GELEX Electric (GEE) reports a profit of VND 795 billion after 9 months.

October 31, 2023 11:41 AM PV Print article

ANTD.VN - The recently released financial report shows optimistic signs for the company after a long period of difficulties.

For the third quarter of 2023 alone, GELEX Electric's consolidated net revenue reached VND 4,412 billion, an increase of 25%; pre-tax profit reached VND 543 billion, an increase of 541% compared to the same period. Gross profit reached VND 549 billion, an increase of 30.1% compared to the second quarter and an increase of 26.4% compared to the same period in 2022. The gross profit margin in the third quarter reached 12.4%, a more favorable level than in the second quarter of 2023 (10.9%).

According to the company's explanation, this result stems from increased financial operating revenue and the outcome of intensified production and sales efforts, leading to more positive net revenue and gross profit from sales and services provided by GEE.

Electrical equipment products from GELEX Electric's subsidiaries were showcased at the Vietnam ETE and Enertec Expo 2023.

For the first nine months of the year, GEE's consolidated net revenue reached VND 11,680 billion, a decrease of 8.7%; pre-tax profit reached VND 795 billion, an increase of 19.9% ​​compared to the same period last year.

Thus, by the end of the first nine months of the year, GELEX Electric had achieved 60.1% of its revenue and 85.6% of its pre-tax profit targets for the entire year of 2023.

In the structure of net revenue in Q3 2023, revenue from the sale of finished goods accounted for 89%, reaching VND 3,934 billion, an increase of 28.5% compared to the same period last year. For the first nine months of the year, revenue from the sale of finished goods reached VND 10,416 billion, a slight decrease compared to the same period in 2022.

Electricity sales revenue in the third quarter reached VND 221 billion, an increase of 15.6% compared to the same period last year. For the first nine months of the year, revenue totaled VND 583 billion, an increase of 6.6% compared to the same period last year. Currently, electricity sales account for 5% of the company's total revenue.

Regarding financial indicators: The debt ratio, debt-to-equity ratio, and debt-to-equity ratio all decreased compared to Q2/2023. The indicators assessing the company's operational efficiency (ROA, ROE) also showed more positive results compared to the previous quarter.

Despite some optimistic signs, the electrical equipment sector generally remains challenging, heavily dependent on the recovery of the real estate and construction markets, as well as the implementation of the Power Development Plan VIII.

Therefore, in addition to the goal of maintaining market share in its business segments, GELEX Electric directs its member units to focus on investment, research, and development of new products to create new cutting-edge products.

CADIVI's CXE/S 1x6 mm ² -5 kV cable has been installed and used at Can Tho Airport, Phu Quoc International Airport... and most recently at Long Thanh International Airport, which is currently under construction.

For example, CADIVI, in recent years, in addition to electrical cable products serving urban development, has researched and tested to produce the CXE/S 1x6mm2 - 5kV primary electrical cable with outstanding advantages, meeting the most stringent requirements in power transmission in airport lighting systems. This is a remarkable achievement that few manufacturers have been able to accomplish in the Vietnamese market today.

In addition, GEE is also strengthening its efforts to expand its export market in order to seek new opportunities.

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