HCMC – GELEX Group JSC (HOSE: GEX) earned VND3.62 trillion in pre-tax profit in 2024, rocketing 158.6% over the previous year, according to the company’s latest earnings report.
The figure surpassed its annual target by 88.2%, driven by growth in its core businesses. Revenue for the year totaled VND33.76 trillion, a 12.5% increase compared to 2023. The results were attributed to strong performance in electrical equipment, industrial parks, and real estate.
In the fourth quarter, GELEX reported net revenue of VND10.14 trillion, rising 25.1% year-on-year. This is the highest quarterly figure in its history. Its pre-tax profit for the quarter reached VND1.35 trillion.
Its gross profit for the fourth quarter climbed by 108.1% year-on-year to VND2.41 trillion, while its full-year gross profit picked up by 22.8% to VND6.77 trillion. The gross margin improved to 20%, up nearly two percentage points from 2023, supported by a recovery in the electrical equipment and construction materials segments.
GELEX attributed the improved margin to higher demand, better pricing, and more efficient production and distribution. Strategic divestments also contributed to the profit increase, the company said.
Closing the trading session today, January 24, GEX shot up to its ceiling price of VND20,200, with over 20.5 million shares changing hands. It is the second most actively traded stock on the market.
The VN-Index wrapped up the session with 258 winners and 195 losers, adding 5.42 points, or 0.43%, to 1,259.24 points.
Trading volume was flat at 536.2 million shares, while value dropped 8% over the session earlier to VND12.21 trillion. Block deals accounted for 40.6 million shares valued at VND1.1 trillion.
The main index was supported by gains in blue-chip and mid-cap stocks. The VN30 basket, which groups the 30 largest-cap stocks, saw 20 gainers and five decliners. MSN shares of consumer goods company Masan Group Corporation rose the highest among the bluechips, up by 4% to VND67,900 on a volume of 6.7 million shares.
Other gainers included VIB, HDB, GVR, and GAS, which rose between 1% and 1.9%. Decliners such as PLX, CTG, and HPG fell by less than 0.6%. The VN30-Index gained 5.05 points, or 0.38%, to close at 1,337.59 points.
Mid- and small-cap stocks saw strong trading activity. Securities brokerage firm VIX took the lead by liquidity with 23.3 million shares traded, rising 3.2% to VND9,890. Other tickers such as NLG, NNC, OCB, and VSC advanced between 3% and over 6%.
On the Hanoi Stock Exchange, the HNX-Index added 0.34 point, or 0.16%, to close at 223.01 points, with 85 stocks rising and 63 others dipping. Trading volume on the northern market totaled 36.7 million shares worth a total of VND537.3 billion.
