GELEX Electric approved many important contents at the 2023 Annual General Meeting of Shareholders

On the morning of April 19, in Hanoi, GELEX Electricity Joint Stock Company (Ticker Symbol: GEE –GELEX Electric) held the 2023 Annual General Meeting of Shareholders. With high consensus and unanimity, the General Meeting approved all reports, proposals and many other important contents.

GELEX Electric’s General Meeting of Shareholders took place on the morning of April 19 in Hanoi.

Accordingly, the General Meeting heard reports on the activities of the General Director, the Board of Directors and the Supervisory Board; At the same time, the General Meeting approved the production and business results in 2022, the profit distribution plan in 2022, and the financial plan targets for 2023.

In 2022, GELEX Electric recorded a consolidated profit before tax of VND 1,120 billion, up by 36.9% compared to 2021. With this result, the company approved the profit distribution plan in 2022 of 20% in cash (VND 2,000 /share). Thus, shareholders will receive VND 2,000/share. With 300 million shares outstanding, it is estimated that the Company would spend VND 600 billion to pay dividends in the whole year of 2022.

The Board of Directors of GELEX Electric said, the price of raw materials has remained high, the market has had unpredictable factors in 2023. Hence, the Company expects consolidated net revenue to reach VND 19,421 billion, up by 16.5%; consolidated profit before tax will reach VND 928 billion, down by 17.1% compared to 2022.

In the orientation, GELEX Electric orients its member units to continue to maintain the traditional markets in the electrical equipment manufacturing segment, including CADIVI power cables, EMIC electrical measuring equipment, THIBIDI transformers, HEM electric motor, MEE transmission transformer, etc. The member units in GELEX Electric’s system continue to implement an in-depth investment strategy to optimize production; strengthen research on new products, receive technology transfer from leading partners in the world, build information technology infrastructure to promote business growth and maintain market share. At the same time, member units will have plans to expand potential export markets in Southeast Asian countries, Australia, and the United States, etc.

In particular, besides focusing on production and business development, GELEX Electric will promote control and management of operational risks towards sustainable development. The company will also restructure capital ownership in power generation enterprises and continue to conduct M&A activities with potential businesses to complete the power segment value chain, bringing growth in scale and increasing competitive advantages.

In 2023, the Company has also focused on training high-quality human resources and cohesion with the Company to ensure the sustainable development of the business.

Regarding personnel, the General Meeting of Shareholders approved the proposal to dismiss the member of the Board of Directors, Mr. Nguyen Trong Tieu; simultaneously dismissed 02 members of the Supervisory Board. Additional elected member of the Board of Directors is Mr. Le Ba Tho; Two members of the Supervisory Board for the 2020-2025 term were also elected.

Communications Department, GELEX Group