Vietnam shipping firms report mixed 2022 profit results
Hai An, PVTrans, Vipco and Gemadept all reported record high profits in 2022, but Vinalines and Vosco posted a drop due to decreased ocean freight.
Hai An Transport and Stevedoring JSC, listed on the Ho Chi Minh City Stock Exchange (HoSE) as HAH, reported after-tax profit of VND1,051 billion ($44.82 million) in 2022, up 90% year-on-year.
The company's net revenue reached VND3,206 billion ($136.72 million), up 64%, according to its consolidated Q4 financial statement.
At the closing session on February 3, the HAH shares price hit VND38,300 ($1.63) per unit.
Meanwhile, PetroVietnam Transports Corporation (PVTrans) achieved net revenue of VND9,047 billion ($385.81 million) and after-tax profit of VND1,161 billion ($49.51 million), up 21% and up 39% respectively.
On the Ho Chi Minh City Stock Exchange, PVTrans's PVT shares were VND19,300 ($0.82) at Friday's closing session.

A Hai An ship. Photo courtesy of the company.
Notably, Vietnam Petroleum Transport JSC (Vipco) recorded after-tax profit of VND245.7 billion ($10.48 million), 24 times year-on-year. Vipco's net revenue hit VND876 billion ($37.36 million), up 28%.
On the HoSE, Vipco's VIP shares price was VND9,630 ($0.41) per unit at Friday's closing session.
Gemadept (GMD), a leading port and logistics company in Vietnam, recorded after-tax profit of more than VND1,150 billion ($49.04 million), up 60% year-on-year. This is the second highest profit since the company made its information public for the first time in 2000. The peak was recorded in 2018.
On the HoSE, the GMD shares price was VND54,600 ($2.33) per unit at Friday's closing session.
In the opposite direction, "big brother" of the maritime industry Vietnam National Shipping Lines or Vinalines (MVN) reported net revenue of VND14,350 billion ($611.95 million) and after-tax profit of VND2,566 billion ($109.43 million), up 7% and down 23% respectively.
On the Unlisted Public Company Market (UpCOM), the MVN price hit VND17,400 ($0.74) per share at Friday's closing session.
Meanwhile, Vietnam Ocean Shipping JSC (Vosco) posted net revenue of VND2,420 billion ($103.2 million), up 70% and after-tax profit of VND487.94 billion ($20.81 million), down 6.7% year-on-year.
On the HoSE, the VOS of Vosco stood at VND10,600 ($0.45) per share at Friday's closing session.
Vietnamese container shipping and logistics companies expect a gloomy profit outlook this year due to weak demand and increased supply, said Saigon Securities Inc.
In its report, SSI said consumer demand will remain weak in 2023 amid high inflation. As clearing inventory takes at least two quarters, transportation demand is expected to recover from the second half of the year in preparation for the year-end peak shopping season.
“China's reopening and resumption of international flights is a significant positive factor for the industry,” it noted.
Meanwhile, Rong Viet Securities (VDSC) believes that the demand for domestic container freight will weaken in 2023 due to reasons like the International Monetary Fund (IMF) forecasting that GDP growth will decelerate in countries that are major trading partners with Vietnam (except China), with tight monetary policy to control inflation reducing the potential for product consumption in these markets.
The reduction in consumption demand will make domestic production for export less active, VDSC said.
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