GMD - Upbeat core business results in Q2 beat our forecasts

- GMD released Q2 2022 results with revenue up 30% YoY to VND978bn (USD43mn) and NPAT-MI doubling YoY to VND288bn (USD13mn). The upbeat profit growth in Q2 2022 was mainly driven by GMD’s core businesses (including the consolidated ports and logistics segments) and net income from affiliates.

- Compared to Q1 2022, Q2 2022 revenue increased 11% QoQ and NPAT-MI edged up 5.2% QoQ despite that fact that Q1 is normally the peak season for GMD’s port and logistics segments.

- In H1 2022, revenue advanced 29% YoY to VND1.9tn (USD81mn) and NPAT-MI surged 95% YoY to VND562bn (USD24mn), which were mainly driven by operating profit growth of 52% YoY and a 138% YoY increase in net income from affiliates.