According to the recently released financial report, in 2024, GELEX Group Corporation (HoSE: GEX) will achieve a total consolidated revenue of VND 33,759 billion, pre-tax profit of VND 3,616 billion, up 12.5% and 158.6% respectively compared to 2023. Completing the plan by 4.5% and 88.2% respectively.
In particular, the bright spots in business results were recorded from the Electrical Equipment, Industrial Parks and Real Estate sectors. This is an impressive business result in the context of a challenging economy, showing that the enterprise has adapted well and optimized its core production and business activities.
In the fourth quarter of 2024 alone, GELEX's net revenue reached VND10,142 billion, up 16.4% compared to the third quarter and up 25.1% over the same period thanks to good growth in all core business areas. This is also the highest quarterly revenue ever.
Gross profit in the fourth quarter of 2024 reached VND 2,410 billion, up 45.2% over the previous quarter, up 108.1% over the same period, showing positive improvements in core business activities. For the whole year, gross profit was VND 6,766 billion, up 22.8% over the previous year.
Gross profit margin improved positively compared to the same period and the first quarters of the year thanks to the recovery of the electrical equipment and construction materials segment.
Recovering demand, improving selling prices and proactive regulation to increase efficiency in production, distribution and inventory activities help reduce costs effectively. For the whole year, gross profit margin is 20%, up nearly 2% compared to 2023.
Pre-tax profit in the fourth quarter of 2024 reached VND 1,346 billion. Pre-tax profit for the whole year reached VND 3,616 billion, up 158.8% over the previous year thanks to strong growth in core business activities in addition to financial profits from divestment of investments.
In particular, impressive growth comes from the electrical equipment business segment managed by GELEX Electric with product lines such as CADIVI electric cables, EMIC electrical measuring equipment, CFT copper wires... These are all prestigious brands in the market with many years of holding the number 1 market share in Vietnam.
In the field of construction materials, last year, GELEX’s member unit Viglacera continued its strategy of “greening” products to actively contribute to the green transformation of the economy. Many products such as super white glass, sintered stone, Low E glass and Solar Control produced from energy-saving glass production lines or autoclaved aerated concrete have gradually conquered the market.
The Industrial Park and Real Estate segment continues to maintain its appeal with quality capital flows. GELEX and its member units have elevated industrial parks to a new level by taking the lead in developing green, smart industrial parks to attract investment in high-tech industries and fields, environmentally friendly supporting industries, and creating high added value.
During the year, Viglacera also added 839.04 hectares of industrial park land when it was approved to invest in 3 more industrial parks: Doc Da Trang Industrial Park (Khanh Hoa province), Song Cong II Industrial Park (Thai Nguyen province) and Tran Yen Industrial Park (Yen Bai province).
In addition, GELEX and Frasers Property Vietnam have also started construction of 4 high-end industrial centers according to international green building standards, in line with the sustainable goals set by the Government. In other areas such as Utility Infrastructure (energy and clean water projects), all are operated safely, stably and at optimal costs.
As of December 31, 2024, GELEX's total assets reached VND 53,803 billion. The solvency and debt ratios have both improved positively. The business efficiency ratios ROA and ROE have improved well.
