Strong business operations growth is one of the factors helping GELEX Electric exceed its profit target for 2024 just first nine months.

GELEX Electricity Joint Stock Company (GELEX Electric – HoSE: GEE) has just announced its consolidated financial statements for Q3 2024, showing that net revenue increased by 27.4% compared to the same period last year, reaching VND 5.618 trillion. Gross profit from sales and services reached VND 817 billion, an increase of VND 268 billion compared to Q3 2023, corresponding to a growth rate of 48.9%.

The gross profit margin reached 14.5%, significantly higher than the same period last year (which was 12.44%), primarily due to positive growth from finished product and merchandise sales revenue. The total profit before tax for this quarter stands at VND 535 billion, slightly down by 1.3% compared to the same period due to the recognition of investment gains in Q3 2023.

GELEX Electric reported that, continuing the growth momentum from the previous quarter, Q3 2024 saw impressive results from its member units in the electrical equipment segment. Notably, the Vietnam Electric Cable Corporation (CADIVI) – a member that manufactures wires and cables – has far exceeded its profit target for the entire year.

CADIVI has effectively managed costs, demonstrating flexibility and adaptability in response to market volatility. Additionally, the company has pushed up its marketing operations, production, and supply chain, as well as enhanced product research and development and expanded its market, contributing significantly to its robust growth and to GELEX Electric’s overall results.

Furthermore, another unit, the CFT Vina Copper Co., Ltd. (CFT), has maintained stable production operations with positive growth in revenue from finished product sales. This quarter, CFT also underwent a rebranding initiative aimed at continuous improvement and innovation, delivering high-quality products and services.

For the first nine months of the year, GELEX Electric’s net revenue reached VND 14.648 trillion, an increase of 25.4% compared to the same period last year, achieving nearly 80% of its annual plan. Profit before tax was VND 1.350 trillion, a rise of 69.9% year-on-year, exceeding 116.6% of the annual target.

In the revenue structure for Q3 and the first nine months of this year, sales of finished products consistently accounted for over 95%, while revenue from goods, services, and electricity sales, etc. accounted for less than 5%.

In terms of financial indicators, the proportion of outstanding debt and the debt ratio continue to decrease compared to the previous period; the performance metrics of the company (ROA and ROE) for this period were 7.84% and 16.94%, respectively.

As of September 30, 2024, GELEX Electric’s total assets reached VND 13.521 trillion.

Despite the positive growth in recent times, the electrical equipment segment remains heavily dependent on the recovery of the real estate and construction markets. Therefore, alongside its goal of maintaining its market position in core business segments, GELEX Electric aims to collaborate with units to research and develop new high-tech products, with initial positive results in fire prevention, security, and surveillance equipment.

These steps will serve as a solid foundation for GELEX Electric to advance strongly and achieve its goal of becoming a leading high-tech industrial company in Vietnam.

Recently, the Ministry of Industry and Trade issued a decision recognizing the list of products that have been awarded the Vietnam National Brand for 2024. Accordingly, the GELEX Electric is honored to have three units recognized: Vietnam Electric Cable Corporation (CADIVI – awarded for the 9th consecutive time); Electrical Equipment Joint Stock Company (THIBIDI – awarded for the 5th time); and GELEX Electricity Joint Stock Company (GELEX Electric) receiving the award for the first time.

Source: Tienphong