The profit before tax of GELEX in 2024 exceeded the plan by 88.2%, driven mainly by its core business segments.

According to the recently released financial report, in 2024, GELEX Group Joint Stock Company (HoSE: GEX) achieved consolidated total revenue of VND 33.759 trillion and a profit before tax of VND 3.616 trillion, representing increases of 12.5% and 158.6% compared to 2023, respectively. This surpassed the planned targets by 4.5% and 88.2%.

Notably, outstanding business results were recorded in the Electrical Equipment, Industrial Park, and Real Estate segments. This impressive business performance comes amid many challenges in the economy, demonstrating that the company has successfully adapted and optimized its core production and business operations.

The Electrical Equipment segment of GELEX experiences positive growth.

In the fourth quarter of 2024, GELEX’s net revenue reached VND 10.142 trillion, an increase of 16.4% compared to Q3 and up 25.1% year-on-year, thanks to strong growth across all core business areas. This also marks the highest quarterly revenue ever recorded.

The gross profit for Q4 2024 reached VND 2.410 trillion, up 45.2% from the previous quarter and 108.1% from the same period last year, indicating a positive improvement in core business operations. For the entire year, gross profit amounted to VND 6.766 trillion, an increase of 22.8% compared to the previous year.

The gross profit margin improved significantly compared to the same period and the earlier quarters of the year, thanks to the recovery of the electrical equipment and building materials segments.

Increased demand, improved selling prices, and proactive adjustments in production, distribution, and inventory management contributed to effective cost reductions. For the entire year, the gross profit margin stood at 20%, rising nearly 2% compared to 2023.

The profit before tax for Q4 2024 was VND 1.346 trillion. The annual profit before tax reached VND 3.616 trillion, a 158.8% increase over the previous year, driven by strong growth in core business activities alongside financial gains from divestments in investments.

Notably, impressive growth came from the electrical equipment business managed by GELEX Electric, including product lines such as CADIVI electric cables, EMIC measuring devices, and CFT copper wire, etc. These are reputable brands in the market, holding the number one market share in Vietnam for many years.

Not only has GELEX maintained its domestic market with strategic items, but its electrical equipment enterprises have also expanded their new product lines, increased their customer base, and gradually developed suitable international markets.

Many new products have been launched, such as CADIVI fire-retardant and flame-resistant electric cables, fire prevention products, security and monitoring devices, etc. These are high-tech electrical equipment products, environmentally friendly, serving the smart grid that GELEX is focusing on developing.

According to the financial report of GELEX Electric, this year, the electrical equipment division recorded a net revenue of VND 21.130 trillion and a profit before tax of VND 2.153 trillion, becoming a crucial contributor to the overall results of GELEX Group.

The green product ecosystem of Viglacera.

In the building materials segment, last year, GELEX’s member unit, Viglacera, continued its strategy of “greening” products to contribute positively to the green transition of the economy. Many products such as ultra-white glass, sintered stone, Low E glass, and Solar Control glass have been produced using energy-saving glass production lines, while autoclaved aerated concrete has gradually conquered the market.

Industrial Centre Yen My – a Project co-deployed by GELEX and Frasers Property Vietnam.

The Industrial Park and Real Estate segment continues to attract quality investments. GELEX and its member units have elevated their industrial parks to a new position by leading the development of green, smart industrial parks to attract investment in high-tech industries and environmentally friendly supporting industries, creating high added value.

During the year, a new model for green and smart industrial parks was initiated by Viglacera at the Thuan Thanh Eco Smart IP, coinciding with the launch of a 5-star resort hotel project, Angsana Quan Lạn Hạ Long. Viglacera also added 839.04 hectares of industrial park land after receiving approval to invest in three additional industrial parks: Doc Da Trang IP (Khanh Hoa Province), Song Cong II IP (Thai Nguyen Province), and Tran Yen IP (Yen Bai Province).

In addition, GELEX and Frasers Property Vietnam have also commenced construction on four premium industrial centers that meet international green building standards, aligning with the sustainable goals set by the government.

In other areas such as utility infrastructure (energy and clean water projects), operations have been running safely, stably, and cost-effectively.

As of December 31, 2024, GELEX’s total assets reached VND 53.803 trillion. Liquidity ratios and debt ratios have shown positive improvements, and business efficiency ratios such as ROA and ROE have also improved significantly.

The brand value of GELEX increased by 55%, placing it among the top 10 companies with the largest brand value increase in Vietnam in 2024, and it was rated A by VIS Rating for credibility. The vibrant image of GELEX is showcased through various activities with partners such as Frasers Property Vietnam, Sembcorp Industries, FPT, and GTEL.

GELEX has also simultaneously launched important strategic projects such as enhancing risk management capabilities, implementing a centralized Human Resource Management system, promoting comprehensive digital transformation, standardizing the information disclosure process, and providing simultaneous disclosures in English starting in 2025, etc.

With impressive business results and key projects underway, GELEX has been building a solid foundation for sustainable development in its investment areas of electrical equipment, industrial park infrastructure, banking and finance, and other new sectors. In this process, GELEX will focus on corporate culture as a foundation, strengthen its risk management system, invest in human resources, and create a professional working environment aimed at becoming a learning organization while continuing its commitment to the community and society.