Some businesses grew strongly
Some businesses recorded strong growth in both revenue and profit thanks to improved core businesses. Typically, Vietnam Container Joint Stock Company (Viconship, code: VSC) recorded net revenue of 718 billion VND, an increase of 34.2% over the same period last year. Besides, the company recorded 22.8 billion VND in financial revenue, nearly 4 times higher than the same period.
In contrast, financial costs decreased by 10% to 39 billion VND, but corporate management costs and sales costs increased by 24% and 109% to 41 billion VND and nearly 37 billion VND, respectively. As a result, Viconship reported a profit after tax of 91.5 billion VND, a sharp increase of 166.8% over the same period last year.
In the first 6 months of 2024, the company recorded net revenue of nearly 1,304 billion VND, an increase of 30.6%, profit before tax and profit after tax reached 203 billion VND and 162 billion VND, respectively, an increase of 93%, respectively. 3% and 109.5% over the same period last year.
With this result, the company has achieved 53.2% of the revenue plan and 63.4% of the pre-tax profit target for the whole year.
Reported profit decline despite increased revenue
Although revenue from the core business increased sharply, many logistics businesses reported a decrease in profits due to many reasons such as: Reduced financial revenue, increased capital prices and other costs, decreased ship rental prices, Average freight rates decrease...
The second quarter 2024 financial report of Gemadept Joint Stock Company (Code: GMD) recorded a 29% increase in net revenue to VND 1,181 billion, the highest quarterly revenue in history. Gross profit also increased by 26%, reaching a record level of 542 billion VND.
Notably, financial revenue dropped deeply by 98%, to only 28 billion VND, due to the same period last year as the capital sale of Nam Hai Dinh Vu Port.
As a result, Gemadept's second quarter profit after tax decreased to 418 billion VND, equivalent to a decrease of 76% compared to the same period last year.
Accumulated in the first 6 months of the year, Gemadept recorded revenue of 2,187 billion VND, an increase of 21% and reaching the highest level in the business's semi-annual revenue history. However, pre-tax profit dropped sharply by 51%, to 1,219 billion VND due to no longer having a sudden source of financial revenue like the same period last year. Profit after tax also decreased sharply by 45.5%, to 1,074 billion VND.
With this result, Gemadept has achieved 55% of the revenue plan and more than 72% of the yearly profit target.
Similarly, Hai An Transport and Stevedoring Joint Stock Company (Code: HAH) also recorded positive revenue growth in the first 6 months of the year with net revenue reaching 948.8 billion VND, an increase of 55.2% compared to same period.
However, the business's financial revenue during the period was negative 1.48 billion VND (the same period recorded a positive 7.92 billion VND). In contrast, financial costs increased by 83.8% over the same period to VND 34.88 billion.
Business management costs increased by 56% to 43.75 billion VND and other activities did not fluctuate significantly. As a result, Hai An Stevedoring reported profit after tax of 126.5 billion VND, an increase of 58.7%.
Another logistics "giant" is Transimex Joint Stock Company (Code: TMS), net revenue in the second quarter of 2024 reached 821 billion VND, a sharp increase of 56% over the same period last year, after deducting the cost price and gross profit of This period's business had 132 billion VND, an increase of 44% over the same period last year.
This company's financial revenue decreased by 9% to 19.3 billion VND. On the contrary, financial costs increased sharply by 2.1 times, to 39.7 billion VND. Sales expenses and business management expenses also increased sharply, increasing 4.1 times and 16% respectively over the same period last year. As a result, Transimex reported profit after tax in the second quarter of 2024 reaching 36.5 billion VND, an increase of 38.7% compared to the second quarter of 2023.
In the first 6 months of the year, the company's net revenue reached 1,511 billion VND, a sharp increase of 53% over the same period last year. Profit after tax reached 63.8 billion VND, down 17.8% over the same period last year. The reason is due to high cost of capital, financial costs and business management costs also increased sharply.
