Vietnam’s largest container fleet operator records 478% profit growth in Q1 on surging shipping rates

Vietnam’s Hai An Transport and Stevedoring JSC (HAH) reported after-tax profit of nearly VND274 billion ($10.54 million) in Q1/2025, skyrocketing 478% year-on-year, thanks to soaring shipping rates.

According to its freshly released Q1/2024 financial statement, Hai An, owner of the largest container vessel fleet in Vietnam, posted net revenue of VND1.17 trillion ($44.99 million), up 66% year-over-year.

Input costs increased by 31%, which was lower than revenue growth, helping gross profit quadruple to nearly VND385 billion. The gross profit margin improved from 15% to 33% in Q1/2025.

Its financial income rose 19% to over VND12 billion ($461,450), while financial expenses surged 96% to VND36 billion. Administrative expenses remained mostly unchanged at around VND34 billion.

As a result, parent company profit after tax reached VND233 billion ($896 million), nearly four times year-over-year.

By the end of Q1, Hai An had achieved 28% of the year's revenue target and 39% of its full-year profit goal.

During the period, Hai An added four new vessels to its fleet (Beta, Opus, Gama, Zeta).

Increased freight volume and shipping rates in Q1 led to a sharp rise in revenue and profit from vessel operations. Both the number of leased vessels and charter rates also rose.

Moreover, the business performance of subsidiaries and affiliates improved compared to the same period last year.

As of March 31, Hai An’s total assets reached VND7.84 trillion ($301.5 million), an increase of VND550 billion from the beginning of the year, with cash, cash equivalents, and deposits totaling VND1.12 trillion.

The company’s cumulative post-tax profit by the end of Q1 stood at VND1.29 trillion ($49.6 million).

On the Ho Chi Minh Stock Exchange, HAH shares set a new record on Tuesday, the last trading day before Vietnam's five-day holiday, as the price hit VND64,200 ($2.47) apiece, raising the company's market capitalization to over VND8.3 trillion ($319.2 million).