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GELEX (GEX) reported a profit before tax of VND1,534 billion, up by 34% compared to 2017
Gelex’s full-year revenue of 2018 reached VND 13,699 billion, which was also the highest revenue of the company had ever achieved so far.
A surge after restructuring
Vietnam Electrical Equipment Joint Stock Corporation (Gelex – Ticker Symbol: GEX) announced its consolidated financial statements for the fourth quarter of 2018 with a sharp increase in revenue and profit over the same period.
Specifically, in the fourth quarter alone, net revenue reached VND 3,650 billion, up by 10% compared to the fourth quarter of 2017. In the whole year of 2018, net revenue reached VND 13,699 billion, up by 14.3% compared to 2017. Quarter 4 profit before tax reached VND 430 billion, up by 23.2% over the same period. Profit before tax reached VND 1,534 billion, up by 34% over the same period in 2017.
The growth rate of profit after tax in 2018 reached 34% while revenue growth reached 14.3%. In the period 2016-2018, the average growth rate of Profit after tax reached 48%, much higher than the revenue growth rate of 37%, showing a very good profit margin after the restructuring process.
Although profit after tax increased by 34% compared to 2017, reached VND 1,534 billion compared to VND 1,144 billion in 2017, Gelex “just” achieved 84.3% of the profit before tax target assigned by the 2018 AGM. Discussing this issue, Gelex’s Board of Management said that the failure to achieve the target assigned by the General Meeting of Shareholders was largely due to the inaccurate estimation of the time of M&A businesses merger that the Corporation pursued in 2018.
Total consolidated assets as of December 31, 2018 reached VND 17,242 billion, an increase of VND 3,482 billion compared to the beginning of the year, of which liabilities increased by VND 1,675 billion and equity increased by VND 1,809 billion. Equity reached VND 7,955 billion, of which equity contributed VND 4,065.6 billion.
Focusing on R&D work
Over the years, Gelex has broken through and grown strongly. Gelex is known as a leader in the electrical equipment segment, aiming to complete the electricity segment ecosystem including power generation, power transmission, electricity distribution and consumption from low, medium to high voltage. In addition to promoting internal growth, Gelex was also targeting the export market with the label “made in Vietnam” such as Cadivi, Thibidi, Emic, Hem, etc. Currently, Gelex was operating in 4 main areas including Technology, Utilities (energy and clean water), Logictics and Real Estate represented by 4 subsidiaries including Gelex Electrics LTD, Gelex Energy LTD, Gelex Logistics LTD and Gelex Land LTD.
With the model of a corporation with industrial production as the core, the parent Gelex company has directed to focus on building the R&D team at Gelex Electric, building a technology fund throughout the system to encourage creative thinking, and at the same time developing new high-voltage products that are currently dependent on imports.
The modern management model with members of the Board of Directors in charge of each business segment and the strategy of placing R&D work in the whole group as a central part was a strength that helped Gelex to produce good products and services meeting market needs and user tastes, as a premise for the sustainable development of Gelex, ensuring the interests of customers as well as maximizing the interests of shareholders.
