AsemconnectVietnam - In the first 9 months, GELEX recorded VND23,617 billion in net revenue and VND2,270 billion in pre-tax profit, reaching 73.1% and 118.2% of the 2024 plan, respectively.

Exceeding the profit target for the whole year of 2024
GELEX Group Joint Stock Company (stock code GEX - HoSE) has just announced its consolidated financial report for the third quarter of 2024 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% compared to the previous quarter and 16.3% compared to the same period; pre-tax profit reached VND502 billion, up 34.1% compared to the same period last year.
Gross profit reached VND1,660 billion, up 10.8% compared to 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% over the same period. This is also the highest quarterly net revenue in the past 3 years of the Electrical Equipment segment.
Currently, the Electrical Equipment segment 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 also recorded positive results.
Not only producing electrical equipment in a green and environmentally friendly direction, the units of the Electrical Equipment block also cooperated in researching and developing new high-tech products, with initial positive results for fire prevention products, security equipment, monitoring equipment, etc.
In the field of Construction Materials, although facing many difficulties, net revenue also improved compared to previous quarters thanks to the export market, recording VND1,952 billion, but still down 8.2% compared to the same period.
The Industrial Park and Real Estate segment this quarter reached VND759 billion in net revenue, equivalent to the same period. This is still a field that is assessed to have great potential when projects invested by Viglacera (a member unit of GELEX) attract quality capital flows.
Recently, the Green and Smart Industrial Park project "Thuan Thanh Eco-Smart IP" in Thuan Thanh town (Bac Ninh province) has just been decided 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 USD100 million...
In other areas such as Infrastructure and utilities (including energy and clean water projects), this quarter decreased significantly due to GELEX divesting capital from 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 VND23,617 billion in net revenue and VND2,270 billion in pre-tax profit, reaching 73.1% and 118.2% of the 2024 plan, respectively. After 9 months, GELEX has exceeded 18% of the plan approved by the General Meeting of Shareholders. As of September 30, 2024, GELEX has total assets of VND53,617 billion; financial indicators remain at a safe level.
GELEX is rated A by VIS Rating in terms of creditworthiness
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 ranking: “Our ‘Very Strong’ assessment of GEX’s Scale reflects its deep and solid market presence in core business areas, its diverse product offerings to serve market needs, and its ability to maintain good relationships with suppliers and financial institutions.”
Previously, Vietnam Report also announced that GELEX was in the Top 50 Most Profitable Enterprises in Vietnam 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 is also honored to be in the “TOP 100 Most Valuable Brands in Vietnam 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 goal of increasing revenue and profit, recently, GELEX has focused on developing human resources, risk management and promoting social responsibility.
N.Nga
Source: VITIC/Tinnhanhchungkhoan