- GMD released Q3 2022 results with revenue increasing 36% YoY to VND992bn (USD40mn) and NPAT-MI surging 93% YoY to VND244bn (USD10mn). The solid profit growth in Q3 2022 was driven by GMD’s core businesses and net income from affiliates. 

- Compared to Q2 2022, GMD’s revenue edged up 1.4% QoQ while its NPAT-MI declined 15% QoQ in Q3 2022, which was mainly due to weaker profit from the port segment as a result of softened export-import cargo volume in the quarter. We note that GMD has not released specific details regarding the cargo volume of its port segment. 

- In 9M 2022, GMD’s revenue increased 31% YoY to VND2.9tn (USD116mn) and its NPAT-MI soared 94% YoY to VND806bn (USD33mn), which were mainly boosted by operating profit rising 68% YoY and a 109% YoY surge in net income from affiliates.

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