AsemconnectVietnam - Gemadept Corporation (code GMD - HOSE) recorded profit of VND448.38 billion in the third quarter, accumulated profit in the first 9 months of 2024 reached VND1,549.46 billion and completed 102.5% of the yearly plan.

In the third quarter of 2024, Gemadept recorded revenue of VND1,264.11 billion, up 26.7% over the same period, profit after tax reached VND448.38 billion, up 32.5% over the same period last year.
During the period, gross profit increased by 25.1% over the same period, equivalent to an increase of VND116.58 billion, to VND581.33 billion; Financial revenue decreased by 85.9%, equivalent to a decrease of VND28.24 billion, to VND4.63 billion; financial expenses decreased by 2.7%, equivalent to a decrease of VND1.4 billion, to VND49.66 billion; profits from joint ventures and associates increased by 324.7%, equivalent to an increase of VND169.58 billion, to VND221.81 billion; sales and administrative expenses increased by 78.7%, equivalent to an increase of VND80.2 billion, to VND182.06 billion and other activities did not fluctuate significantly.
Explaining the increase in profit in the third quarter, Gemadept said it was mainly due to the increase in gross profit from port operations, logistics and profits from joint ventures and associates.
In the first 9 months of 2024, Gemadept recorded a 21.6% increase in revenue to VND3,420.55 billion and a profit after tax of VND1,549.46 billion.
In 2024, Gemadept plans to have a revenue of VND 4,000 billion, and a pre-tax profit of VND 1,686 billion.
Thus, ending the first 9 months of 2024 with a pre-tax profit of VND1,728.38 billion, Gemadept has completed 102.5% of the 2024 fiscal year plan.
In terms of cash flow, in the first 9 months of 2024, Gemadept continued to record a positive main business cash flow of VND 948.9 billion compared to the same period of VND705.96 billion. In addition, during the period, investment cash flow recorded a negative VND404.3 billion and financial cash flow recorded a negative VND848.97 billion, mainly due to the Company paying dividends to shareholders. In terms of asset size, as of September 30, 2024, Gemadept's total assets increased by 6.1% compared to the beginning of the year, equivalent to an increase of VND820.4 billion, to VND14,366.4 billion. Of which, the main assets were fixed assets recorded at VND4,062.9 billion, accounting for 28.3% of total assets; long-term financial investments recorded at VND 3,511.2 billion, accounting for 24.4% of total assets; cash and short-term financial investments recorded at VND1,768.1 billion, accounting for 12.3% of total assets; other long-term assets recorded at VND1,631.2 billion, accounting for 11.4% of total assets; Long-term unfinished assets recorded VND1,624.4 billion, accounting for 11.3% of total assets...
Notably, Gemadept announced that its profit from investment in its portfolio of joint ventures and associates increased from VND613.56 billion to VND990.31 billion, an increase of VND376.75 billion. In which, the increase was mainly due to the increased profit of Gemadept Cai Mep Port Joint Stock Company - Terminal Link from VND101 billion to VND409.07 billion, an increase of VND308.04 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan