Recently, Gelex reported on the progress of using the proceeds from the IPO. According to the plan, the company will use 920 billion VND to carry out projects at wind power plants through Gelex Infrastructure JSC, 1,000 billion VND for the implementation of the “Hotel Complex, Commercial Services, Office for Rent” project at 10 Tran Nguyen Han and 27-29 Ly Thai To, Hoan Kiem district, Hanoi. The remaining amount will be used to supplement the business capital for Gelex Electrical Equipment JSC and Gelex Group.
As of January 16, Gelex has disbursed the full amount of 920 billion VND to wind power projects including: Huong Phung 2,3 Wind Power Plant (Investor: Huong Phung Wind Power Co., Ltd); GELEX 1,2,3 Wind Power Plant (Investor: Gelex Energy Joint Stock Company – Quang Tri).
Regarding the “Hotel Complex, Commercial Services, Office for Rent” project at 10 Tran Nguyen Han and 27-29 Ly Thai To (Hoan Kiem district, Hanoi), Gelex has used 729.4 billion VND out of the total mobilized capital of 1,000 billion VND.
Illustrative photo.
In terms of business performance, by the end of 2023, Gelex’s consolidated production and business results reached 29,998 billion VND in total revenue, achieving 80% of the plan. Consolidated pre-tax profit is estimated at 1,398 billion VND, exceeding 10% of the approved plan by the General Assembly of Shareholders. In which, the highlight in business results is recorded for the Real Estate sector; the Electrical Equipment sector also achieved positive results in the context of a challenging market.
As of the end of 2023, Gelex’s consolidated total assets are 55,076 billion VND, with owner’s equity of 21,225 billion VND, and all financial indicators are at a safe level.
Most recently, the BOD of the Group approved the mortgage/pledge of over 31.8 million shares of Gelex Infrastructure to ensure obligations under the capital contribution sales contracts of some subsidiaries (including Gelex Infrastructure and Gelex Electricity Joint Stock Company) of the Gelex system with some key contents of the transaction and content of the delegation of authority to the General Director.
