Vietnam's logistics major Gemadept completes 70% of 2025 profit plan after 6 months

Gemadept Corporation, a leading port and logistics company in Vietnam, had completed 70% of the year's profit target set by its AGM after six months.

In 2025, the company's AGM set a revenue target of VND4,850 billion ($185.45 million) and pre-tax profit of VND1,800 billion ($68.83 million).

But the board of directors set a higher plan to strive for: revenue of VND4,950 billion and pre-tax profit of VND2,000 billion.

That means at the end of June, with a pre-tax profit of VND1,261 billion, Gemadept had completed 70% of the year's profit plan approved by its AGM and 63% of the plan set by the board of sectors.

Consolidated revenue in the first half of the year hit VND2,774 billion (over $106 million) and after-tax profit of VND1,109 billion ($42.4 million), up 28.6% and 1%, respectively, year-on-year.

Revenue in Q2 reached nearly VND1,497 billion ($57.25 million), up nearly 27% over the same period last year, according to the company's newly-released Q2 financial statements.

However, as the cost of goods sold surged by 33.2%, gross profit in the quarter increased by only 19.1% to VND645.7 billion.

Net profit increased by 39.1% year-on-year to VND581.54 billion ($22.24 million). In addition to core business activities, Gemadept's Q2 profit also included those from associated companies (VND241 billion, up nearly 32%) and financial revenue (VND62.2 billion, up 121.3%).

On the balance sheet, Gemadept's total assets as of June 30, 2025 were VND19,184 billion ($733.96 million), up 6.6% against the beginning of the year. Of this, cash and short-term financial investments recorded VND5,007 billion, accounting for 26%.

In addition, the company had VND4,358 billion in long-term financial investments, accounting for 22.7% of total assets and up 13.1% compared to the beginning of the year.

The investments include those in Gemadept Cai Mep Port Joint Stock Company-Terminal Link (original price VND1,477 billion or $56.5 million) and Saigon Cargo Services Joint Stock Company (VND405.3 billion).

Gemadept also invested more than VND4,025 billion in long-term fixed assets and VND2,353 billion in long-term unfinished assets, of which the investment in the Nam Dinh Vu Port project increased by nearly VND697 billion to nearly VND915 billion.

Gemadept is the investor of the 23-hectare Nam Dinh Vu port project phase 3, with investment capital of VND2,800 billion ($107.11 million) and capacity of 650,000 TEU/year.

Construction on the project started in Q3/2024 and is expected to be completed in Q4/2025, increasing the port cluster's capacity to 2 million TEU/year.

At its 2025 AGM held at the end of June 2025, the company's board of directors said that the throughput in the first period of 2026 is expected to reach about 50% of the design capacity, equivalent to 300,000 TEU.

In 2027, the throughput is expected to reach 80% of the capacity, equivalent to 600,000-650,000 TEU. The goal is to exploit the entire capacity of the project in 2028.

Also related to this project, the board said that in 2025, the Nam Dinh Vu project, phase 1 and 2, achieved a new record in throughput. It set a target of adding 1-2 service routes at this port in 2025 to prepare for phase 3.