HAH – Brief – [NONRATED] – Outstanding net profit growth

In 3Q24, HAH reported a VND1,129bn revenue (+19.1% QoQ, +63.0% YoY). 3Q24 gross margin (GPM) rose to 27.5% primarily through the hike in container rates, operating margin (OPM) and net margin (NPM) expanded to 24.5% (vs 16.3% in 3Q23) and 30.7% (vs 17.2% in 2Q23). NPAT-MI skyrocketed to VND199bn (+78.2% QoQ, +88.5% YoY).