HAH – Brief – [NONRATED] – Record quarterly profit

In 4Q24, HAH reported a VND1,211bn revenue (+82% YoY, figure 1), Ii which, Vessel operation: revenue doubled to VND1,163bn (+105% YoY). 4Q24 blended gross margin (GPM) rose to 42.8% mainly through the hike in container rate, operating margin (OPM) and net margin (NPM) expanded to 35.6% (vs 12.0% in 4Q23). NPAT-MI skyrocketed to VND199bn (+78.2% QoQ, +88.5% YoY). 4Q24 NPAT-MI skyrocketed to VND280bn, the highest quarterly net profit HAH has ever recorded.