AsemconnectVietnam - In the third quarter, Quy Nhon Port's after-tax profit decreased due to changes in the State's tax policy and a sharp increase in interest expenses. However, in general, in the first 9 months, the Company still exceeded the annual profit target by 11%.

Quy Nhon Port Joint Stock Company (QNP) has just announced its Q3/2024 financial statements with net revenue reaching more than VND295.2 billion, an increase of more than 5.5% over the same period and after-tax profit reaching nearly VND25.4 billion, a decrease of 32.6%.
In this third quarter, due to QNP's cost of goods sold increasing by 7% to VND232.3 billion, gross profit in the period was almost the same as the same period, reaching VND62.8 billion. In addition, along with the simultaneous increase in expenses such as: financial expenses increased nearly 7 times, to VND5.7 billion; Selling expenses increased by 12.5% to VND4.5 billion and business management expenses increased by 24% to VND21.8 billion.
Quy Nhon Port said that after-tax profit decreased due to changes in the State's tax policy, land rent was reduced by 30% according to Decision 01/2023/QD-TTg of the Prime Minister dated January 31, 2023, the amount of land rent reduced recorded in the third quarter of 2023 compared to the third quarter of 2024 was VND4.3 billion. In addition, interest expenses in this period also increased because in 2023, the Company's interest expenses were capitalized into the original cost of fixed assets.
In the first 9 months of 2024, QNP recorded net revenue of more than VND906.2 billion, an increase of more than 30% over the same period last year. Accordingly, QNP's pre-tax and after-tax profits reached more than VND 128.3 billion and more than VND100.7 billion, respectively, up more than 13% and 15% over the same period.
At the 2024 General Meeting of Shareholders, QNP planned to achieve consolidated revenue of VND1,247 billion and pre-tax profit of VND115 billion. Thus, after the first 9 months of the year, QNP exceeded the profit target set for the year by 11%.
By the end of the third quarter, the total assets of the enterprise reached VND1,381 billion, up 9% over the beginning of the year. Of which, the enterprise's fixed assets reached VND597.4 billion, accounting for more than 43% of total assets. In addition, QNP's cash and cash equivalents reached VND251 billion, up 5.6%; short-term financial investments reached VND236 billion, up 70%; Short-term receivables reached VND223 billion, up 37%, mainly short-term receivables from customers with more than VND195 billion.
On the other hand, Quy Nhon Port's payable debt is VND528.6 billion, up nearly 21% compared to the beginning of the year. Of which, the majority is long-term loans and financial leasing debt, reaching VND233 billion, accounting for 44% of total debt. This period, QNP also incurred an additional VND30 billion in short-term debt, bringing the total corporate debt to VND263 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan