At the end of the third quarter, GELEX gets accumulated profit of 1,388 billion VND

GELEX Group Joint Stock Company (stock symbol: GEX) has just announced business results for the third quarter of 2023 and the first 9 months of the year.

So under that basis, for the third quarter, GELEX’s consolidated net revenue reached 7,487 billion VND, increasing by 6.7%; Gross profit reached 1,395 billion VND, increasing by 5.2% compared with the corresponding period; Gross profit margin reached 18.6%, equivalent to the same period last year. Consolidated earnings before tax reached 374 billion VND, increasing by 32.6% over the same period.

Accumulated profit in the first 9 months of 2023, GELEX’s consolidated net revenue reached 21,893 billion VND; earnings before tax reached 1,388 billion VND, exceeding 9.2% of the 2023 whole plan.

In terms of business sectors in the third quarter, net revenue from the electrical equipment sector reached 4,177 billion VND, increasing by 25.1% compared to the same period. Gross profit reached 426 billion VND, increasing by 26.4% over the same period.

GELEX’s electrical equipment segment recognized positive changes in the third quarter of 2023.

According to GELEX’s report, the energy and clean water sector performed in line, reaching 414 billion VND in net revenue, this is the highest revenue since the beginning of the year, increasing by 14.4% over the same period. The construction materials segment generated 2,132 billion VND in net revenue for GELEX, decreasing by 18.3% over the same period. However, gross profit margin for the third quarter of the construction materials sector reached 15% and gradually enhanced after a sharp decrease in the first and second quarters of this year. The real estate and industrial park sectors reached 746 billion VND in net revenue, an increase of 18.8% over the same period.

As for the finance, as of 30 September 2023, GELEX’s total assets reached 54,284 billion VND, an increase of 3.6% compared to the beginning of the year. GELEX’s debt to equity and liquidity ratios continue to remain at a stable, safe level and are not changed much compared to the previous quarter and the beginning of the year.

In addition to the market maintenance in business sectors, GELEX orients member units to focus on investment in research and development of up-to-date products for key product creation.

Source: CafeF