According to recently released financial figures, in 2024, GELEX Group Joint Stock Company (HoSE: GEX) achieved consolidated total revenue of VND 33,759 billion and pre-tax profit of VND 3,616 billion, representing increases of 12.5% ​​and 158.6% respectively compared to 2023. This exceeded the planned targets by 4.5% and 88.2% respectively.

In particular, the electrical equipment, industrial park, and real estate segments stand out in terms of business results. This is an impressive achievement in the context of a challenging economy , demonstrating that the company has adapted well and optimized its core business operations.

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GELEX's electrical equipment segment is experiencing positive growth. Photo: GELEX

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, indicating a positive improvement in core business operations. For the whole year, gross profit was 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 the fourth quarter of 2024 reached VND 1,346 billion. Full-year pre-tax profit reached VND 3,616 billion, a 158.8% increase compared to the previous 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.

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's overall results.

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Viglacera's green product ecosystem. Photo: GELEX

In the construction materials sector, over the past year, Viglacera, a member 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, as well as autoclaved aerated concrete, have gradually conquered the market.

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

The Industrial Park (IP) and Real Estate sectors continue to maintain their attractiveness with quality capital flows. GELEX and its member units have elevated industrial parks to a new level by taking the lead in developing green, smart industrial parks to attract investment in high-tech industries and fields, 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 infrastructure and utilities (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 implemented, GELEX has been building a solid foundation for sustainable development in investment fields such as Electrical Equipment, Industrial Park Infrastructure, Banking and Finance and other new fields. In particular, GELEX will take corporate culture as the foundation, strengthen the risk management system, invest in human resources, and at the same time create a professional working environment, aiming at learning organizations and continuing responsibility to the community and society.

Ngoc Diep