Efforts to overcome difficulties in 2023
Reporting on production and business activities in 2023, Gelex Electric's board of directors said that the difficult economic context and declining global and domestic demand have affected production and business activities.
Faced with such multi-dimensional challenges, Gelex Electric focuses on risk management, maintaining market share, streamlining operations and improving financial health. Thanks to synchronous and effective solutions, this enterprise has basically achieved its set goals, creating a solid foundation for development.
In 2023, the company achieved VND 16,607 billion in consolidated net revenue and VND 967 billion in consolidated pre-tax profit, completing 85.5% and 104% of the approved plan, respectively. With the achieved results, the company approved the 2023 profit distribution plan of 20% in cash (VND 2,000/share).
Notably, during the year, Gelex Electric has invested in depth, improving production and business capacity at member companies such as: CCV line project at Vietnam Electric Cable Corporation (Cadivi); investing in machinery and equipment to renovate, improve efficiency and quality at Electrical Equipment Corporation (Thibidi); continuing to implement projects to renovate and repair factories, improve production capacity at other member companies in the system; at the same time implementing power distribution projects in industrial parks as planned...
Gelex Electric has also approved and implemented the restructuring of capital ownership in power generation enterprises to focus on core businesses, creating resources to prepare for the next strategic goals.
Targeting revenue of over 18,000 billion VND in 2024
Talking about 2024, Gelex Electric's leadership believes that there will be many bright spots but also many challenges. In particular, the global and regional economic context continues to have many fluctuations, so creative thinking and the spirit of accepting change will determine the sustainable success of the business. On that basis, this year the company sets a target of consolidated net revenue of VND 18,381 billion and consolidated pre-tax profit of VND 1,158 billion, increasing by 10.7% and 19.7% respectively compared to 2023.
To achieve the set goals, Gelex Electric has proposed specific directions and solutions to continue focusing on developing production and business, expanding markets, investing in research of new products with high technology content; at the same time, strengthening control and management of operational risks, promoting digital transformation towards the goal of sustainable development.
Sharing at the congress, Mr. Nguyen Van Tuan - Chairman of the Board of Directors of Gelex Electric said: “This year, Gelex Electric continues to focus on restructuring businesses in the power generation sector. Along with that, the Company also promotes research and development of products with higher value, green products, and environmentally friendly. Focusing on investment in R&D is to build a solid foundation for the business to develop further”.
Other notable information, the congress also approved the continued registration for listing of shares (trading code: GEE) on the Ho Chi Minh City Stock Exchange (HoSE).
Sharing about this issue, Chairman of Gelex Electric Board of Directors Nguyen Van Tuan said: “GEE currently has many good brands, after the restructuring process, the enterprise has had stable and effective operations. The transfer of the floor not only affirms the transparency of information, but is also an opportunity to help the enterprise increase its recognition to investors, especially foreign investors. This will be an opportunity to bring GEE shares back to their true value, affirm the enterprise's reputation and create the greatest value for shareholders".
At the end of the congress, with high consensus and unanimity, all reports, presentations and many other important contents were approved.
Bean Linh
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