Gelex profit is 3,616 billion VND in 2024

The above information was announced by Gelex Group Joint Stock Company in its financial reports. Accordingly, the total consolidated revenue for the year reached 33,759 billion VND, an increase of 12.5% ​​compared to 2023, exceeding the plan by 4.5%.

In the fourth quarter of 2024 alone, net revenue reached VND 10,142 billion, up 16.4% compared to the third quarter and up 25.1% over the same period. This is Gelex’s highest quarterly revenue ever. Gross profit this quarter is 2,410 billion VND, the whole year reached 6,766 billion VND, an increase of 22.8% over the previous year. Gross profit margin improved nearly 2%, to 20%.

“All core business areas are growing well,” the business representative emphasized.

According to Gelex, demand recovery, improved selling prices and proactive regulation of production, distribution and inventory activities help reduce costs. The electrical equipment business managed by Gelex Electric with brands such as Cadivi electric cables, Emic electrical measuring equipment, and CFT copper wire has the most impressive growth. Net revenue reached 21,130 billion VND, pre-tax profit 2,153 billion VND.

Last year, businesses in this segment developed many new products such as Cadivi fire-retardant and fire-resistant cables, fire prevention products, security and surveillance equipment… “These are all products with high intelligence content.” High quality, environmentally friendly, serving the smart grid we focus on developing,” a business representative said. In parallel with product development, the units increase customer files and develop foreign markets.

In the field of construction materials, Gelex – Viglacera’s member unit continues its strategy of “greening” products to contribute to the journey of green transformation of the economy. The business said that super white glass, sintered stone, Low E and Solar Control glass products produced on energy-saving glass lines and autoclaved aerated concrete are gradually conquering the market.

The report also points out that the industrial park and real estate segment continues to attract quality capital flows. Gelex and its member units develop green and smart industrial parks, attracting investment in high-tech industries and environmentally friendly supporting industries, creating high added value.

Specifically, the model of green and smart industrial park activated by Viglacera at Thuan Thanh Eco Smart IP (Bac Ninh), the 5-star resort hotel project (Angsana Quan Lan Ha Long) is also activated. Viglacera added 839.04 hectares of industrial park land when it was approved to invest in Doc Da Trang industrial park (Khanh Hoa), Song Cong II (Thai Nguyen) and Tran Yen (Yen Bai). Gelex and Frasers Property Vietnam started construction on four industrial centers according to international green building standards.

“Other sectors such as utility infrastructure (energy and clean water projects) are operated safely, stably and at optimal costs,” according to the report.

As of December 31, 2024, Gelex total assets reached VND 53,803 billion. Brand value increased by 55%, among the Top 10 companies increasing the largest brand value in Vietnam in 2024 as announced by Brand Finance VIS Rating ranked A for credibility.

Enterprises also simultaneously implemented strategic projects such as improving risk management capacity, implementing a centralized human resources management system, promoting comprehensive digital transformation, standardizing information disclosure processes, Simultaneous publication in English from 2025…

“This is an impressive business result in the context of a challenging economy, showing that the business has adapted well and optimized core production and business activities,” said a Gelex representative.