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Monday, September 25, 2023

Gelex achieves 80% of 2023 earnings target

The Saigon Times

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HCMC – GELEX Group JSC (GEX) made VND1 trillion in pre-tax profit in the first six months of 2023, achieving 80% of its 2023 earnings target.

In the second quarter, GELEX’s consolidated revenue surged 24.7% over the first quarter to nearly VND8 trillion. Its pre-tax profit for this quarter totaled VND870 billion, a five-fold increase against the first quarter and a 49% rise compared to the second quarter of 2022.

The outstanding performance during the April-June period was driven by its real estate business, which contributed over VND1.77 trillion to the firm’s revenue.

For the first half of the year, GELEX’s consolidated revenue was VND14.4 trillion, equivalent to 38.5% of the 2023 plan.

In the final two quarters, the company plans to increase domestic market share, expand exports, enhance operational efficiency, control inventory and strengthen risk management.

As of the end of June, GELEX had seen its total assets amounting to VND52.4 trillion, which changed little versus the beginning of the year.

GEX closed today’s trading session up 3.18% to VND22,700 per share, with more than 29.5 million shares matched.

On the southern bourse, the VN-Index of the Hochiminh Stock Exchange added 4.94 points, or 0.41% higher than the previous session, at 1,200.84 points with 213 gainers and 246 losers.

Total trading volume was 912.3 million shares valued at VND17.95 trillion VND, down 9% in volume and 11% in value over the session earlier. There were 64.2 million shares traded through block deals, contributing VND1.3 trillion to the overall value.

The benchmark index was bolstered by strong buying in the final minutes, leading to over 30 more stocks closing higher than in the morning session, nearly balancing the number of declining stocks.

The notable contributors to the main index today were the banking sector, particularly VCB, which inched up 1.9% to VND93,400 per share and had 1.33 million shares traded.

Several other stocks in the VN30 basket also performed well. NVL surged 6.2% to VND17,200, taking the lead by liquidity for three consecutive sessions with a matching volume of 73.23 million shares.

SAB rose 2.3% to VND161,600 per share, while MSN gained 1.4% to VND86,400. FPT, VNM, and VHM increased by 1.7%, and HPG, PLX, and BID showed more modest gains of 0.4% to 0.5%.

Regarding bank stocks, SSB also improved slightly by 0.3% to VND29,600. Four other stocks, ACB, HDB, SHB, and VPB, stayed at their reference prices. The remainder experienced minor declines.

TPB was the biggest decliner, losing 1.1% to VND18,800. MSB was the most actively traded ticker among bank stocks with 19.7 million shares traded, ending the day down 0.7% to VND13,400 VND.

On the northern bourse, the HNX-Index of the Hanoi Stock Exchange finished the day 0.73 points lower, or 0.31% day-on-day, at 236.2 points, with 82 advancers and 102 decliners.

There were 75.9 million shares worth nearly VND1.3 trillion changing hands on the northern market.

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