Services
In 2023, GELEX Electric recorded consolidated net revenue of VND 16,607 billion, which is close to the actual performance in 2022, reaching 85.5% of the set target. The pre-tax profit in 2023 reached VND 967 billion, a decrease of 13.7% compared to 2022, reaching 104.2% of the plan in the context of the economy still facing many difficulties and challenges. With this result, the company plans to pay a cash dividend of 20%. This is also the dividend level that the company has maintained for many years.
GELEX Electric has made many efforts in organizing business activities and internal management, providing flexible solutions in market expansion that are suitable for the actual situation. The electrical equipment sector within the GELEX Electric system still maintains its market share, ensuring continuous production and business operations for key products such as electrical cables, transformers, and measurement devices including electronic meters and current transformers.
GELEX Electric orients its member units to trade new products with high technology content
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In 2024, the company sets a target for consolidated net revenue of VND 18,381 billion and consolidated pre-tax profit of VND 1,158 billion, an increase of 10.7% and 19.7% respectively compared to 2023.
Specifically, in terms of business fields, the Board of Directors of GELEX Electric determines that member units will continue to strengthen market share with traditional products in the electrical equipment industry, including electrical cables, transformers, and measurement devices. At the same time, the company will also enhance efforts to expand potential export markets such as Laos, the Philippines, Myanmar, Cambodia; Australia, the United States, the Philippines, South Korea…
The company also focuses on product development through research and development activities; product improvement, control of manufacturing equipment and technology; quickly grasping new trends in technology, materials, and products, especially seeking technology transfer opportunities from leading partners in the industry worldwide, selecting products that bring high efficiency in the value chain of the electrical industry.
Parallel to enhancing general management and administration, strengthening risk management, and applying technology to enhance the efficiency of production and business operations at member companies, GELEX Electric is also developing a plan to restructure its capital ownership at some appropriate enterprises in line with its development orientation and the actual situation; completing the transfer of shares/capital contributions at project energy companies owned by the company and its member companies to enhance financial indicators and ensure sound financials for production and business activities.
An important point to note is that the leadership of GELEX Electric will also propose the General Meeting of Shareholders to approve the plan to list shares on the Ho Chi Minh City Stock Exchange (HOSE) for all the company’s issued shares at the time of listing. As of December 31, 2023, the total number of GEE shares in circulation is 300 million shares.
Listed on HOSE will improve transparency, strengthen reputation, and facilitate capital mobilization for business development, and effectively exploit the existing assets of GEE.
