VOS – Brief – [NONRATED] – 3Q24: Loss yet improved

In 3Q24, VOS reported a VND1.27tn revenue (-32% QoQ, +77% YoY). In particular: Commercial revenue soared to VND778bn (-38% QoQ, +218% YoY), Shipping revenue inched up to VND492bn (-20% QoQ, +4% YoY). Blended gross profit margin (GPM) inched up by 3.1%p QoQ, +2.3%p YoY to 1.9%. For 9M24, revenue and NPAT soared by 86/578% YoY to VND4.2tn/VND344bn (fulfilling 174/128% of the full-year company guidance).