In the first 9 months, GELEX reported its net revenue of VND 23.617 trillion and a profit before tax of VND 2.270 trillion, achieving 73.1% and 118.2% of the 2024 plan, respectively.

Exceeding the 2024 annual profit target

GELEX Group Joint Stock Company (stock code GEX – HoSE) has just announced its consolidated financial statements for Q3 with positive business results, despite the general difficulties in the market.

Accordingly, in this Q3, net revenue reached VND 8.709 trillion, an increase of 5.9% compared to the previous quarter and 16.3% compared to the same period last year; profit  before tax reached VND 502 billion, a 34.1% year-on-year increase.

Gross profit reached VND 1.660 trillion, an increase of 10.8% from the previous quarter and 19.0% year-on-year, demonstrating a strong improvement in core business activities.

Data analysis shows that the driving force behind GELEX’s net revenue growth in Q3/2024 mainly comes from the positive growth in the electrical equipment segment. This business segment recorded a net revenue of VND 5.789 trillion, representing 38.4% year-on-year growth. This is also the highest quarterly net revenue over the past 3 years for the electrical equipment segment.

Plastic-insulated LF & LSHF electrical wires and cables (free from harmful lead metal) that are flame-retardant and fire-resistant from CADIVI. 

Currently, the electrical equipment segment of GELEX Group is managed by its member unit, GELEX Electric (stock code GEE – HoSE). In recent years, thanks to enhancing production and sales capabilities, modernizing technology, and applying modern management software, the business performance has become increasingly positive. Additionally, the expansion into new markets and export markets for electrical equipment products has also yielded favorable results.

Not only does the company produce green and environmentally friendly electrical equipment, but the units in the electrical equipment segment also collaborate to research and develop new high-tech products, initially showing promising results with fire prevention products, security, and monitoring devices, etc.

In building materials segment, despite facing many difficulties, net revenue has also improved compared to previous quarters thanks to the export market, recording VND 1.952 trillion; however, this still represents  8.2% year-on-year decrease.

The industrial park and real estate segment recorded net revenue of VND 724 billion this quarter, equivalent to that of the same period last year. This remains a promising segment as projects invested by Viglacera (a subsidiary of GELEX) attract quality capital flows.

Viglacera’s industrial parks are experiencing stable growth.

Recently, the “Thuan Thanh Eco-Smart IP” Green and Smart Industrial Park project in Thuan Thanh Town (Bac Ninh Province) has been chosen by THK Manufacturing of Vietnam Co., Ltd to expand its production with an investment of USD 180 million, while Johnson Health Tech will also invest USD 100 million.

In other segments like infrastructure and utilities (including energy and clean water projects), there has been a significant decline this quarter due to GELEX divesting from operating energy projects.

Overall, in Q3/2024, the units within the GELEX system experienced stable growth thanks to effective business strategies and flexible solutions in the general market context. This contributes to helping GELEX surpass the profit target set by the General Shareholders’ Meeting.

In the first 9 months, GELEX recorded VND 23.617 trillion in net revenue and VND 2.270 trillion in profit before tax, achieving 73.1% and 118.2% of the 2024 plan, respectively, meaning that after 9 months, GELEX has exceeded the approved plan by 18%. As of September 30, 2024, GELEX has total assets of VND 53.617 trillion, with financial indicators maintained at a safe level.

GELEX is rated A by VIS Rating

On October 25, Vietnam Investors Service and Credit Rating Agency Joint Stock Company (VIS Rating) announced its long-term issuer credit rating for GELEX at A with a stable outlook. This is the first rating provided by VIS Rating for GELEX.

VIS Rating stated in the ranking: “Our ‘Very Strong’ assessment of GELEX’s scale reflects its deep and solid presence in the market across core business segments, the diversity of products to meet market demand, and the ability to maintain good relationships with suppliers and financial institutions.”

Mr. Le Tuan Anh – Deputy General Director of GELEX Group receives the certificate for Vietnam’s Top 50 Outstanding Profit Enterprises for 2024 on October 24.

Previously, Vietnam Report announced that GELEX has made it into Vietnam’s Top 50 Outstanding Profit Enterprises for the fifth consecutive time in 2024. The company was awarded for maintaining stable and sustainable business performance during the 2023-2024 period.

Additionally, GELEX was honored to be included in the “Vietnam’s TOP 100 Most Valuable Brands in 2024,” published by Brand Finance, and is one of the top 10 brands with the largest brand value growth rate in 2024, achieving a remarkable increase of up to 55%.

According to the latest announcement from the Ministry of Industry and Trade, the GELEX system has four national brands: CADIVI, Viglacera, THIBIDI, and GELEX Electric.

The maintenance of numerous awards and honors is a obvious testament to the financial situation and operations of GELEX. In addition to its revenue and profit growth targets, GELEX has recently focused on developing human resources, risk management, and emphasizing corporate social responsibility.

PR DEPARTMENT