GELEX pre-tax profit of 2,270 billion VND after 9 months

In the first 9 months, GELEX recorded VND 23,617 billion in net revenue and VND 2,270 billion in pre-tax profit, reaching 73.1% and 118.2% of the 2024 plan, respectively.

Exceeding the 2024 profit target GELEX Group Joint Stock Company (stock code GEX - HoSE) has just announced its consolidated financial report for the third quarter with positive business results, despite the general difficulties of the market. Accordingly, in this third quarter, net revenue reached VND 8,709 billion, up 5.9% over the previous quarter and 16.3% over the same period; pre-tax profit reached VND 502 billion, up 34.1% over the same period last year. Gross profit reached VND 1,660 billion, up 10.8% over the previous quarter, up 19.0% over the same period, showing that core business activities have improved well. Data analysis shows that the driving force for GELEX's net revenue growth in the third quarter of 2024 mainly comes from the positive growth of the Electrical Equipment segment. This business segment recorded VND5,789 billion in net revenue, up 38.4% year-on-year. This is also the highest quarterly net revenue in the past 3 years of the Electrical Equipment segment.

CADIVI's flame retardant and fire resistant LF & LSHF (no toxic lead metal) plastic coated electric wire and cable.

Currently, the Electrical Equipment sector of GELEX Group is managed by its member unit GELEX Electric (stock code GEE - HoSE). In recent years, thanks to promoting and improving production and sales capacity, modernizing technology and applying modern management software, the business performance of the enterprise has been increasingly positive. In addition, the expansion of new markets and export markets for electrical equipment products has also recorded positive results. Not only producing green and environmentally friendly electrical equipment, the units of the Electrical Equipment sector also cooperate in researching and developing new high-tech products, with initial positive results for fire prevention products, security equipment, monitoring equipment, etc. In the Construction Materials sector, despite many difficulties, net revenue has also improved compared to previous quarters thanks to the export market, recording 1,952 billion VND, but still down 8.2% over the same period. The Industrial Park and Real Estate segment this quarter achieved VND759 billion in net revenue, equivalent to the same period last year. This is still a sector that is considered to have great potential as projects invested by Viglacera (a member unit of GELEX) attract quality capital flows.

Viglacera's industrial parks grow steadily.

Recently, the Green and Smart Industrial Park project "Thuan Thanh Eco-Smart IP" in Thuan Thanh town (Bac Ninh province) has just been chosen by THK Manufacturing of Vietnam Co., Ltd. to expand production with an investment capital of 180 million USD or Johnson Health Tech will also invest 100 million USD...

In other areas such as Infrastructure and Utilities (including energy and clean water projects), this quarter decreased significantly due to GELEX divesting operating energy projects. In general, in the third quarter of 2024, units in the GELEX system grew steadily thanks to effective business strategies with flexible solutions in the context of the general market. This contributed to helping GELEX exceed the profit target set by the General Meeting of Shareholders. In the first 9 months, GELEX recorded VND 23,617 billion in net revenue and VND 2,270 billion in pre-tax profit, reaching 73.1% and 118.2% of the 2024 plan, respectively. Thus, after 9 months, GELEX exceeded 18% of the Plan approved by the General Meeting of Shareholders. As of September 30, 2024, GELEX had total assets of VND 53,617 billion; financial indicators remained at a safe level. On October 25, Vietnam Investment Credit Rating Joint Stock Company (VIS Rating) announced its long-term issuer credit rating of GELEX at A with a stable outlook. This is the first time VIS Rating has rated GELEX . VIS Rating stated in the rating: “Our 'Very Strong' assessment of GEX's Scale reflects its deep and solid presence in the market in core business areas, the diversity of products to serve market needs and the ability to maintain good relationships with suppliers and financial institutions.”

Mr. Le Tuan Anh - Deputy General Director of GELEX Group received the certificate of Top 50 Excellent Profit Enterprises in Vietnam in 2024 on October 24.

Previously, Vietnam Report also announced that GELEX was in the Top 50 Most Profitable Enterprises in Vietnam in 2024 for the 5th consecutive time. The enterprise was awarded for maintaining stable and sustainable business performance in the period 2023-2024. In addition, GELEX was also honored to be in the "TOP 100 Most Valuable Brands in Vietnam in 2024" announced by Brand Finance and is one of the 10 brands with the largest brand value growth rate in 2024 with a growth rate of up to 55%. Also according to the latest announcement from the Ministry of Industry and Trade, the GELEX system has 4 National Brands including: CADIVI, Viglacera; THIBIDI and GELEX Electric. Maintaining many awards and honors is clear evidence, reflecting the financial situation and operations of GELEX. In addition to the growth target in revenue and profit, recently, GELEX has focused on human resource development, risk management and promoting social responsibility.

GELEX GROUP COMMUNICATIONS DEPARTMENT

Source: https://gelex.vn/tin-tuc/gelex-lai-truoc-thue-2-270-ty-dong-sau-9-thang.html