Northern Vietnam port operator posts record revenue, profit in 2024
Hai Phong Port JSC, headquartered in the northern city of Hai Phong, reported total throughput of nearly 40 million tons in 2024, with revenue reaching nearly VND3 trillion ($118.44 million) and pre-tax profit estimated at VND1.16 trillion ($45.8 million).
These were record revenue and profit for the company, far exceeding the respective targets of VND2.31 trillion and VND840 billion, the firm said at a Friday conference to review its 2024 performance and set tasks for 2025.
International container terminals 3 and 4 under the Hai Phong International Gateway Port in Lach Huyen. Photo courtesy of Hai Phong Port.
In the first nine months of 2024, Hai Phong Port, registered on the Unlisted Public Companies Market (UPCoM) as PHP, reaped a net revenue of VND1.88 trillion ($73.86 million), up 19% year-on-year.
Its pre-tax and after-tax profits both rose by 26% in the period, reaching VND957 billion ($37.6 million) and VND778 billion, respectively.
PHP's revenue and after-tax profit in the last quarter of 2024 hit nearly VND1.12 trillion ($44.22 million) and VND208 billion ($8.21 million), up 93% and 34.4% year-on-year respectively.
In 2024, PHP established two important joint ventures with SITC - a leading shipping company in Asia, and TIL - a subsidiary of the world’s largest shipping company MSC headquartered in Switzerland.
One of them, TIL Hai Phong International Port Co., Ltd. is responsible for operating international container terminals 3 and 4 under the Hai Phong International Gateway Port in Lach Huyen.
The terminals will accommodate vessels ranging from 8,000 to 14,000 TEUs, equivalent to 100,000 to 160,000 DWT, with a projected throughput of 1.1 million TEUs annually. Total investment is nearly VND6.95 trillion ($300 million).
Hai Phong Port set the goal of putting the first phase of the project into operation before February 28, and completing the entire project by 2025.
At the end of Q3/2024, the value of construction in progress for the terminals 3 and 4 reached VND2.24 trillion ($88.43 million), up 38.2% from the beginning of the year.
In the stock market, PHP closed Friday at VND46,000 ($1.8) per share.
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