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GMD: Continue to expand Nam Dinh Vu port phase 3 and Gemalink deep-water port phase 2A 

 Friday, June 28,2024

AsemconnectVietnam - Gemadept Joint Stock Company (code GMD - HOSE) has approved the business plan, capital mobilization and investment in 2024 at the 2024 Annual General Meeting of Shareholders taking place on the morning of June 25.

In 2024, Gemadept plans revenue of VND4,000 billion, equal to 102% of the 2023 plan of VND3,920 billion; Expected profit before tax is VND1,686 billion, equal to 148% of the 2023 plan of VND1,136 billion.
Regarding investment plans, in 2024, Gemadept said it will continue to implement key projects to expand scale and create a premise for long-term growth plans for the period 2021 - 2025, guiding its vision 2030.
First, Nam Dinh Vu port project - phase 3 has an area of 23 hectares, total investment capital of VND2,800 billion, capacity of 650,000 TEU/year, starting in July 2024 and expected to operate in the fourth quarter of 2025. increasing the total area of Nam Dinh Vu Port project (phases 1, 2 and 3) to 65 hectares, total investment capital of VND6,700 billion and capacity of 2 million TEUs and 3 million tons of bulk cargo per year.
“When completing all 3 phases at Nam Dinh Vu port, especially with outstanding competitive advantages, Nam Dinh Vu port cluster promotes the advantage of the largest river port in the North, bringing outstanding values to meet the needs of customers' increasing requirements", Mr. Do Cong Khanh, Deputy General Director emphasized.
Second, Gemalink deep-water port project - phase 2A with an area of 11 hectares, total investment capital of more than 100 million USD, capacity of 600,000 TEU/year, deployed from the fourth quarter of 2024 to the fourth quarter of 2025, increasing the total Project area is up to 44 hectares, total investment capital is nearly 450 million USD, capacity is 2.1 million TEU/year.
“Gemalink deep-sea port phase 2A will soon start construction, contributing to the development of seaport infrastructure and promptly meeting the growth needs of the market when Gemalink phase 1 is expected to reach over 90% capacity this year. ", Mr. Do Cong Khanh further shared with the Congress.
Third, the project to upgrade the depth of the Ha Nam canal channel. In particular, the current channel depth is -7mCD, the channel depth after project implementation is -8.5mCD. This project will be completed in the last week of June 2024, helping to welcome ships with a tonnage of up to 48,000 DWT fully loaded.
In addition to the above three projects, in 2024, Gemadept will continue to research new projects, promote cooperation and M&A activities to maximize the efficiency of core business activities, constantly increase value and enriching the diverse and widespread Port-Logistics chain ecosystem across the country.
In addition, to focus on core business activities, Gemadept also continues to plan to divest capital from the afforestation project in Cambodia with an area of nearly 30,000 hectares.
Regarding dividends, Gemadept has approved a plan to pay 2023 cash dividends at a rate of 22%, equivalent to shareholders owning 1 share will receive VND2,200.
At the same time, Gemadept approved a plan to offer nearly 103.5 million shares to existing shareholders at a rate of 33.33%, expected selling price of VND29,000/share, equivalent to mobilizing VND3,001.4 billion. Expected implementation time is in 2024 and after approval by the State Securities Commission.
Of the mobilized amount, Gemadept will use VND2,213 billion to purchase fixed assets, disbursed from the fourth quarter of 2024 to the first quarter of 2025; VND230.6 billion to repay bank loans, disbursed from the fourth quarter of 2024 to the first quarter of 2025; and the remaining VND557.7 billion to increase capital contribution to Nam Dinh Vu Port Joint Stock Company (Gemadept owns 60%) to implement production and business activities and repay bank loans, disbursed from the fourth quarter /2024 to the first quarter of 2025.
If the issuance is successful, the charter capital will increase from VND3,104.9 billion to VND4,139.8 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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