Vietnam shipping firms report mixed 2022 profit results

By Trang Nguyen
Sun, February 5, 2023 | 7:00 am GMT+7

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.

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.

Comments (0)
  • Read More
PYN Elite manager upbeat about Vietnam’s economy, stock market despite Trump uncertainty

PYN Elite manager upbeat about Vietnam’s economy, stock market despite Trump uncertainty

The Vietnamese economy will still fare well, and the local stock market will remain appealing despite the recent pullback following Donald Trump’s election win for a second term, said Petri Deryng, portfolio manager of Finland-based the PYN Elite fund.

Finance - Fri, November 22, 2024 | 8:25 am GMT+7

Central Vietnam province plans to build $2.4 bln LNG power plant from 2031

Central Vietnam province plans to build $2.4 bln LNG power plant from 2031

The 4,800-MW Chan May LNG power plant, with an investment of $2.4 billion, can be deployed in 2031-2035, according to Thua Thien Hue authorities.

Energy - Thu, November 21, 2024 | 10:41 pm GMT+7

Indonesia, France step up cooperation in economy, defence

Indonesia, France step up cooperation in economy, defence

Indonesian President Prabowo Subianto discussed economic and defence cooperation during a bilateral meeting on Tuesday with French President Emmanuel Macron on the sidelines of the G20 Summit in Rio de Janeiro, Brazil, Antara reported.

Southeast Asia - Thu, November 21, 2024 | 10:25 pm GMT+7

Thai economy to maintain upward momentum in 2025

Thai economy to maintain upward momentum in 2025

The National Economic and Social Development Council of Thailand (NESDC) expects the Thai economy to sustain its upward momentum in 2025 with a growth of 2.3-3.3% despite growing risks.

Southeast Asia - Thu, November 21, 2024 | 10:24 pm GMT+7

Former parliament chairman Vuong Dinh Hue warned for violations

Former parliament chairman Vuong Dinh Hue warned for violations

The Politburo, Vietnam's supreme decision making body, on Wednesday issued warnings to Vuong Dinh Hue, former Chairman of the National Assembly, and Nguyen Van The, former Minister of Transport, for violations while on duties.

Politics - Thu, November 21, 2024 | 10:10 pm GMT+7

Sumitomo insists on building LNG power plant in central Vietnam

Sumitomo insists on building LNG power plant in central Vietnam

Japanese trading house Sumitomo has been pushing for a liquefied natural gas (LNG)-fed power plant investment in Vietnam’s central province of Khanh Hoa.

Energy - Thu, November 21, 2024 | 8:53 pm GMT+7

Vietnam’s Vinhomes fulfils 67% of record buyback plan

Vietnam’s Vinhomes fulfils 67% of record buyback plan

Vinhomes, the housing development arm of conglomerate Vingroup, has purchased back 246.98 million shares, meeting 66.75% of the plan and accounting for 5.7% of the outstanding volume.

Finance - Thu, November 21, 2024 | 8:43 pm GMT+7

Vietnam high-speed railway should run beyond Hanoi, HCMC on either side: lawmakers

Vietnam high-speed railway should run beyond Hanoi, HCMC on either side: lawmakers

Vietnam’s mega North-South high-speed railway project should be redesigned and extended beyond Hanoi and Ho Chi Minh City as currently planned, several lawmakers have suggested.

Infrastructure - Thu, November 21, 2024 | 6:11 pm GMT+7

Vietnam-Malaysia relationship upgraded to comprehensive strategic partnership

Vietnam-Malaysia relationship upgraded to comprehensive strategic partnership

Vietnam and Malaysia have upgraded their relationship to a comprehensive strategic partnership, the highest level in the former’s diplomatic hierarchy.

Politics - Thu, November 21, 2024 | 5:21 pm GMT+7

Petrovietnam units sign LNG supply deal for trial run of Vietnam’s first LNG power plants

Petrovietnam units sign LNG supply deal for trial run of Vietnam’s first LNG power plants

PV Power and PV Gas, two units of state-owned Petrovietnam, have signed an LNG supply deal for trial operation of Nhon Trach 3 and Nhon Trach 4, Vietnam’s first LNG-to-power plants.

Energy - Thu, November 21, 2024 | 4:40 pm GMT+7

Sufficient first phase funds ensured for Vietnam’s new mega airport: transport minister

Sufficient first phase funds ensured for Vietnam’s new mega airport: transport minister

Minister of Transport Nguyen Van Thang affirmed Wednesday that funding would be secured for building the Long Thanh International Airport, set to become Vietnam’s biggest.

Infrastructure - Thu, November 21, 2024 | 3:53 pm GMT+7

Bamboo Capital wins kudos for transparent reports, good governance

Bamboo Capital wins kudos for transparent reports, good governance

Vietnamese private conglomerate Bamboo Capital Group has been honored as a Top 20 business with the Best Annual Report and the Best AGM Organization at the 2024 Vietnam Listed Company Awards (VLCA).

Bamboo Capital - Thu, November 21, 2024 | 3:37 pm GMT+7

VAFIE to organize workshop on amendments to horse racing, football betting rules

VAFIE to organize workshop on amendments to horse racing, football betting rules

The Vietnam’s Association of Foreign Invested Enterprises (VAFIE) and The Investor will organize a workshop on suggestions to amend the government’s Decree 06 on horse racing, greyhound racing and international football betting services.

Economy - Thu, November 21, 2024 | 2:38 pm GMT+7

Vietnam Politburo okays international, regional financial centers in HCMC, Danang

Vietnam Politburo okays international, regional financial centers in HCMC, Danang

Vietnam’s highest decision-making body, the Politburo, has greenlighted the establishment of an international financial center in Ho Chi Minh City and a regional financial center in the central city of Danang.

Economy - Thu, November 21, 2024 | 1:50 pm GMT+7

Singapore's Platinum Victory seeks to gain veto at Vietnam’s REE

Singapore's Platinum Victory seeks to gain veto at Vietnam’s REE

Singaporean fund Platinum Victory Pte. Ltd. has registered to buy more shares of Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (REE) to achieve the vetoing power in the latter.

Finance - Thu, November 21, 2024 | 11:29 am GMT+7

Posco keen on investing in Vietnam's $2.2 bln LNG power project

Posco keen on investing in Vietnam's $2.2 bln LNG power project

South Korea’s steelmaker Posco is eyeing to invest in the $2.2 billion Quynh Lap LNG-fired power plant project in Vietnam’s central province of Nghe An.

Energy - Thu, November 21, 2024 | 10:42 am GMT+7