned a profit of VND 143 billion, down 18%, due to foreign exchange losses and the absence of asset liquidation at its subsidiary as in the previous year. However, Hai Phong Port’s port service business remained promising, with the highest-ever gross profit.

Also in Hai Phong, Dau Tu va Phat Trien Cang Dinh Vu (HOSE: DVP) continued to decline as cargo volume through the port decreased, resulting in a 22% drop in revenue and a 21% decrease in net profit to VND 67 billion.

The only heavy loss-making company was Dau Khi Dau Tu Khai Thac Cang Phuoc An (UPCoM: PAP), with a loss of VND 125 billion due to revenue being insufficient to cover operating expenses. However, a positive sign is that cargo volume through Phuoc An Port has gradually improved over the last three quarters. The accumulated loss at the end of Q2 amounted to VND 279 billion.

Overall, despite the profit decline, the port service segment of many enterprises remained stable.

A few large ports reported profit declines (in %)

Source: Author’s compilation

Cash balances of many enterprises hit new highs

The positive business results in Q2 2025 led to increases in cash deposits and short-term financial investments at many port enterprises, even reaching all-time highs.

VSC stood out with a record high total cash and short-term investments, increasing by over VND 1,000 billion compared to the beginning of the year, to nearly VND 2,400 billion. Notably, its allocation to equities exceeded VND 1,400 billion, 2.5 times higher than six months ago.

Similarly, CDN raised its bank deposits to a new peak of VND 849 billion at the end of Q2. CCR also consistently accumulated, ending the quarter with nearly VND 46 billion, the highest in many years.

Dong Nai Port’s (PDN) cash balance hit a record high of VND 911 billion, continuously increasing quarter after quarter. TCL also edged up to VND 242 billion, surpassing the levels of the past two years. CMP raised its accumulation to VND 112 billion, the highest since 2018. VGR maintained its upward trajectory since Q3 of last year, with the figure now reaching VND 692 billion.

Cash deposits of many port enterprises continue to increase after a favorable quarter (in VND billion)

Source: Author’s compilation

A slowdown in the second half?

According to Vietcombank Securities (VCBS), cargo volume in Q2 increased significantly as enterprises took advantage of the 90-day tariff postponement by the US to rush exports. However, the second half of 2025 may see a slowdown.

SSI Securities also assessed that the peak season for exports had been pulled forward to Q2, causing container volume growth in the following quarters to likely slow to 4-5% year-on-year, much lower than the 11% growth in the first half.

Tu Kinh

– 10:00 30/08/2025