- GMD released Q4 2022 results with revenue increasing 2.7% YoY to VND1.1tn (USD46mn) and NPAT-MI that was flat YoY at VND189bn (USD7.9mn). The profits in Q4 2022 were mainly driven by GMD’s core businesses and offset by a YoY surge in net other losses and financial expenses in the quarter.

- At end-2022, GMD’s net debt balance plunged to VND666bn (USD28mn) vs VND1.2tn (USD50mn) at end-Q3 2022 mainly thanks to an increased cash balance in Q4 2022 as GMD received cash deposits (other short-term payables) from its partner(s) in the quarter. At end-2022, GMD’s other short-term payable balance surged to VND1.3tn (USD54mn) vs VND330bn (USD14mn) at end-Q3 2022.

- In Q4 2022, GMD’s revenue was up 7% QoQ, but its NPAT-MI declined 23% QoQ, which was mainly due to net other losses of VND65bn (USD2.7mn) vs marginal net other gains/(losses) in Q3 2022. We believe net other losses were mainly derived from GMD’s non-core rubber plantations.

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