On the morning of March 25, GELEX Electric Joint Stock Company (HoSE: GEE – GELEX Electric) held its 2025 Annual General Meeting of Shareholders (AGM) and approved several key business strategies.

The AGM was conducted online, with shareholders participating via electronic voting.

Strong Business Performance: GEE to Distribute a 30% Cash Dividend for 2024

At the meeting, Mr. Nguyen Trong Trung, CEO of GELEX Electric, acknowledged 2024 as a challenging yet opportunistic year for the company, enabling it to enhance business operations and adapt flexibly to market fluctuations.

Specifically, GELEX Electric’s consolidated net revenue in 2024 reached VND 21,130 billion, marking a 27.2% increase compared to 2023 and exceeding the set target by 15%. Pre-tax profit soared to VND 2,153 billion, a staggering 122.6% increase year-over-year and 85.9% above the target, setting a new record in both revenue and pre-tax profit.

With a strategy focused on maintaining market share in traditional product segments, optimizing and strictly controlling costs, and implementing a flexible pricing policy, GELEX Electric achieved impressive results in 2024. The impressive performance was driven by GELEX Electric’s core subsidiaries, with several outperforming their profit targets, including CADIVI, EMIC, and CFT.

Notably, CADIVI launched eco-friendly, high-tech products

In 2024, return on equity (ROE) doubled to 26.6% from 13.3% in 2023, demonstrating GELEX Electric’s competitive edge. Additionally, EPS surged from VND 2,460 to VND 5,294, reflecting an over 115% year-over-year increase. GEE’s financial metrics surpass the industry average.

Given these robust financial results, the Board of Directors (BOD) proposed and received shareholder approval for a 30% cash dividend payout for 2024 (VND 3,000 per share), of which 10% had been prepaid.

Furthermore, the AGM approved a stock issuance plan to increase charter capital from retained earnings, with a 20% issuance ratio with a 20% issuance ratio, equating to an additional 61 million shares at a 5:1 ratio. The issuance is expected to take place in Q2-Q3 2025.

2025 Target: VND 22,000 Billion in Revenue

For 2025, based on economic growth forecasts and its 2025-2030 strategic action plan, GELEX Electric has set a target of VND 22,282 billion in consolidated net revenue (+5.5% YoY) and VND 1,686 billion in consolidated pre-tax profit (-21.6% YoY).  The profit decline is attributed to the absence of one-time divestment gains recorded in 2024.

The company will focus its resources on human capital, technology, and innovation, encouraging subsidiaries to allocate up to 2% of revenue to R&D.

The R&D center is located at EMIC, a key subsidiary.

GELEX Electric aims to strengthen its global presence by expanding its ecosystem of strategic partners, integrating into the global supply chain, upgrading its product portfolio to focus on higher-value segments, and leveraging advanced technologies from international partners to enhance export capabilities

 Additionally, the company remains committed to corporate governance best practices, ensuring transparency and compliance as a listed entity, implementing modern manufacturing management systems, and enhancing operational efficiency across its subsidiaries while fostering a strong corporate culture

In 2025, GELEX Electric plans to maintain its 30% cash dividend payout, in line with the 2024 rate.

Election of New Board of Directors and Supervisory Board

The AGM elected five members to the Board of Directors for the 2025-2030 term: Mr. Le Ba Tho; Mr. Dang Phan Tuong; Mr. Do Duy Hung; Mr. Nguyen Trong Trung, and Mr. Nguyen Duc Luyen.

Addressing shareholder inquiries about his non-candidacy, Mr. Nguyễn Văn Tuấn stated that he had recently resigned from the Board of Directors to focus on executive leadership.

 “Our approach is to establish highly independent Boards of Directors for each subsidiary.  Major shareholders will not participate in the BOD or executive management, allowing us to attract top talent and drive business growth,” he explained.

The AGM also elected a new Supervisory Board for the 2025-2030 term, consisting of: Mr. Dao Viet Dinh; Mr. Nguyen Hoang Viet; Ms. Bui Thi Trang.

The AGM concluded with unanimous approval of all reports, proposals, and key resolutions.

According to the latest business update, GELEX Electric’s consolidated net revenue for Q1 2025 is estimated at approximately VND 4,800 billion, surpassing the quarterly target by 10% and recording a 30% year-over-year growth. Consolidated pre-tax profit is estimated at VND 465 billion, surpassing the quarterly target by 102% and reflecting a 215% increase compared to Q1 2024.

This marks the highest core quarterly profit in the company’s history.

Among subsidiaries, CADIVI emerged as the key driver, contributing 60% of GELEX Electric’s net revenue and 75% of consolidated pre-tax profit.

PR DEPARTMENT