Container shipping firm Viconship posts lowest net profit in 15 years
The burden of interest rate costs pulled down Vietnam Container Shipping Joint Stock Corporation’s (Viconship) 2023 net profit to its lowest level since 2009.
Its 2023 net profit plunged 60% year-on-year to only VND126 billion ($5.14 million) as interest expenses suddenly skyrocketed from VND1.1 billion to VND170 billion ($6.93 million), according to the company’s freshly released financial statement.
Last year, Viconship, listed on the Ho Chi Minh Stock Exchange (HoSE) as VSC, earned VND2,181 billion ($88.93 million) in revenue, up nearly 9% year-on-year.

Nam Hai Dinh Vu Port in Hai Phong city, northern Vietnam. Photo courtesy of Viconship.
In the fourth quarter, Viconship posted revenue of VND626 billion ($25.5 million), an increase of 20% year-on-year. Its gross profit margin improved from 29.2% to 30.3%.
However, interest costs suddenly increased from VND1.1 billion to VND44 billion ($1.8 million), resulting in an after-tax profit of VND74 billion ($3 million), equivalent to the same period the previous year and a net profit of VND45 billion, down 16%.
From no debt, starting Q4/2022, Viconship began to sharply increase debts to finance investment activities. At the end of 2023, the company recorded short-term debts of VND119 billion ($4.85 million) and long-term debts of VND1,446 billion ($58.96 million). It borrowed money to buy Nam Hai Dinh Vu Port from Gemadept Corporation (HoSE: GMD) and invest in the Hyatt Place Hai Phong hotel project.
The company now holds 35% of Nam Hai Dinh Vu Port's charter capital with the original price of VND998 billion ($40.7 million). Viconship wants to increase its ownership ratio to a maximum of 80% to control and consolidate business results.
On January 18, the firm finalized the list of shareholders to issue 133.4 million shares at VND10,000 ($0.41) per share for capital to buy more shares in Nam Hai Dinh Vu Port. The issuance results have not been announced yet.
By the end of 2023, Viconship's financial investment portfolio included VND660 billion ($26.9 million) in term deposits and VND1,470 billion ($59.94 million) in capital contributions to other units, three times higher than at the beginning of the year. The increase in capital contributions came from its investment in the Nam Hai Dinh Vu Port.
In the first month of this year, Viconship captured attention with the purchase of 2.1 million HAH shares of Hai An Transport & Stevedoring JSC to increase its ownership to nearly 5.3 million shares, equivalent to a 5% stake.
Closing the Friday trading session, HAH stood at VND41,450 ($1.69) per share. With this price, the company's investment in Hai An reaches nearly VND220 billion ($8.97 million).
On the stock market, VSC closed the Friday session at VND22,450 ($0.92) per share.
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