Saigon Port's 2025 profit doubles on investment income

Saigon Port JSC (SGP) reported solid revenue growth in Q4/2025, though it swung to a net loss due to a large one-off expense, while full-year profit more than doubled thanks to strong contributions from investments in subsidiaries and associates.

According to its Q4 financial statement, SGP posted revenue of VND357 billion ($13.76 million), up 22.7% from a year earlier. However, higher cost of goods sold pushed gross profit down slightly by VND6 billion to VND87 billion ($3.35 million).

Financial income fell sharply to VND54.6 billion ($2.1 million) from VND219.7 billion a year earlier, down 75.1%, while financial expenses dropped more steeply to VND15.7 billion from VND207.7 billion, a decline of 92.4%. As a result, net financial profit stood at VND38.9 billion ($1.5 million).

A key drag on quarterly earnings was other expenses of VND156 billion, resulting in an other loss of VND153 billion ($5.9 million) and pushing net profit attributable to shareholders into the red at VND19 billion ($732,180) for the quarter. The expense is widely seen as non-recurring and not reflective of the company’s core operations.

For the full year 2025, SGP reported revenue of VND1,226 billion (VND47.24 million), up 10.9% year-on-year. Driven by income of VND251 billion from joint ventures and associates, net profit attributable to the parent company reached VND363 billion ($13.99 million), more than double the VND171 billion recorded in 2024. The company contributed nearly VND196 billion to the state budget during the year.

Despite the sharp improvement in earnings, SGP’s share price has remained largely unchanged, trading in a range of VND28,000-30,000 ($1.16) over recent months, suggesting investors are seeking clearer evidence of efficient operating performance.

Long-term bets on Can Gio mega port

SGP operates across multiple segments including port investment, construction, management and operations. As of the end of 2025, the company managed several operating centers and held stakes in five subsidiaries, four joint ventures and associates, along with two other long-term investments.

While core operating activities have shown limited volatility, financial and investment activities have played an increasingly important role in driving profits.

On Thursday, SGP held an AGM that approved participation in a consortium with Vietnam Maritime Corp (VIMC), SGP’s parent company, and foreign partners to develop the Can Gio International Transshipment Port.

Under the proposal, SGP would contribute a 15% stake, equivalent to about VND2.9 trillion (VND111.75 million), should the consortium be selected by authorities as the project investor.

Following earlier investments in Thi Vai General Port JSC and Cai Mep International Terminal Co Ltd, the potential investment in the Can Gio project underscores the company’s long-term growth strategy. However, some shareholders expressed concerns that the recently approved Cai Mep Ha Port project could dilute investment efficiency.

However, company representatives said both projects are designated as key ports under Ho Chi Minh City’s development strategy and are intended to grow in tandem to enhance competitiveness.

Under Vietnam’s national seaport master plan, the Can Gio port and the Cai Mep-Thi Vai port cluster are positioned to develop as complementary hubs, forming a large-scale international transshipment complex.

Nevertheless, the large capital requirement remains a key risk. Although SGP’s capital contribution has been structured at the minimum level under the current plan, the company must meet mandatory conditions, including a requirement that SGP and VIMC jointly hold at least 51% of the consortium to ensure Vietnamese control, while SGP itself must contribute a minimum of 15% of the project’s total investment.

On the unlisted public companies market (UPCoM), SGP shares closed Friday at VND26,600 ($1.03) apiece.