At the end of the first quarter of 2024, VIP Green Port Joint Stock Company completed 31% of the revenue plan and 44% of the pre-tax profit plan.
VIP Green Port's profit increased by 97%
VIP Green Port Joint Stock Company ( UPCoM: VGR ) has just announced its financial report for the first quarter of 2024 with net revenue reaching VND 242 billion, up nearly 28% over the same period. Gross profit reached VND 119 billion, up 60%.
After deducting expenses, VIP Green Port had a pre-tax profit of 106 billion, up 93% over the same period, and a post-tax profit of more than 94 billion, up sharply by 97.62%. This is the highest quarterly profit since VIP Green Port was listed on the stock exchange.
VIP Green Port is located downstream of Cam River in Dinh Vu-Cat Hai economic zone, Hai Phong.
Explaining the first quarter results, VIP Green Port said that the container throughput through the port increased by 22.65%, leading to an increase in revenue compared to the same period last year. In addition, the company also benefited from a decrease in depreciation costs because fixed assets were fully depreciated.
In 2024, VIP Green Port sets a revenue target of VND 774 billion and pre-tax profit of VND 240 billion. Thus, after the first 3 months of the year, the enterprise has completed 31% of the revenue plan and 44% of the profit target.
At the end of the first quarter, VGR's total assets stood at VND1,343 billion, up 6.25% compared to the beginning of the period. Cash and cash equivalents of VIP Green Port reached over VND435 billion, up sharply by 145%.
VGR's equity is 1,258 billion VND, total liabilities slightly decreased to 85 billion VND.
This year, in addition to financial plans, VIP Green Port said the company also plans to increase its output target to 696,000 TEUs, invest in 2 new RTG cranes, shore power system, smart-gate and dredge the channel to welcome large ships into the port.
It is known that VIP Green Port was officially put into operation in November 2015, operating with 2 berths with a total length of 400m, 5 loading and unloading equipment on the wharf with lifting capacity from 45 tons to more than 100 tons, average loading and unloading productivity of 28 moves/hour/equipment.
The port container yard has a capacity of 12,000 TEUs, is planned separately for import, export, transit/transit cargo areas... and synchronized with 2,000 refrigerated container plugs. The port can serve ships with a capacity of up to 42,000 DWT (2,500 TEU) with a ship length of 226M, entering and exiting 24/7.
Stocks jump, dividend payment 70%
According to research, VIP Green Port Joint Stock Company was established in October 2014 with two initial shareholders, Vietnam Container Joint Stock Company (Viconship) and Vipco Petroleum Transport Joint Stock Company, with initial charter capital of 450 billion VND.
In 2015, the shareholder structure saw the appearance of Evergreen Marine Corp (Taiwan) Ltd, a large shipping company from Taiwan (China) after this company purchased 12.5 million shares from VGR's private placement.
In April 2016, Viconship acquired all of Vipco Petroleum's capital contributions, thereby increasing its ownership ratio to 74.34%. To date, the two major shareholders of VGR are still Viconship and Evergreen Marine (21.74%).
VIP Green Port was officially put into operation in November 2015, operating with 2 berths with a total length of 400m.
On the stock market, VGR shares have continuously recorded impressive growth since the beginning of 2024. VGR shares have increased from VND 33,950/share to VND 60,500/share on April 15, equivalent to 78%.
At the same time, at the 2024 Annual General Meeting of Shareholders, VIP Green Port shareholders also approved the 2023 profit distribution plan with a cash dividend payment rate of 70%, the highest dividend rate of VGR since its listing. Previously, VGR had provisionally paid 10% dividend on June 14, 2023. The remaining 60% will be paid on April 15.
According to experts' forecasts, the seaport industry will recover strongly in 2024, due to improved output and import-export demand, while supply will remain stable until 2025.
SSI Securities forecasts that Vietnam's import-export turnover in 2024 will grow by 10% and the growth in cargo output (in terms of TEU container output) of the whole industry will also increase by 10% compared to 2023.
Apart from maritime transport, container transport will be the biggest beneficiary due to the high proportion of activities in Suez ( 22% of seaborne container trade is transported through Suez ).
Many experts forecast that the port industry's profit growth will be at 15-20% thanks to growth in output and improved average freight rates at some ports.
Thanh Thang
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