GAS – Brief – [NONRATED] – Retreat on the low season

GAS’s 3Q24 revenue came in at VND25.3tn (-16% qoq, +14% yoy). Gross profit (GP) was accordingly at VND4.18tn (-13% qoq, +14% yoy), while gross profit margin (GPM) sits at 16.6% (vs 3Q23: 16.6%). 3Q24 SG&A surged 32% yoy to VND1.3tn due to provision expense of VND430bn. NPAT reached VND2.58tn in 3Q24 (-25% qoq, +7% yoy)