VIMC presents impressive first year results

06:00 | 30/08/2021 Companies

(VEN) - Thanks to greater efforts, creativity and innovation, the Vietnam Maritime Corporation (VIMC) has recorded impressive growth in the year since completing its equitization and changing its corporate brand identity in alignment with its new trading name.

vimc presents impressive first year results
A fully loaded container ship

With 1.2 billion shares on the stock exchange (code MVN), VIMC’s market capitalization has reached more than VND41.6 trillion, or US$1.8 billion, putting it on the list of Vietnamese firms with market capitalization exceeding US$1 billion.

VIMC saw better business performance in the first half of 2021 compared to a year ago. Associated businesses and joint ventures also recorded profits during the reviewed period.

vimc presents impressive first year results
One of the world’s largest container ships, Margrethe Maersk, docks at Cai Mep International Terminal (CMIT) in Ba Ria-Vung Tau Province

The corporation recorded high revenues in the second quarter of the year due to share sales and accelerated liquidation of old ships. Accordingly, net revenues reached VND3.41 trillion in the second quarter of the year, an increase of 34 percent compared to a year ago, while gross profit reached VND976 billion, a year-on-year increase of 118 percent. As a result, the corporation reached a gross profit margin of 28.6 percent.

VIMC plans to liquidate 10 ships with total tonnage of 244,568 DWT this year and invest in two used container ships with capacity ranging from 1,700 TEU to 2,200 TEU. The corporation also aims to reach consolidated revenues of VND10.828 trillion and pre-tax profit of VND944 billion. By the end of the second quarter, VIMC had achieved 56 percent of its annual revenue target and 135 percent of its pre-tax profit target.

In terms of shipping, VIMC has strengthened investment in the fleet to increase transport capacity. In the first half of the year, the demand for coal and ore transportation increased due to production recovery in some countries in the region. To take advantage of opportunities and meet the demand, VIMC’s transport businesses adopted numerous solutions to improve capacity.

According to a Vinaship Joint Stock Company report, the company reached net revenues and after-tax profit of VND240 billion and nearly VND66 billion in the second quarter of 2021, bringing the total to VND387 billion and VND69.2 billion in the first half of the year, respectively.

Data from the Vietnam Ocean Shipping Joint Stock Company (Vosco) showed that the company reached after-tax profit of VND220 billion in the first half of the year, the highest since 2009.

In terms of seaport operations, VIMC has paid greater attention to investing in deep-water ports to accommodate super-long and super-heavy ships, contributing to greater cooperation with foreign partners. The corporation has also implemented solutions to promote customer care services and enhance service capacity.

vimc presents impressive first year results
OPHELIA arrives at Tan Vu Port

The Port of Hai Phong Joint Stock Company saw the largest cargo volume through the corporation in the first half of the year. In addition, the company’s profit also grew to a record high of VND375 billion, a year-on-year increase of 45 percent.

On August 7, 2021, the Tan Vu Port under the Port of Hai Phong Joint Stock Company welcomed the OPHELIA vessel. This is the first ship on the CMA-HSF1 marine service route of CMA-CGM collaborating with SAMUDERA and COSCO, which connects Hai Phong and Singapore to meet increasing demand for container transport on intra-Asia marine service routes.

CMA-CGM is a major shipping line with a container fleet of more than 350 vessels and total capacity of over one million TEU. Measuring 172m in length and 21,778MT in weight, OPHELIA docks at Hai Phong Port twice a month, carrying an average volume of 2,400-2,500 TEU per month.

Da Nang Port also performed well in the first half of the year, with after-tax profit of VND122.6 billion, an increase of 8.5 percent compared to a year ago. In addition, Cam Ranh Port reached VND108 billion in net revenues and VND24 billion in after-tax profit during the reviewed period, while Quy Nhon Port reached VND365 billion in net revenues and nearly VND115 billion in after-tax profit.

These significant business results will help VIMC promote sustainable development associated with corporate social responsibility.

Dang Hien