By GMM News | 2024-11-08 | Global Partner News |
Vietnam Maritime Corporation – VIMC, formerly known as Vinalines (Code MVN – UPCoM), a giant in the maritime industry with 34 member enterprises, continues to record impressive business results in the third quarter and 9 months. year 2024. Specifically, in the third quarter, VIMC recorded revenue of nearly 4,100 billion VND, a sharp improvement compared to the same period last year. Other profits increased nearly 85 times to 437 billion, contributing to pushing profit after tax up 63% to 603 billion. Accumulated for 9 months, the company achieved profit after tax of 2,243 billion VND, 1,000 billion VND higher than the same period in 2023.
Four years ago, Vinalines made an important step forward when switching to a joint stock company model, on August 18, 2020. The decision to equitize the parent company was approved by the Prime Minister in 2018, ending many years of efforts by Vinalines, now VIMC. Changing the name to VIMC also has a special meaning. The name “Vinalines” has been associated with many unlucky events, so the Corporation’s leaders chose to change the brand identity in the hope of improving its image and opening a new phase of development.
VIMC’s business results after equitization have improved. In 2021, the company will achieve profit after tax of nearly VND 3,200 billion, net profit margin will improve from 2.1% (2020) to 24%. However, in the context of global conflict and inflation, VIMC’s profit for the 2022-2023 period decreased to VND 2,541 billion and VND 1,702 billion.
Thanks to generating nearly 11,400 billion VND in after-tax profit since 2016, VIMC has completely erased all accumulated losses by the first quarter of 2024, and undistributed profits turned positive for the first time in a decade (at 60 billion VND).On the balance sheet, at the end of September 2024, VIMC’s total assets increased to approximately VND 30,000 billion, of which the amount of cash, cash equivalents and deposits continued to be abundant with nearly VND 9,700 billion. Financial debt is only 3,260 billion VND, accounting for 11% of capital. Surplus profit increased to nearly 590 billion. This is the premise for VIMC to implement a plan to increase charter capital according to the plan of the 2024 Shareholders’ Meeting. Accordingly, the company will prioritize issuing shares to existing shareholders and strategic partners, while reducing the stock exchange rate. State ownership down to 65%.In parallel with main activities, VIMC is also restructuring by divesting capital from 9 businesses in 2024 to optimize business efficiency.
Vietnam Maritime Corporation currently has 34 member enterprises, including shares in 16 seaport enterprises, managing and exploiting more than 13,000m of wharves (accounting for 30% of the total national wharf length). . Some key ports of the country include Hai Phong port, Saigon port, Da Nang port and Quy Nhon port.
VIMC’s fleet currently accounts for 25% of the total fleet capacity in the country, including large bulk cargo ships of up to 73,000 DWT, annually transporting 60% of export and import of Vietnam.
