GMD - Operating results align with forecasts, but core NPAT-MI trails due to abnormal Q4 surges in other expenses - Earnings Flash

• 03 Feb 2025
• Company Research

GMD announced its 2024 results with details as follows: Full-year results: Net revenue: VND4.8tn (USD189.9mn; +26% YoY; 103% of our 2024F forecast) NPAT-MI: VND1.5tn (USD57.3mn; -35% YoY; 86% of our 2024F forecast) Core NPAT-MI: VND1.1tn (USD44.2mn; +50%