GELEX Corporation Provides Positive Financial Outlook for 2023
In its 2023 assessment, the GELEX Board of Directors (BOD) acknowledged the turbulent global and Vietnamese economic landscape. Despite the challenges, GELEX closely followed the key directions outlined during its annual general meeting. The company proactively adapted and flexibly implemented various measures to effectively manage risks, strengthen internal resources, and develop sustainable growth strategies.
By the end of 2023, GELEX achieved a consolidated net revenue of 29,998 billion VND, equivalent to 80% of the set plan and a 93.5% increase compared to 2022. The consolidated pre-tax profit reached 1,397 billion VND, exceeding the approved plan by 9.8%.
Assessing the macroeconomic context for 2024, GELEX foresees a recovery, albeit with potential challenges. The company has developed a plan with a target net revenue of 32,303 billion VND, and a consolidated pre-tax profit of 1,921 billion VND, representing a respective increase of 7.7% and 37.5% compared to 2023.
Significant Investment in R&D Activities
Aside from maintaining and expanding its domestic market share in strategic electrical equipment segments, GELEX aims to optimize production, enhance research and development (R&D) efforts, and collaborate with major partners to produce high-tech products that meet market demands.
The company will continue to improve production and business efficiency, implement cost optimization solutions, balance debt, control inventory, streamline staffing, and strengthen risk management. These measures aim to enhance GELEX’s competitive capabilities and sustain its position while supporting sustainable growth.
In the construction materials sector, GELEX focuses on promoting environmentally-friendly products and energy-saving solutions.
In real estate, GELEX aims to enhance its value chain, improve service quality, and increase utility to maximize efficiency and realize the full potential of its land reserves.
Pursuing an Ecosystem Partnership Development Strategy
In 2024, GELEX plans to restructure its existing investment portfolio and concentrate resources on high-potential sectors aligned with the Group’s strategy.
Building upon existing partnerships with reputable multinational corporations like Frasers Property and Sembcorp, GELEX aims to further pursue an ecosystem partnership development strategy. This will involve joining global value chains, expanding and upgrading high-value-added product segments, and boosting export activities.
Notably, GELEX is gradually transforming its industrial park real estate into integrated industrial-city ecosystems, focusing on green and sustainable development. These planned industrial cities will harmoniously blend production, living, and commercial spaces to attract leading global enterprises.
The company is also prepared to mobilize large-scale long-term capital within and outside Vietnam when market conditions are suitable. Furthermore, GELEX is laying the foundations for strategic infrastructure projects (electricity supply, industrial parks, etc.) in terms of human resources, partners, and funding.
Enhancing Systemic Management Quality for Sustainable Development
In 2024, GELEX plans to apply the ESG (Environment, Social, Governance) Integrated Management Framework and establish an enterprise risk management framework in collaboration with a reputable Big 4 consulting firm.
The company will also embark on important initiatives, including restructuring its corporate culture to foster consistency and unity throughout the system and developing its workforce by reinforcing existing talent and attracting new recruits.
The improvement of systemic management quality is expected to pave the way for GELEX’s breakthroughs in business operations, enabling the attainment of its set goals.
