In 2023, GELEX profits nearly VND 1,400 billion

GELEX Group has implemented flexible strategies to maintain stability and looking towards to sustainable development despite facing macroeconomic pressure over the past year.

By the end of 2023, GELEX’s consolidated production and business results will reach VND 29,998 billion in consolidated net revenue, reaching 80% of the plan. Consolidated profit before tax is estimated at VND 1,398 billion, 10% higher than the plan approved by the General Meeting of Shareholders. In particular, bright spots in business results were recorded for the Real Estate segment; The Electrical Equipment segment also recorded positive results in a difficult market context.

In terms of business segments, for the production and trading of electrical equipment and construction materials, GELEX orients its units to maintain market share in the domestic market with strategic products, while gradually develop and expand into appropriate foreign markets.

The year 2023 recorded flexibility in implementing market expansion in accordance with the actual situation in the electrical equipment segment. Most member units of the electrical equipment sector have taken the opportunity to seek new domestic and export customers with the aim of maintaining market share while balancing profits/revenue, good control of inventory and debt.

The units in the system also promote research and development of new products, optimize production, respond to new market needs, aim for “green” products and optimize energy solutions.

In November 2023, the first square meters of Viglacera ultra clear glass produced at the Phu My ultra clear float glass factory were released and introduced to the market.

May be mentioned as: Ultra clear glass products, Sintered stone. Viglacera’s Autoclaved Aerated Concrete (AAC) products are starting to gain a position in the market; CADIVI has also produced and brought into commerce a number of new products with superior features and are environmentally friendly… In addition, the units have also proposed many solutions to improve production and business efficiency.

For the electricity and clean water business, solar power plants, hydroelectric plants and clean water plants are operated safely, optimizing costs and controlling risks…

Meanwhile, in the real estate business, GELEX constantly strives to promote existing advantages to actively and effectively deploy investment preparation and compensation activities, especially promote sales and lease of industrial parks, bringing high efficiency to the real estate segment. At the same time, continue to develop new industrial park projects in localities with advantages in land, transportation infrastructure, power and water sources and investment attraction policies; social housing projects, housing for workers…

Notably, through cooperation with partner Fraser Property, GELEX increases the value chain, improves service quality, increase amenities, in order to improve business efficiency, and maximize the effectiveness of land fund to deploy ready-built factory projects, ready-built warehouses, factories and warehouses built on demand.

The Industrial Center Yen Phong 2C project is a pioneer in creating the foundation for a green and sustainable industrial park in Vietnam.

During the past year, to ensure capital for production and business activities and investment and development plans, GELEX has proactively restructured a number of assets and investments in the system when necessary to supplement financial resources to implement strategic goals. GELEX has reached an agreement with Sembcorp – Singapore’s leading corporation in acquiring a majority stake in GEX’s 245 MW renewable energy portfolio.

By the end of 2023, GELEX’s total consolidated assets are VND 55,076 billion, equity is VND 21,225 billion, and all financial indicators are at a safe level.

Sharing about 2024, the GELEX Board of Directors believes that this is an important foundation year, and also demonstrates the desire to create motivation to promote the development of the business in the next period. The economy will gradually recover but there are still many potential difficulties, GELEX determines to deploy many solutions to increase revenue – profit, actively participate in the green transition process and create value for the community and society.

Source: CafeF