For active business, GEE shares 30% cash dividend in 2024
At the Congress, Mr. Nguyen Trong Trung, General Director of GELEX Electric, said that the net consolidated revenue in 2024 will reach VND21,130 billion, an increase of 27.2% compared to 2023, exceeding the plan by 15%. Consolidated pre-tax profit reached nearly VND 2,153 billion, up 122.6% compared to 2023, exceeding the plan by 85.9%, the highest ever in both revenue and pre-tax profit.
With the strategy of maintaining traditional market share, reducing and strictly controlling costs, flexible appropriate selling price policies are bright spots to achieve results in 2024. The above impressive business results are mainly due to the member companies in the system, in which many units have exceeded the annual profit plan such as CADIVI, EMIC, CFT.
With the achieved business results, the Board of Directors of GELEX Electric has submitted to shareholders and approved the plan to divide the cash dividend in 2024 by 30%/share (01 share received 3,000 VND), of which the Company has advanced 10%.
At the same time, GELEX Electric also approved a stock issuance plan to increase equity capital from equity capital at a rate of 20%. The enterprise plans to issue an additional 61 million shares, with a 5:1 enforcement rate (equivalent to a 20% issuance rate). The issuance is expected in the second quarter of 2025.
2025 revenue target of VND22,000 billion
Regarding the 2025 plan, GELEX Electric sets a target of consolidated net revenue of VND 22,282 billion; consolidated pre-tax profit of VND 1,686 billion, up 5.5% and down 21.6% compared to 2024, respectively. The company explained that there will no longer be interest from divestment as in 2024.
The company devotes resources to investing in human development and science and technology, innovation, in which it encourages member units to spend up to 2% of revenue on R&D.
GELEX Electric will promote the partner ecosystem strategy, apply standard corporate governance practices, apply modern production management methods; implement solutions to improve the operational efficiency of member units... along with building and spreading corporate culture.
In 2025, the Company plans a cash dividend of 30%, equivalent to 2024.
Election of Board of Directors and Supervisory Board for new term
GEE Joint Stock Company has unanimously elected 05 members of the Board of Directors for the new term 2025 - 2030, including: Mr. Le Ba Tho; Mr. Dang Phan Tuong; Mr. Do Duy Hung; Mr. Nguyen Trong Trung and Mr. Nguyen Duc Luyen.
At the Congress, answering shareholders' questions about not running for the Board of Directors of GEE for the new term, Mr. Nguyen Van Tuan said that he recently submitted a resignation letter to the Board of Directors of GELEX to focus on his role as a corporate operator.
Our view is that the Group will build a Board of Directors for each unit with a high independent role. Major shareholders will not participate in the Board of Directors and operations to attract talent to develop businesses," said Mr. Tuan.
At the end of the Congress, with high consensus and agreement, all reports, submissions and many other important contents were approved.
Updated information, in the first quarter of 2025, GELEX Electric's consolidated net revenue is estimated at about 4,800 billion, up 30% over the same period in 2024. Consolidated pre-tax profit is estimated at 465 billion, up 215% over the same period in 2024.
