GELEX reaches a profit milestone of 3,616 billion VND.

GELEX Group Joint Stock Company (HoSE: GEX) has just achieved consolidated total revenue of VND 33,759 billion and pre-tax profit of VND 3,616 billion in 2024.

GELEX's electrical equipment segment is experiencing positive growth.

Thus, these results represent increases of 12.5% ​​and 158.6% respectively compared to 2023. GELEX exceeded its targets by 4.5% and 88.2% respectively.

The highlights of the business results were recorded in the electrical equipment, industrial park, and real estate sectors. These are impressive business results in the context of a challenging economy , demonstrating that the company has adapted well and optimized its core business operations.

Revenue and profit both increased.

In the fourth quarter of 2024 alone, GELEX's net revenue reached VND 10,142 billion, an increase of 16.4% compared to the third quarter and a 25.1% increase compared to the same period last year, thanks to strong growth in all core business areas. This is also the highest quarterly revenue ever recorded.

Gross profit in Q4 2024 reached VND 2,410 billion, a 45.2% increase compared to the previous quarter and a 108.1% increase compared to the same period last year. This result shows a positive improvement in core business operations. For the whole year, gross profit is VND 6,766 billion, a 22.8% increase compared to the previous year.

Gross profit margins improved significantly compared to the same period last year and the first quarters of the year, thanks to the recovery in the electrical equipment and construction materials segments.

Recovered demand, improved selling prices, and proactive management to increase the efficiency of production, distribution, and inventory operations helped reduce costs effectively. For the whole year, the gross profit margin was 20%, an increase of nearly 2% compared to 2023.

Pre-tax profit for Q4 2024 reached VND 1,346 billion. Full-year pre-tax profit reached VND 3,616 billion, a 158.8% increase year-on-year, driven by strong growth in core business operations alongside financial gains from divesting investments.

In particular, impressive growth came from the electrical equipment business managed by GELEX Electric, with product lines such as CADIVI electrical cables, EMIC electrical measuring equipment, CFT copper wires, etc. These are all reputable brands in the market, holding the number one market share in Vietnam for many years.

Expanding the product line

In addition to maintaining its domestic market share with strategic products, GELEX's electrical equipment businesses are expanding into new product lines, increasing their customer base, and gradually developing suitable overseas markets.

In this context, many products have been developed, such as CADIVI flame-retardant and fire-resistant electrical cables, fire protection products, security and monitoring equipment, etc. These are all high-tech, environmentally friendly electrical products that serve the smart grid development that GELEX is focusing on.

According to GELEX Electric's financial report, this year the electrical equipment segment recorded net revenue of VND 21,130 billion and pre-tax profit of VND 2,153 billion, becoming a significant contributor to GELEX Group's overall results.

Viglacera's green product ecosystem

In the construction materials sector, over the past year, Viglacera, a member unit of GELEX, continued its strategy of "greening" its products to actively contribute to the green transformation of the economy.

Many products such as ultra-white glass, sintered stone, Low E glass, and Solar Control glass, produced using energy-saving glass production lines or autoclaved aerated concrete, have gradually conquered the market.

Developing smart green industrial parks

Yen My Industrial Centre - a project developed by GELEX and Frasers Property Vietnam.

The industrial park and real estate sector continues to attract high-quality capital flows. GELEX has pioneered the development of green and smart industrial parks to attract investment in high-tech industries and environmentally friendly supporting industries, creating high added value.

During the year, a new model of green and smart industrial parks was activated by Viglacera's member unit at Thuan Thanh Eco Smart IP, and the 5-star resort hotel project (Angsana Quan Lan Ha Long) was officially put into operation.

Viglacera also added 839.04 hectares of industrial park land when it received approval to invest in three more industrial parks: Doc Da Trang Industrial Park (Khanh Hoa province), Song Cong II Industrial Park (Thai Nguyen province), and Tran Yen Industrial Park ( Yen Bai province).

In addition, GELEX and Frasers Property Vietnam have also commenced construction on four high-end industrial centers built to international green building standards, in line with the sustainability goals set by the Government.

In other areas such as utility infrastructure (energy and clean water projects), operations are safe, stable, and cost-effective.

As of December 31, 2024, GELEX's total assets reached VND 53,803 billion. The solvency ratios and debt ratios have both improved significantly. The ROA and ROE business performance ratios have also improved well.

GELEX's brand value increased by 55%, placing it among the top 10 companies with the highest brand value increase in Vietnam in 2024 and receiving an A rating for credibility from VIS Rating. GELEX's image is vibrant, with numerous activities with partners such as Frasers Property Vietnam, Sembcorp Industries, FPT, GTEL, etc.

GELEX is also simultaneously implementing important strategic projects such as enhancing risk management capabilities, deploying a centralized human resource management system, accelerating comprehensive digital transformation, standardizing information disclosure processes, and simultaneously publishing information in English from 2025…

With impressive business results and key projects underway, GELEX has been building a solid foundation for sustainable development in investment areas such as electrical equipment, industrial park infrastructure, banking and finance, and other emerging fields.

In this context, GELEX will use corporate culture as a foundation, strengthen its risk management system, invest in human resources, and create a professional working environment that promotes learning and continues to fulfill its responsibilities to the community and society.

Source: https://tuoitre.vn/gelex-can-moc-loi-nhuan-3-616-ti-dong-20250124173540158.htm