Dinh Vu Port records record profit.

Dinh Vu Port has just reported a net profit after tax of over 128 billion VND in the third quarter of 2024, 2.5 times higher than the same period last year and the highest level ever.

According to the Q3 2024 financial report of Dinh Vu Port Investment and Development Joint Stock Company (stock code: DVP), net revenue exceeded VND 178 billion, a 24.4% increase compared to the same period last year. Gross profit for this period reached VND 76.4 billion, a 33.2% increase compared to the same period in 2023. Consequently, the gross profit margin improved from 40% to 42.8%.

Financial income quadrupled compared to the same period last year, from over 21 billion VND to nearly 83 billion VND. As a result, despite a 35% increase in administrative expenses to 20 billion VND, the company still reported a pre-tax profit of 143 billion VND, 2.2 times higher than the same period last year. After-tax profit also increased 2.5 times, reaching 128 billion VND. This is the highest level since the company began trading on the stock exchange in 2009.

According to the management's explanation, the sharp increase in third-quarter profits was due to a 13% increase in cargo throughput at the port compared to the same period last year, as well as the company receiving VND 70.4 billion in dividends from its joint venture, SITC Dinh Vu.

For the first nine months of the year, Dinh Vu Port achieved net revenue of over 520 billion VND, an increase of 28.4% compared to the same period last year. The gross profit margin was over 251 billion VND, and the gross profit margin reached 48.2%.

After deducting expenses, the company recorded a pre-tax profit of VND 325 billion and an after- tax profit of VND 274 billion, a negligible difference compared to the same period last year.

This result helped the company achieve 74.2% of its revenue target of VND 700 billion and 94.2% of its pre-tax profit plan of VND 345 billion, as approved at the annual shareholders' meeting.

At the time of announcing the business plan, the leadership of Dinh Vu Port stated that the company would transfer ongoing and uncompleted projects from 2023 to 2024 with a total capital of VND 51.6 billion. New investment projects in 2024 include a warehouse investment project in the Lach Huyen - Cat Hai area with a total investment of VND 1,824 billion, a project to renovate pier No. 1 and invest in two STS gantry cranes, and a project to invest in one backup automated gantry crane frame for RTG gantry cranes (for use with RTG01, 02, 03, 04 cranes)...

The company expects to pay a minimum dividend of 50% of its charter capital in 2024.

As of the end of September, Dinh Vu Port had total assets of VND 1,592 billion, a slight decrease compared to the beginning of the period. Short-term assets accounted for the overwhelming majority at VND 1,232 billion, at 77.3%. Short-term financial investments accounted for the majority of these at VND 1,098 billion, showing little change compared to the beginning of the year.

The company has VND 165 billion in liabilities, a decrease of 36.5% compared to the beginning of the period. The entire debt structure of Dinh Vu Port is short-term. Equity increased slightly compared to the beginning of the year, reaching VND 1,427 billion. Undistributed after-tax profit is approximately VND 398 billion.

On the stock exchange, DVP shares are trading at 75,000 VND, down 9% from their historical peak recorded in June 2024 (82,200 VND). The average trading volume over the last 10 sessions is over 12,000 units. With 40 million shares listed on the HoSE, the market capitalization is 3,000 billion VND.

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