GELEX Electric records pre-tax profit of 974 billion VND in 2023

The company recorded a 13% decrease in pre-tax profit compared to 2022, amidst ongoing market challenges.


According to a recent report by GELEX Electric (UPCoM: GEE), in 2023, the company recorded net revenue of VND 16,607 billion, a 0.3% decrease compared to the same period last year; pre-tax profit of VND 974 billion, a 13% decrease compared to 2022.

GELEX Electric anticipated the challenging economic context and implemented flexible solutions in market expansion, in line with the current situation. Most of the member companies of GELEX Electric have seized the opportunity to find new customers to maintain market share while balancing profitability, revenue, inventory, and debt control.

The contribution to GELEX Electric’s results should be mentioned, such as Vietnam Electric Cable Corporation (CADIVI) with consolidated net revenue of VND 10,083 billion and pre-tax profit of VND 529 billion; Vietnam Copper Cable Corporation (CFT) with net revenue of VND 6,359 billion and pre-tax profit of VND 108 billion; Electrical Equipment Corporation (EMIC) with net revenue of VND 1,179 billion and pre-tax profit of VND 166 billion.

These units continue to enhance research and development of new products, focusing on “green” and environmentally friendly products to gain a competitive advantage.

For example, CADIVI introduced non-flammable nylon-coated residential cables THHN and THWN-2, heat-resistant, water-resistant, and termite-resistant. TR XLPE underground insulation cables against water trees were also certified by the Civil Aviation Authority of Vietnam.

EMIC successfully researched and tested AMI meters, along with the first batch of DCU H-PLC technology exported to South Korea.

Korean partner working at EMIC – a subsidiary of GELEX Electric prior to collaboration.

Furthermore, GELEX Electric has directed its member units to propose multiple solutions to improve production efficiency, optimize operating costs, control inventory and debt, streamline the workforce, and enhance risk management. These measures aim to enhance competitiveness, maintain a stable position, and support sustainable growth.

In terms of cash flow, GELEX Electric recorded positive net cash flow from operating activities of VND 2,280 billion in 2023; positive net cash flow from investment activities of VND 62 billion, and positive net cash flow in the period of VND 416 billion.

In terms of financial indicators, the debt ratio, the debt-to-equity ratio, and the debt-to-equity ratio have all decreased compared to the previous period.

By proactively reducing inventory, collecting receivables in sales, and flexibly using borrowings based on market interest rate fluctuations, GELEX Electric has significantly reduced interest expense in the past year. This has helped improve the financial situation of the company, making it increasingly positive and healthy.

Although flexible measures have been implemented, the electrical equipment sector still faces many challenges, relying on the recovery of the real estate and construction markets, as well as the implementation of Power Plan VIII.

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