Although economic growth was impacted by COVID-19 in the first quarter of 2020, Đà Nẵng Port Joint Stock Company earned revenue of VNĐ224.4 billion ($9.75 million) from sales and services, earning gross profit of VNĐ70.09 billion ($3.04 million) and $2.44 million after tax profit (nearly 37 per cent growth).

Giant cranes unload containers from a cargo ship at the Tiên Sa Port in Đà Nẵng City. The port reported a 37 per cent growth in the first quarter of 2020

In a report released on Thursday, the company said it would achieve revenue of VNĐ855 billion ($37.1 million), and profit after tax of VNĐ240 billion ($10.43 million) in 2020.

Following a 37 per cent growth in the first quarter, interest per share of Đà Nẵng Port company (CDN) on the Hà Nội Stock Exchange was valued at VNĐ567, an increase of VNĐ153 in comparison to the same period last year.

The company earned VNĐ184 billion (US$8 million) after tax profit in 2019, a 24.86 per cent year-on-year growth.

It said Tiên Sa Port handled 10.4 million tonnes including 470,000TEUs (twenty-foot equivalent units) in 2019, up 20.29 per cent.

According to the report, the company has 99 million shares with total value of VNĐ1.35 trillion ($58.86 million), of which 75 per cent are owned by Vietnam Maritime Corporation  or VIMC (equivalent to VNĐ990 billion, or $43.03 million). Wan Hai Lines from Singapore has 20.26 per cent of the company’s total shares.

Tiên Sa port, which was a key hub in central Việt Nam and met international logistics standards in the region connecting the East-West Economic Corridor that links Laos, Thailand, Myanmar and Việt Nam, received on average 23 ships from 15 shipping agencies per week.

It allows access to 70,000DWT (deadweight tonnage) ships, and 150GT (gross tonnage) cruise ships.

According to the Ministry of Transport, Đà Nẵng City’s port system, including Tiên Sa, Liên Chiểu and Sơn Trà, would handle 29 million tonnes of cargo by 2030.