Gelex’s consolidated net revenue reached 26,668 billion VND, completing 83% of the year’s target, profit was 2,558 billion VND, exceeding 30% of the plan after 10 months.
According to information from Gelex, the main driving force continues to come from the positive growth of the electrical equipment segment, thanks to improving production and sales capacity, modernizing technology, and applying modern management software. Besides, entering new markets and exporting electrical equipment products also recorded positive results. In addition, units in this segment also cooperate in researching and developing high-tech products, fire prevention products, security and surveillance equipment…
Industrial parks and real estate also recorded prosperity. The group’s representative said that through member unit Viglacera, this business segment attracts quality capital flows from businesses such as BYD, Qisda, Texhong, Kanglongda, Foxconn, Risuntek, Nam Liong, BBID, Samsung, Amkor , Hyosung, Canon… By the end of 2023, there will be a total of 16 billion USD invested in industrial parks, and currently this number is 18 billion USD.
During the year, Viglacera had two newly licensed industrial parks, one industrial park announced to be developed according to green and smart criteria. Many other industrial parks are in the process of starting up. It is expected that by 2025, Viglacera will have 10 new industrial parks, increasing the area from 2,000 to 3,000 hectares.
Another attractive force comes from the housing fund for workers and experts in industrial zones. The total area of this type of housing invested by Viglacera is nearly 190 hectares, approximately 6,700 apartments, synchronized with other amenities such as sports fields, flower gardens, kindergartens, medical stations…
Gelex headquarters in Hanoi. Image: Gelex
Previously, according to the third quarter financial report, the group’s total assets reached 53,617 billion VND, down 2.7% compared to the beginning of the year. Of which, long-term assets decreased by 13% due to a decrease in fixed assets after divesting some energy projects.
Regarding capital structure, Gelex’s liabilities decreased by 8.4% compared to the beginning of the year. Due to the divestment of long-term loans related to energy projects and reduction of short-term debt from divestment proceeds. The proportion of short-term assets and short-term debt are 43.5% and 32.6%, respectively. “Working capital is guaranteed for production and business activities,” a representative of the group said.
The enterprise said that debt ratios and solvency ratios as of September 30 continued to be controlled at a safe level. Gross profit margin is 19.1%, improved compared to the first quarters of the year and higher than the average in 2023 thanks to improved gross profit margin in the fields of electrical equipment, construction materials, industrial parks and real estate. product.
With this growth momentum, businesses expect to have new records after 5 consecutive years of not reporting a loss.
Last October, VIS Rating – a credit rating organization according to Moody’s standards, assessed Gelex’s long-term issuer credit rating at level A with a stable outlook.