Gelex Group announced consolidated business results of VND 29,998 billion, pre-tax profit of VND 1,398 billion, exceeding 10% of the plan in 2023.
Gelex's 2023 revenue reached 80% of the plan, but pre-tax profit exceeded the target by 10%. In particular, the real estate and electrical equipment segments recorded positive business results in a difficult market context.
For the electrical equipment and construction materials business, Gelex orients its units to maintain domestic market share with many strategic products, while gradually expanding foreign markets. The Group assessed that the electrical equipment business last year was flexible in expanding the market. All member units are actively seeking new domestic and export partners. "These factors help us maintain market share while balancing profits and revenue, and controlling inventory and debt well," said a Gelex representative.
Units in the system also promote research and development of new products, optimize production, and meet market demand. The products aim at the "green" factor and optimize energy solutions. Typical examples include super white glass products and sintered stone. Viglacera's autoclaved aerated concrete (AAC) products are beginning to gain a foothold in the market. Cadivi also produces and commercializes a number of innovative, environmentally friendly products... In addition, units offer many solutions to improve production and business efficiency.
Ultra-white glass products for construction projects will be launched on the market from November 2023. Photo: Gelex
For the electricity and clean water business, solar power plants, hydroelectric plants, and clean water plants are operated towards safety, cost optimization, and risk control...
In the real estate business, Gelex actively implements investment preparation, compensation, sales promotion, and industrial park leasing activities. The activities are assessed by the unit to bring high economic efficiency. The Group also continues to develop new industrial park, social housing, and worker housing projects in localities with advantages in terms of land, traffic infrastructure, electricity, water sources, and investment attraction policies. ...
The unit said that through cooperation with Fraser Property, it has helped increase the value chain, improve service quality, utilities, and business efficiency. "The cooperation helps us maximize the efficiency of land funds to implement projects of ready-built factories, ready-built warehouses, and built-to-order factories and warehouses," said a representative of the group.
Industrial Center Yen Phong 2C project with the orientation of a green and sustainable industrial park in Vietnam. Photo: Gelex
To ensure capital for production and business activities and development investment plans, the multi-industry enterprise proactively restructured some assets and investments in the system to supplement financial resources to implement strategic goals. Gelex reached an agreement with Sembcorp - Singapore's leading corporation to acquire a majority stake in Gex's 245 MW renewable energy portfolio.
By the end of 2023, Gelex's total consolidated assets will be VND 55,076 billion. Owner's equity will be VND 21,225 billion. Financial indicators will be at a safe level.
Gelex leaders assess that 2024 is an important milestone to create momentum for development in the next phase. "The economy will gradually recover but still face many potential difficulties. We have identified many solutions to increase revenue and profit, actively participate in the green transformation process and create value for the community and society," the group's leaders shared.
Hoai Phuong
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