Seaport operator Viconship appoints new chair, targets 20.8% pre-tax profit hike

Container Shipping Joint Stock Corporation (Viconship), one of the leading seaport operators and service providers in Vietnam, has appointed board member Nguyen Duc Dung as its new chairman following Bui Minh Hung’s sudden resignation.

Hung resigned from the post ahead of Viconship’s 2024 AGM, slated for May 28.

Despite stepping down as chairman, Hung, 47, will serve as chairman of the firm’s business strategy council, which oversees customer development and business orientations. He began his career at Viconship’s Quang Ninh unit in 2008 and became the company’s general director in September 2021, before assuming the chairmanship in March last year.

In addition to the personnel change, Viconship, listed on the Ho Chi Minh Stock Exchange (HoSE) as VSC, is expected to present a 2024 business plan at the upcoming AGM. The firm is targeting VND2.45 trillion ($96.27 million) in revenue and VND320 billion ($12.57 million) in pre-tax profit this year, up 11.5% and 20.8% year-over-year, respectively.

VSC plans to pay a stock dividend of 7.5% for 2023.

In the first quarter of 2024, Viconship posted VND568.4 billion ($22.3 million) in net revenue, up 22% year-over-year. It earned a pre-tax profit of VND89.9 billion ($3.53 million) and net profit of VND69.9 billion ($2.75 million), up 63% and 67% year-over-year, respectively.

VSC shares closed Wednesday at VND21,150 ($0.83) apiece, with a market valuation of VND5.64 trillion (221.6 million).