Good growth in production and business activities is one of the factors that helped GELEX Electric exceed its 2024 profit target after only the first 9 months of the year.
GELEX Electric Joint Stock Company (GELEX Electric – HoSE: GEE) has just announced its consolidated financial report for the third quarter of 2024 with net revenue increasing by 27.4% over the same period last year, to VND 5,618 billion. Gross profit from sales and service provision reached VND 817 billion, an increase of VND 268 billion compared to the third quarter of 2023, corresponding to a growth rate of 48.9%.
Gross profit margin reached 14.5%, a sharp increase over the same period (last year was 12.44%), mainly due to positive growth in sales of finished products and goods. Total pre-tax profit this quarter reached VND 535 billion, a slight decrease of 1.3% over the same period due to the recording of profit from the sale of investments in the third quarter of 2023.
GELEX Electric said that, continuing the growth momentum from the previous quarter, in the third quarter of 2024, member units in the electrical equipment sector accelerated with impressive results. In particular, Vietnam Electric Cable Corporation (CADIVI) - a member producing electric wires and cables, far exceeded the profit target for the whole year.
CADIVI has managed costs effectively, flexibly and adapted well to market fluctuations. Along with that, thanks to promoting marketing, production and supply activities; improving product research and development, expanding the market... has helped this unit grow strongly, making an important contribution to the overall results of GELEX Electric.
In addition, another unit, Vietnam Copper Wire Company CFT, also maintained stable production activities as revenue from semi-finished products grew positively. This quarter, CFT also changed its brand identity to continuously improve, innovate, and bring quality products and services.
In the first 9 months of the year, GELEX Electric's net revenue reached VND14,648 billion, up 25.4% year-on-year and nearly 80% of the yearly plan. Pre-tax profit reached VND1,350 billion, up 69.9% year-on-year and completing 116.6% of the yearly plan.
In the net revenue structure of the third quarter and the first 9 months of this year, revenue from semi-finished products always remained above 95%, revenue from goods, services and electricity sales... accounted for less than 5%.
Regarding financial indicators: The proportion of outstanding loans and debt ratio continued to decrease compared to the previous period; The indicators assessing the business performance (ROA, ROE) this period were 7.84% and 16.94%, respectively.
As of September 30, 2024, GELEX Electric's total assets reached VND 13,521 billion.
Despite recent positive growth, the electrical equipment segment depends largely on the recovery of the real estate and construction markets. Therefore, in addition to the goal of maintaining the market in the core business segment, GELEX Electric directs units to cooperate in researching and developing new high-tech products, with initial positive results in fire prevention products, security equipment, monitoring, etc.
These steps will be a solid foundation for GELEX Electric to grow strongly and achieve the goal of becoming the leading high-tech industrial company in Vietnam.
| Recently, the Ministry of Industry and Trade issued a Decision to recognize the List of products achieving the Vietnam National Brand in 2024. Accordingly, the GELEX Electric block is honored to have 3 units including: Vietnam Electric Cable Joint Stock Company (CADIVI - 9th consecutive time receiving the award); Electrical Equipment Joint Stock Company (THIBIDI - 5th time) and GELEX Electricity Joint Stock Company (GELEX Electric) receiving the award for the first time. |
Source: Tin Tuc Newspaper
Source: https://gelex.vn/tin-tuc/ket-thuc-quy-3-gelex-electric-gee-lai-1-350-ty-dong.html
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