VOS – Brief – [NONRATED] – Lower freight rates dampened 4Q24 profit

In 4Q24, VOS reported a VND1.32tn revenue (+4% QoQ, +45% YoY). Shipping: revenue inched down to VND477bn (36% of total revenue, – 3% QoQ, -4% YoY) due to significant decline in freight rates. At the bottom line, VOS recorded VND9bn NPAT loss (-70% YoY). For the year 2024, revenue and NPAT soared by 74/116% YoY to VND5.56tn/VND335bn (fulfilling 228/129% of the full-year company guidance).