ANTD.VN - The company recorded a 13% decrease in pre-tax profit compared to 2022, in a context where the market is still facing many difficulties.
Specifically, according to the recently published report of GELEX Electric (UPCoM: GEE), in 2023, the Company recorded net revenue of VND 16,607 billion, down 0.3% over the same period; pre-tax profit recorded VND 974 billion, down 13% compared to 2022.
The difficult economic situation was anticipated by GELEX Electric, so there were many flexible solutions in implementing market expansion activities in accordance with the actual situation. Most of the member companies of GELEX Electric seized the opportunity to find new customers to maintain market share while balancing profits, revenue, controlling inventory and controlling debts.
Contributing to GELEX Electric's results include Vietnam Electric Cable Corporation (CADIVI) with consolidated net revenue of VND 10,083 billion, pre-tax profit of VND 529 billion; Vietnam Copper Wire Company CFT recorded VND 6,359 billion in revenue, VND 108 billion in pre-tax profit; EMIC Electrical Measuring Equipment Corporation recorded VND 1,179 billion in revenue, VND 166 billion in pre-tax profit.
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| CADIVI airport runway lighting cable |
Units continue to promote research and development of new products, aiming at "green" and environmentally friendly products to create spearheads and enhance competitive advantages.
Including: CADIVI launched THHN and THWN-2 nylon-sheathed flame retardant civil wires that are heat-resistant, water-resistant, and termite-proof; TR XLPE insulated underground medium-voltage cables that are water-resistant; Airport runway lighting cables certified by the Civil Aviation Administration of Vietnam.
EMIC Electrical Measurement Equipment JSC successfully researched and tested the production of AMI meters, along with successfully exporting the first batch of H-PLC technology DCUs to Korea.
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| The Korean partner worked at EMIC - a member unit of GELEX Electric before the cooperation. |
At the same time, GELEX Electric has directed its member units to come up with many solutions to improve production and business efficiency, optimize operating costs, control inventory, control debt, streamline human resources, strengthen risk management... to enhance competitiveness, maintain position, and support sustainable growth.
In terms of cash flow, in 2023, GELEX Electric recorded a positive net cash flow from operating activities of VND 2,280 billion; positive net cash flow from investment activities of VND 62 billion, and positive net cash flow during the period of VND 416 billion.
Regarding financial indicators, debt ratio, debt to equity ratio, and debt to equity ratio all decreased compared to the previous period.
By proactively reducing inventory, collecting sales debts, and being flexible in using loans according to market interest rate fluctuations, GELEX Electric has significantly reduced interest expenses in the past year. This has helped the company's financial situation become increasingly positive and healthy.
Despite the flexible implementation of many solutions, in general, the electrical equipment sector continues to face many difficulties, depending on the recovery of the real estate and construction markets, as well as the implementation of the VIII Power Plan.
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