Hai Phong Port at night. The Port of Hai Phong JSC recorded a growth of 41.7 per cent in profit after tax in Q1. — Photo haiphongport.com.vn

Vietnamese logistics enterprises reported outstanding business results in the first quarter of 2021.

In the quarterly financial report, Transimex Joint Stock Company (TMS) said that its net revenue jumped 104.9 per cent year-on-year to nearly VND1.1 trillion.

As cost of goods sold increased during the period, Transimex’s gross profit rose 55 per cent against same period last year to VND112.56 billion. After diminishing expenses, its profit after tax reached VND101.2 billion, up 75.7 per cent.

Transimex is a logistics service provider with businesses in international freight forwarding, warehousing, domestic transportation and distribution.

TMS stock also witnessed impressive performance. Last Friday, TMS shares, listed on the Ho Chi Minh Stock Exchange (HoSE), traded at VND49,700, up nearly 37.3 per cent since the beginning of the year.

The leading enterprise in the seaport industry, Gemadept Corporation (GMD), also posted good results in the first quarter with net revenue of nearly VND687.5 billion, up 14.4 per cent over last year. Of which, port operation activities accounted for 85 per cent of total revenue, with the rest from logistics and office leasing.

Higher revenue led to a strong rise of 40.2 per cent in profit after tax to over VND171.8 billion.

GMD shares, also listed on HoSE, finished last Friday at VND36,400 per share, up nearly 10% compared to earlier this year.

In the first quarter, Dong Nai Port JSC (PDN) posted net profit of over VND144 billion, up 48% year-on-year thanks to higher revenue from port operation activities as the COVID-19 pandemic has been contained. The Vietnamese economy is entering a state of operation under normal conditions. PDN shares, trading on HoSE, also increased slightly by 3.1% compared to the beginning of the year.

Meanwhile, Port of Hai Phong JSC (PHP) said that in the first quarter, the company's total cargo volume reached 7.126 million tons, exceeding 4 per cent of its business plan. This led to an increase of 16.1 per cent in revenue to VND518.3 billion. The company’s profit after tax also climbed 41.7 per cent to VND173.2 billion.

In March, the number of ships passing through Hai Phong Port reached 217, equaling 110.2 per cent over the same period last year. As of March 31, the number reached 585 ships.

As the maritime channel in Hai Phong has its standard depth (-7.0m) published, shipping lines have increased the amount of goods imported and exported on each trip, especially for containers.

On the Ha Noi Stock Exchange, PHP shares rose 6.8 per cent from the beginning of 2021.

Another logistics company with good results in the first quarter was Petrovietnam Transportation Corporation (PVT).

During the period, the company recorded net revenue of over VND1.7 trillion, with profit after tax of nearly VND173.8 billion, up 8.8 per cent and 94.6 per cent, respectively. Its gross profit margin jumped from 14.3 per cent to 15 per cent.

On HoSE, PVT shares ended last Friday at VND16,500, a growth of 13.4 per cent compared to the beginning of 2021.

Boosted by bright prospects of the industry, port stocks were also supported by bullish momentum.

According to SSI Securities Corporation (SSI), the port and logistics industry had very positive developments in 2020, with a growth of 42 per cent.

This securities company assessed that the bullish sentiment in the port and logistics stocks was largely due to the expectation of Viet Nam's trade growth, helped by the positive impact of signed free trade agreements, specifically, the European-Vietnam Free Trade Agreement (EVFTA) and the Regional Comprehensive Economic Partnership (RCEP).

Investors' expectations for growth in foreign direct investment (FDI) thanks to the wave of supply chain diversification and production is also supporting the industry. — VNS