With huge profits from selling Nam Hai Port, Gemadept (GMD) still plans to increase capital by 3,000 billion

Gemadept (GMD) offers 103 million shares

Gemadept Corporation (Code GMD) has just approved a plan to offer shares to existing shareholders to increase charter capital. Specifically, Gemadept has approved the registration file to offer shares at a ratio of 3:1. Corresponding to the offering of an additional 103,495,652 shares to existing shareholders.

The offering price is VND 29,000/share, the expected amount of money raised is VND 3,001.37 billion. The offering plan is expected to be implemented in 2024 after being approved by the State Securities Commission.

Gemadept (GMD) earned a large profit from selling Nam Hai Port but still plans to increase capital by more than 3,000 billion (Photo TL)

Of the more than 3,000 billion VND raised from this offering, Gemadept plans to use 2,213 billion VND to purchase assets including 3 ships with a capacity of 1,800 TEU; purchase 2 STS cranes with a lifting capacity of 85 tons; purchase 7 barges with a capacity of 248 TEU.

In addition, the company will also use VND230.6 billion to repay bank loans and VND557.7 billion to increase capital contribution to Nam Dinh Vu Port JSC. This is a subsidiary in which Gemadept owns 60% of the charter capital. The money contributed to the company will be used to repay bank loans and carry out production and business activities.

Profits surge thanks to sale of shares in Nam Hai Port

Regarding business activities, in the first quarter of 2024, Gemadept recorded net revenue of VND 1,006 billion, an increase of 11% over the same period last year. Pre-tax profit was recorded at VND 708 billion, an increase of 11% over the same period. After-tax profit reached VND 656 billion, 2.5 times higher than the same period.

The reason why Gemadept recorded such a sudden increase in business results was thanks to the large profit from the divestment of Nam Hai Port. On the financial statement, the profit from divestment of Nam Hai Port amounted to 336 billion VND.

With a sudden increase in profits from asset sales, in the first 3 months of the year, Gemadept has completed 42% of its 2024 profit plan.

At the end of the first quarter of 2024, GMD's total assets reached VND 14,338 billion, an increase of 5.9% compared to the beginning of the year. Of which, liabilities accounted for only VND 3,947 billion. Owner's equity accounted for the majority with VND 10,391 billion, equivalent to 72.5% of total capital.

Source: https://www.congluan.vn/lai-lon-tu-ban-cang-nam-hai-gemadept-gmd-van-dinh-tang-von-them-3000-ty-dong-post303797.html