GMD - Logistics segment expected to recover in 2025
• In 2024, GMD's net revenue was VND 4,832 billion (+26% YoY), in which revenue from port operations was VND 4,201 billion (+43% YoY), while logistics will contribute VND 632 billion (-25% YoY), accounting for 87% and 13% of total revenue, respectively. Despite the recovery in import and export demand, the logistics sector remains weak.• From 2018 to 2024, logistics revenue achieved a CAGR of 7%. COGS remained relatively stable, with a CAGR of 5%, but profit margins fluctuated significantly due to the volatility in time charter (TC) rates.
• For 2025, we forecast logistic revenue to reach VND 750 billion (+18% YoY) and gross margin to increase by 8 pps YoY, reaching 39%, this is based on: GMD's two vessels being renewed with TC rates about 50% higher than the previous contract, transportation/warehouse revenue and COGS maintained the same growth rate as in the period 2018 – 2024.
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