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 the third quarter, net revenue reached VND8,709 billion, up 5.9% over the previous quarter and 16.3% over the same period; pre-tax profit reached VND502 billion, up 34.1% over the same period last year.
Gross profit reached VND 1,660 billion, up 10.8% over the previous quarter and 19.0% over the same period, showing good improvement in core business activities.
Data analysis shows that the driving force behind 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 VND 5,789 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 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 Electrical Equipment units also cooperate in researching and developing new high-tech products, with initial positive results in fire prevention products, security equipment, monitoring equipment, etc.
In the Construction Materials sector, despite many difficulties, net revenue also improved compared to previous quarters thanks to the export market, recording VND 1,952 billion, 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.
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, the 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 has total assets of VND 53,617 billion; financial indicators remain at a safe level.
Recently, Vietnam Investment Credit Rating Joint Stock Company (VIS Rating) announced the long-term issuer credit rating of GELEX at A with a stable outlook. This is the first time VIS Rating has rated GELEX.
“Our ‘Very Strong’ assessment of GEX’s Scale reflects its deep and solid market presence in core business areas, its diverse product offering to serve market needs, and its ability to maintain good relationships with suppliers and financial institutions,” VIS Rating said in its ranking.
