Vietnam’s largest container fleet operator Hai An logs highest quarterly profit in 11 years

Hai An Transport and Stevedoring JSC, the owner of Vietnam’s largest container fleet, posted over VND414 billion ($15.8 million) in after-tax profit in Q2/2025, up 227% year-on-year, marking its highest quarterly profit since 2014.

Hai An, listed on the Ho Chi Minh Stock Exchange (HoSE) as HAH, recorded nearly VND1.28 trillion ($48.82 million) in net revenue in the quarter, a 34.35% increase from the same period in 2024, according to its freshly released Q2 consolidated financial statement.

The company attributed this surge in earnings to the deployment of three newly acquired vessels - Opus, Gama, and Zeta - which significantly boosted transport capacity.

A sharp increase in shipping volume and freight rates during the first half of the year drove up revenue and profit from maritime operations.

Hai An currently operates a fleet of 17 container vessels, handling around 1 million TEUs annually, accounting for nearly 70% of Vietnam’s total container shipping capacity.

Rising charter and leasing rates further improved the performance of its subsidiaries and affiliates, contributing positively to the consolidated results. Investments in transport-related ventures also showed marked improvement compared to the previous year.

In the first half of 2025, Hai An reported over VND2.44 trillion ($93.06 million) in net revenue, up 32% year-on-year, and VND687 billion ($26.2 million) in after-tax profit, representing a 291% increase.

As of mid-year, the company had achieved 53.63% and 79% of its full-year revenue and after-tax profit targets, respectively.

At its 2025 AGM in late June, Hai An’s shareholders approved a throughput target of 1.46 million TEUs in 2025, up 9% from 2024. This includes 689,000 TEUs from shipping operations, 588,000 TEUs from port services, and 178,000 TEUs from depot services.

The company aims for total revenue of VND4.56 trillion ($174.6 million) and post-tax consolidated profit of VND865 billion ($33.12 million) in 2025, up 13% and 33% respectively over the 2024 results.

It also plans to order four new container vessels with capacities ranging from 3,000 to 4,500 TEUs and may purchase 2-3 suitable used vessels if opportunities arise.

Hai An will also study having larger vessels (7,000-9,000 TEUs) built. In terms of port and logistics infrastructure, the company will sell old forklifts and invest in 1-2 new 45-ton Kalmar reach stackers.

Regarding profit distribution, it plans to pay a 40% dividend for 2024, including 10% in cash and 30% in shares, with approximately 39 million new shares expected to be issued.

On the HoSE, HAH hit its ceiling price of VND80,200 ($3.06) per share on Friday.