Hai Phong Port makes record profit thanks to compensation money

Hai Phong Port's profit in the third quarter of 2024 was more than 373 billion VND, double the same period last year thanks to compensation from Hai Phong City for land acquisition, marking the highest quarterly profit ever.

Hai Phong Port's profit in the third quarter of 2024 was more than 373 billion VND, double the same period last year thanks to compensation from Hai Phong City for land acquisition, marking the highest quarterly profit ever.

The financial report for the third quarter of 2024 of Hai Phong Port Joint Stock Company (stock code: PHP) recorded a series of double-digit growth indicators compared to the same period. Specifically, revenue in this period was 19% higher than the same period last year, up to VND 654 billion, while gross profit increased by one and a half times to VND 255 billion. Gross profit margin in the third quarter reached 39%, up 9 percentage points compared to the same period.

The company's financial expenses in the third quarter were more than VND21 billion. Business management expenses were approximately VND57 billion, an increase of 23% compared to the same period in 2023.

The company recorded a sudden increase in other income, reaching 214 billion VND while in the same period last year it was less than 1 billion VND. According to the company's management, this source of income comes from compensation from Hai Phong City for land acquisition, compensation, and support for site clearance for the Nguyen Trai bridge construction project.

Thanks to that, the company reported pre-tax and post-tax profits doubled compared to the same period, reaching VND461 billion and over VND373 billion, respectively. This is the quarter with the highest profit since the company registered on the stock exchange.

In the first 9 months, the company achieved net revenue of VND1,885 billion, up 19% over the same period last year. Gross profit during this period was over VND734 billion, gross profit margin reached 39%. Profit before and after tax increased by 26%, reaching VND957 billion and VND778 billion respectively.

This year, Hai Phong Port plans to achieve revenue of VND2,310 billion and pre-tax profit of VND840 billion, both down 8% compared to last year. The company plans to pay dividends in 2024 equal to 2% of charter capital. After the first 3 quarters of the year, the company has completed nearly 82% of the revenue plan and exceeded the profit target by 14%.

As of the end of the third quarter, the company's total assets were approximately VND7,721 billion, an increase of VND642 billion compared to the beginning of the year. Investments held to maturity accounted for VND1,502 billion in the asset structure. Liabilities were over VND1,555 billion, a slight increase compared to the beginning of the period. Owner's equity was over VND6,165 billion, and undistributed profit after tax reached VND888 billion.

On the UPCoM floor, PHP shares fluctuated strongly after the company announced its business results. This code has had a series of 5 consecutive sessions without decreasing (including 4 sessions of increase and 1 session of flat price), up to 28,600 VND. Compared to the beginning of the month, PHP's market price has increased by about 6%. Vietnam National Shipping Lines - JSC (VIMC) is the only major shareholder, holding 92.56% of charter capital.

This year, the Hai Phong Port Board of Directors said it plans to contribute VND1,200 billion to partners to establish a joint venture to exploit the Lach Huyen port area, which will be implemented this year and next. The company also divests capital from enterprises operating outside its core business and operating inefficiently.

Source: https://baodautu.vn/cang-hai-phong-lai-ky-luc-nho-khoan-tien-den-bu-d228576.html