The success of GELEX Electric’s 2024 Annual General Meeting of Shareholders

On the morning of March 27, 2024, in Hanoi, GELEX Electric Joint Stock Company (GELEX Electric – code GEE) successfully organized the 2024 Annual General Meeting of Shareholders, approving the 2024 production and business plan and other important contents.

Reporting on production and business activities in 2023, GELEX Electric’s Board of Directors said that in the context of a difficult economy, declining world and domestic demand has affected production and business activities.

The 2024 Annual General Meeting of Shareholders of GELEX Electricity Joint Stock Company took place online, this morning, March 27, 2024.

Facing that multi-dimensional challenge, GELEX Electric has focused on risk management, maintaining market share, streamlining operations as well as improving financial health. Thanks to synchronous and effective solutions, the business has basically completed its set goals, creating a solid foundation for the organization’s development.

In 2023, the Company will reach VND 16,607 billion in consolidated net revenue, VND 967 billion in consolidated profit before tax, completing 85.5% and 104% of the approved plan, respectively. With the results achieved, the Company approved the profit distribution plan for 2023 of 20% in cash (2,000 VND/share).

Currently, GELEX Electric owns many reputable brands in the segment of electrical equipment such as CADIVI, THIBIDI, EMIC…

Notably, during the year, the company has invested deeply, improving production and business capacity at member companies such as the CCV line project at Vietnam Electric Cable Joint Stock Company (CADIVI); Invest in machinery and equipment to improve performance and quality at Electrical Equipment Joint Stock Company (THIBIDI), continue to implement projects to renovate and repair factories, and improve production capacity at other member companies in the system; at the same time, implement power distribution projects in industrial parks as planned.

GELEX Electric has also approved and implemented the restructuring of capital ownership in power generation businesses to focus on core industries, creating resources to prepare for the next strategic goals.

GELEX Electric’s Board of Directors believes that there will be many outstanding achievements but there will also be many challenges for the business system when talking about 2024. In particular, the global and regional economic context continues to be volatile, so creativity and acceptance of change will determine sustainable success.

On that basis, this year, the Company targets consolidated net revenue of VND 18,381 billion, consolidated pre-tax profit of VND 1,158 billion, an increase of 10.7% and 19.7% respectively compared to 2023.

With the desire to complete the set goals, the Board of Directors has provided specific directions and solutions to continue focusing on developing production and business, expanding markets, and investing in research into new products with high technology content; at the same time, strengthen control and operational risk management, promote digital transformation towards the goal of sustainable development.

Other notable information, the General Meeting also approved the continued implementation of stock listing registration on the Ho Chi Minh City Stock Exchange (HoSE).

At the end of the General Meeting, with high consensus and consensus, all the reports, presentations and many other important contents were approved.