On the morning of April 26, 2023, the 2023 Annual General Meeting of Shareholders of GELEX Group Joint Stock Company (GELEX Group – Ticker Symbol: GEX) was successfully held at Melia Hotel, Hanoi. With high consensus and unanimity, the General Meeting approved all reports, proposals and other important contents.

At the Meeting, the Board of Directors of GELEX Group said that in 2022, in the context of the world and domestic economic fluctuations, GELEX has implemented important strategies to focus on maintaining the production and business stability of the units in the system, focusing on risk management, and enhancing internal strength. “Hence, although the business situation was affected by common factors of market fluctuations, the GELEX system achieved remarkable results in 2022”, emphasized the GELEX representative.

In 2022, GELEX’s consolidated business results reached VND 32,089 billion in net revenue, up by 12% compared to 2021; consolidated profit before CIT reached VND 2,081 billion, up by 1% compared to 2021.

The assets and capital of GELEX as of December 31, 2022 fluctuated in the direction of increasing the proportion of long-term assets and capital while ensuring the balance in the short-term, key consolidated financial indicators on liquidity and debt management of GELEX were in safe range and in positive trend.

At the General Meeting, the Board of Directors of GELEX said that the development orientation for 2023 is to continue to invest in depth in the industrial production segment and implement many key projects, especially industrial park real estate and industrial real estate.

GELEX orients its member units to continue consolidating and growing market share in the domestic market with strategic products, promoting the export of electrical equipment and building materials products to the international market.

Especially, Vasta Stone product was born in 2022, being the first high-class sintering stone brand in Asia Pacific, owning the world’s most modern line of SACMI Continua+ imported from Italy. Vasta Stone is confident to become a leading brand in Vietnam’s building materials industry to catch up with international trends.

Through Viglacera’s member unit and a joint venture with Frasers Property Vietnam, GELEX has continued to implement many industrial park and industrial real estate projects. The enterprise has also focused on developing social housing projects, worker housing, land bank development, investment in commercial housing projects, resort real estate, hotel real estate, and leasing offices.

In addition, GELEX has also advocated promoting cooperation with global corporations to expand markets and products in the value chain of the Group’s core business segments. Last March, GELEX Group and Frasers Property Vietnam signed a cooperation agreement to deploy industrial parks in the North with the total investment in this first phase is expected to be about VND 6,000 billion, equivalent to USD 250 million, provided more than 500,000 square meters of ready-built factories, ready-built warehouses, custom-built factories and warehouses.

Besides, GELEX will continue to research and invest in potential wind power projects; exchange opportunities for cooperation with a number of partners and review new projects; continue to research, select, evaluate, and realize the potential capital investment and M&A opportunities (through parent GELEX and its member units); at the same time, the company will develop an appropriate management strategy after M&A.

Talking about 2023, the Board of Directors of GELEX assesses that the macro economy still has several unpredictable fluctuations, especially inflation and interest rates continue to stay at high levels, the business plan of the enterprise has been carefully formulated.

GELEX’s annual general meeting of shareholders approved the business plan for 2023 with the target of consolidated net revenue of VND 37,457 billion, consolidated profit before tax of VND 1,272 billion, equal to 117% and 61% respectively compared to 2022.

With the general difficulties of the macro economy from the end of 2022 to the first months of 2023, by the end of the first quarter, GELEX’s consolidated business results were estimated at VND 6,424 billion in net revenue, equaling 74% over the same period, reaching 17% of the whole year plan in 2023. Profit before tax is estimated at VND 142 billion, reaching 11% of the whole year plan in 2023.

Communications Department, GELEX Group