AsemconnectVietnam - Phuong Dong Viet Transport and Logistics Joint Stock Company (PVT Logistics, code PDV – UPCoM) recorded a profit of VND30.19 billion in the second quarter, accumulated profit in the first half of 2024 was VND56.2 billion, an increase of 70,2% over the same period.

In the second quarter of 2024, PVT Logistics recorded revenue of VND386.25 billion, an increase of 109.1% over the same period, profit after tax reached VND30.19 billion, an increase of 246.2% compared to the second quarter of 2023. In particular, gross profit margin continued to improve from 15% to 16.7%.
During the period, gross profit increased by 133.4% over the same period, corresponding to an increase of VND36.91 billion to VND64.58 billion; Financial revenue decreased by 46%, corresponding to a decrease of VND3.81 billion to VND4.48 billion; Financial expenses increased by 62.6%, equivalent to an increase of VND6.15 billion to VND15.98 billion; Business management costs increased slightly by 4.3%, equivalent to an increase of VND0.68 billion to VND16.33 billion and other activities did not fluctuate significantly.
In terms of revenue structure, in the second quarter, transportation service revenue increased by 58% over the same period, corresponding to an increase of VND103.89 billion, to VND283.1 billion; Commercial revenue recorded VND98.79 billion compared to the same period without recording...
Explaining the sharp increase in profits in the second quarter, PVT Logistics said that in the second quarter of 2024, revenue from the transportation segment increased because the Company invested in buying one more oil/chemical tanker (PVT Jupiter) and put it into operation from May 2023 and charter Bareboat to add 1 Supramax bulk carrier (PVT Pearl) to put into operation from September 2023. In addition, during the period, commercial revenue also increased, so revenue increased.
In addition, the transportation market is improving with increased freight rates in the second quarter of 2024 and increased profits from Bareboat investment/lease vessels, so profits increased by 246%.
It is known that, regarding the fleet expansion plan, in early July 2024, PVT Logistics also approved the purchase of the CEBIHAN bulk carrier with a tonnage of 57,318 DWT (ship built in 2009 in Korea) under the project to purchase a heavy bulk carrier. Loading capacity is about 55,000 - 65,000 DWT, expected delivery time is August 10 to September 10, 2024.
Cumulatively in the first half of 2024, PVT Logistics recorded revenue of VND703.73 billion, an increase of 92.6% over the same period and profit after tax of VND56.2 billion, an increase of 70.2% over the first half of 2023.
In 2024, PVT Logistics plans to increase revenue by 12.1%, to VND1,250 billion and pre-tax profit to stay flat at VND80 billion.
Thus, ending the first half of 2024 with a pre-tax profit of VND69.73 billion, PVT Logistics has completed 87.2% of the profit plan of VND80 billion in 2024.
In addition to business prosperity, in the first half of 2024, PVT Logistics also recorded a positive main business cash flow of VND95.79 billion compared to a positive VND2.45 billion in the same period. In addition, positive investment cash flow was VND33.93 billion and negative financial cash flow was VND59.4 billion, mainly the Company paid down debt.
Regarding asset scale, as of June 30, 2024, PVT Logistics' total assets amounted to VND1,292.1 billion. Of which, the main assets were fixed assets recorded at VND756.1 billion, accounting for 58.5% of total assets; Cash and short-term financial investments recorded VND219.9 billion, accounting for 17% of total assets; Short-term receivables recorded VND88 billion, accounting for 6.8% of total assets and other items.
During the period, fluctuating assets, mainly money and short-term financial investments, increased by 21.9% compared to the beginning of the year, corresponding to an increase of VND39.5 billion to VND219.9 billion.
In addition, in terms of capital, in the first half of 2024, total short-term and long-term debt decreased by 9.9% compared to the beginning of the year, corresponding to a decrease of VND52.7 billion to VND480.6 billion and only accounted for 37.2% of total capital (at the beginning of the year accounted for 40.7% of total capital).
N.Nga
Source: VITIC/Tinnhanhchungkhoan