Gemadept reports Q2 profit at $16 million, up 88%

Financing activities suffered a loss as revenue halved to VND4 billion while expenses increased 22% to VND56 billion ($2.4 million). However, GMD has a profit in joint ventures and associates up to VND100 billion ($4.3 million), up 43%, enough to "balance" a large part of operating expenses.

In addition, the company also had another profit of VND 6billion ($258,000)  which is a significant improvement compared to the loss of VND44 billion ($1.9 million) in the same period of the same period.

As a result, GMD's pre-tax profit in the second quarter of 2022 reached VND370 billion ($16 million), up 88% over the same period last year.

In 6 months, GMD's net revenue reached VND1,857 billion ($80 million), up 29%; gross profit reached VND 788 billion (34 million), up 36%.

Profit in joint ventures and associates was a big bright spot when it reached VND225 billion ($9.6 million), an increase of 2.4 times over the same period last year, along with other profits of VND17 billion ($732,000).

As a result, GMD reported a 6-month pre-tax profit of VND720 billion ($31 million), up 85%; profit after tax in 6 months reached VND653 billion ($28 million) up 86% over the same period last year.

As of June 30, 2022, GMD's total assets reached VND11,378 billion ($490 million), up 6% compared to the beginning of the period.

Asset quality is quite good with receivables and inventories accounting for a very low proportion, although in 6 months there has been an increase of 32% to VND1,109 billion ($47.7 million)  and 27% to VND88 billion ($3.7 million).

The most notable item in the asset structure is a long-term financial investment, reaching VND 2,982 billion ($128 million).

In terms of capital, liabilities at the end of the second quarter of 2022 are VND3,627 billion ($156 million), almost flat compared to the beginning of the year. The total debt of GMD increased slightly by 3% to VND1980 billion ($85 million), of which short-term loans were VND753 billion ($32 million). 

The healthy financial structure with good quality and bright business activities have helped the 6 months business cash flow to be positive VND552 billion ($23.8 million).

Net cash flow in 6 months was positive, helping cash and cash equivalents as of June 30, 2022, to reach VND682 billion ($29 million), up 7% compared to the beginning of the year.

Source: VietnamFinance