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GELEX (GEX) target VND1,921 billion profits in 2024 

 Monday, March 25,2024

AsemconnectVietnam - According to the newly announced General Meeting of Shareholders meeting documents, this year, GELEX Group Joint Stock Company (HoSE: GEX) sets a consolidated net revenue target of VND32,303 billion; Consolidated pre-tax profit is VND1,921 billion.

Evaluating the year 2023, the Board of Directors (BOD) of GELEX believes that 2023 will continue to be a year of many fluctuations and difficulties for the global economy as well as Vietnam. In that context, GELEX has closely followed the key directions approved by the 2023 Annual General Meeting of Shareholders, proactively adapted and flexibly applied many solutions in production and business activities to effectively respond and control risks, strengthen internal resources and plan many strategies towards sustainable development.
By the end of 2023, GELEX's consolidated net revenue will reach VND29,998 billion, equivalent to 80% of the plan and equal to 93.5% of the 2022 performance. Consolidated pre-tax profit will reach VND1,397 billion, exceeding 9.8% compared to the plan approved by the 2023 General Meeting of Shareholders.
In 2024, assessing the macroeconomic context that is expected to recover but still has many potential difficulties; GELEX has developed a plan with the target of consolidated net revenue of VND32,303 billion, consolidated pre-tax profit of VND1,921 billion, an increase of 7.7% and 37.5% respectively compared to 2023 implementation.
Invest appropriately in R&D activities
This year, in addition to maintaining and growing market share in the domestic market with strategic products in the electrical equipment segment, at the same time, gradually expanding to appropriate foreign markets, GELEX aims to focus on Focus on optimizing production, promoting R&D work, and cooperating with major partners to produce new products with high technology content, suitable for market needs.
At the same time, improve production and business efficiency, continue to deploy solutions to optimize costs, balance debt, control inventory, streamline the apparatus/personnel, and strengthen risk management, to improve competitiveness, maintain position, and support sustainable growth.
In the construction materials segment, GELEX orients units to promote green products and apply environmentally friendly and energy-saving solutions.
In the real estate business, GELEX increases the value chain, improves service quality, increases utilities, in order to improve business efficiency and maximize the efficiency of land fund.
Continue to pursue the strategy of developing a partner ecosystem
In 2024, GELEX said it will continue to restructure its existing investment portfolio, focusing resources on potential industries according to the Group's strategy.
From the foundation of cooperation with prestigious multinational corporations such as Frasers Property and Sembcorp, this year, GELEX's Board of Directors set the direction to continue pursuing the strategy of developing a partner ecosystem to participate in globally value chains, expanding and upgrading product segments with greater added value; promotes export activities.
In particular, in its strategy, GELEX also gradually invests in converting industrial park real estate from a basic traditional format into an industrial city format integrating ecological urban areas, towards green and sustainable development. The well-planned industrial city will be a fusion of production, living and commercial space, aiming to attract the world's leading businesses.
The company is also ready with plans to mobilize large-scale long-term capital at home and abroad and mobilize when market conditions are suitable; as well as well prepare the foundations (people, partners, capital...) for large-scale strategic infrastructure projects (power sources, industrial parks...).
Improve the quality of system administration, towards sustainable development
Specifically, in 2024, GELEX will gradually effectively apply the ESG Integrated Management Framework (Environment - Society - Corporate Governance); Building an Enterprise Risk Management Framework with the companionship of Big 4 consulting units.
GELEX also implemented important activities such as: Project to recreate GELEX corporate culture to create consensus and unity throughout the system; Human resource development project, focusing on consolidating and developing existing human resources, recruiting and attracting talents...
Improving the quality of system administration is expected to create a premise for GELEX to make a breakthrough in business operations and achieve its set goals.
Source: VITIC/Tinnhanhchungkhoan


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