Gemadept headquarters in Ho Chi Minh City, Vietnam
On July 16, Gemadept Joint Stock Company (coded GMD) will finalize its list of registered shareholders to receive a 2023 cash dividend at a rate of 22% (01 share receives VND 2,200). With more than 310 million shares currently in circulation, Gemadept is expected to spend over VND 682 billion on dividend payments. The payment is scheduled for August 16.
At the 2024 Annual General Meeting of Shareholders, Gemadept shareholders approved a plan to pay a 2023 cash dividend at a rate of 22%. Thus, the company has accomplished its proposed dividend payout plan.
Regarding the first-quarter business results, Gemadept recorded an 11% year-on-year increase in net revenue, reaching VND 1,006 billion. The company reported a 708 billion pre-tax profit, nearly 2.3 times higher than the same period last year. Net profit reached VND 656 billion, more than 2.5 times higher than Q1/2023, thanks to a VND 336 billion gain from the divestment of Nam Hai Port.
For the full year 2024, Gemadept set a record revenue target of VND 4,000 billion, up 4% from the previous year. However, the projected pre-tax profit target decreased by 46% to VND 1,686 billion. With the results achieved in the first quarter, this “giant” in the maritime industry has accomplished 42% of its annual profit target.
Gemadept’s business segments and their contributions to total revenue
Gemadept is one of the leading enterprises in Vietnam’s maritime and logistics industries, with port operations contributing approximately 70-80% of its revenue and the remaining coming from the logistics segment.
In the North, Gemadept also owns two ports: Nam Dinh Vu and ICD Nam Hai. In the South, the company operates two container ports: Gemalink, which is Vietnam’s largest deep-water port capable of accommodating the largest vessels currently in operation, and ICD Phuoc Long. In addition, Gemadept also has a bulk cargo port in Dung Quat.
At the 2024 Annual General Meeting of Shareholders, Mr. Do Van Nhan, Chairman of the Board of Directors of Gemadept, stated that while the market showed positive signs of recovery in 2024, challenges remained. Statistics indicated that the number of businesses exiting the market was 1.5 times the number of newly established enterprises in the first quarter, credit growth remained around 4%, and foreign investors were net sellers in the stock market…
“These figures do not allow Gemadept to be complacent in 2024. The company must proactively plan its production and business activities. In addition to maintaining stable operations to achieve its targets, the company also needs to enhance its competitiveness,” said Mr. Nhan.
In the market, GMD shares have slightly corrected after reaching an all-time high in mid-June. However, compared to the beginning of the year, the stock is still up nearly 16%. Gemadept’s market capitalization stands at VND 25,500 billion (USD 1 billion).
GMD stock price movement from the beginning of the year to the present
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