GELEX Electric (GEE) reported a profit of 795 billion VND after 9 months

10/31/2023 11:41 PV Print article

ANTD.VN - The recently released financial report shows optimistic signals for businesses after a long period of facing many difficulties.

In the third quarter of 2023 alone, GELEX Electric's consolidated net revenue reached VND 4,412 billion, up 25%; Pre-tax profit reached VND 543 billion, up 541% over the same period. Gross profit reached VND 549 billion, up 30.1% over the second quarter and up 26.4% over the same period in 2022. Gross profit margin in the third quarter reached 12.4%, more positive than in the second quarter of 2023 (10.9%).

According to the company's explanation, this result comes from the increase in financial revenue and the result of the process of promoting production and sales, helping GEE's net revenue and gross profit from sales and service provision to be more positive.

Sản phẩm thiết bị điện của các đơn vị thuộc GELEX Electric trưng bày tại triển lãm Vietnam ETE và Enertec Expo 2023. ảnh 1

Electrical equipment products of GELEX Electric units are displayed at Vietnam ETE and Enertec Expo 2023 exhibitions.

In the first 9 months of the year, GEE's consolidated net revenue reached VND11,680 billion, down 8.7%; pre-tax profit reached VND795 billion, up 19.9% over the same period.

Thus, at the end of the first 9 months of the year, GELEX Electric completed 60.1% of revenue and 85.6% of pre-tax profit for the whole year 2023.

In the net revenue structure of the third quarter of 2023, revenue from semi-finished products accounted for 89%, reaching VND 3,934 billion, up 28.5% over the same period. Accumulated in 9 months, revenue from semi-finished products reached VND 10,416 billion, down slightly compared to the same period in 2022.

Revenue from electricity sales in the third quarter reached VND221 billion, up 15.6% over the same period. Accumulated revenue for the first 9 months was VND583 billion, up 6.6% over the same period. Currently, the electricity sales segment accounts for 5% of the company's revenue structure.

Regarding financial indicators: Debt ratio, debt to equity ratio, and debt to equity ratio all decreased compared to the second quarter of 2023. The indicators assessing business performance (ROA, ROE) are also more positive than the previous quarter.

Although there are positive signs, in general, the electrical equipment sector is still facing difficulties, largely dependent on the recovery of the real estate and construction markets, as well as the implementation of the Power Plan VIII.

Therefore, in addition to the goal of maintaining the market in business segments, GELEX Electric directs its member units to focus on investment, research, and development of new products to create new spearheads.

Cáp CXE/S 1x6 mm2-5 kV của CADIVI đã được lắp đặt sử dụng tại sân bay Cần Thơ, sân bay quốc tế Phú Quốc... và mới nhất là sân bay quốc tế Long Thành đang trong quá trình khởi công xây dựng. ảnh 2

CADIVI's CXE/S 1x6 mm ^2-5 kV cable has been installed and used at Can Tho airport, Phu Quoc international airport... and most recently, Long Thanh international airport is under construction.

For example, CADIVI, in recent times, in addition to electric cable products serving urban development, the company has researched and tested to launch the CXE/S 1x6mm2 - 5kV primary electric cable product with outstanding advantages, meeting the most stringent requirements in power transmission in airport lighting systems. This is an outstanding achievement that few manufacturers can achieve in the current Vietnamese market.

Besides, GEE also promotes the expansion of export markets to seek new opportunities.

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