GMD – Brief – [NONRATED] – Gemalink drove 1Q26 results

In 1Q26, GMD announced a total revenue of VND1,452bn. Port operation generating VND1.4tn revenue (89% of total revenue, -10% QoQ, +14% YoY). Growth was primarily driven by a 15-20% hike in Terminal handling charge which effectively offset a minor contraction in consolidated volume. NPAT came in at VND650bn (+23% YoY).