Gelex (GEE) Beats Full-Year Profit Target After Nine Months on Electrical Equipment

Overview

Gelex Group reported nine-month consolidated revenue of VND 39,158 billion (+40.5% year on year) and pre-tax profit of VND 3,931 billion (+14.2%), completing 87.6% of its revenue plan and exceeding its full-year pre-tax profit target by 8.8% after only three quarters. The result was driven by the electrical equipment segment, where core profit at listed subsidiary Gelex Electric (GEE) rose 32%, and by industrial park demand tied to record foreign direct investment inflows. Fellow members Gelex Infrastructure (GEL) and Viglacera (VGC) also reported profit ahead of their annual plans.

Key Facts

• Nine-month consolidated revenue: VND 39,158 billion, up 40.5% year on year.
• Nine-month pre-tax profit: VND 3,931 billion, up 14.2% year on year.
• Group has completed 87.6% of its full-year revenue plan and exceeded its full-year pre-tax profit target by 8.8%.
• Q3 standalone revenue: VND 13,957 billion (+42% year on year); gross profit VND 2,778 billion (+51.6%).
• Q3 gross margin improved to 19.9% from 18.6% a year earlier; Q3 pre-tax profit VND 1,316 billion (+5%).
• Core profit at Gelex Electric (GEE) grew 32% over the nine-month period.
• Realised FDI in the first nine months reached USD 21.07 billion, the highest same-period level in five years, per the General Statistics Office.

What Happened

According to the third-quarter financial statements, Gelex’s quarterly net revenue reached VND 13,957 billion, up nearly 42% from the same period last year, while gross profit rose 51.6% to VND 2,778 billion. That lifted the gross margin to 19.9% from 18.6%, and the group booked VND 1,316 billion in quarterly pre-tax profit, up more than 5% year on year. On a cumulative basis, nine-month net revenue and pre-tax profit came in at VND 39,158 billion and VND 3,931 billion respectively.

The group attributed the growth to two core segments. In electrical equipment, national grid expansion and upgrades, infrastructure development and a wave of new factory construction by domestic and foreign-invested enterprises supported demand; member units raised production capacity, secured raw material self-sufficiency and optimised operations to meet scale, quality and delivery requirements. In industrial real estate, Viglacera broke ground on Industrial Park No. 01 - Green One in Hưng Yên and is preparing new projects in Tây Phổ Yên (Thái Nguyên) and Phù Ninh (Phú Thọ), applying green, smart models with integrated renewable energy. The construction materials segment also showed improvement on public investment and resumed residential construction, supported by a restructuring at Viglacera that began in 2025.

Market Context

GEE, listed on HOSE, closed at VND 69,200 on 28 October 2026, while GEL closed at VND 28,250 and VGC at VND 43,400. The nine-month beat places Gelex among the Vietnamese industrial conglomerates whose earnings are levered to the electrical equipment and industrial park cycle rather than to domestic consumption or credit growth. The record USD 21.07 billion of realised FDI in the first nine months is the clearest macro support for the industrial park thesis, and it arrives as northern Vietnam industrial land supply tightens around Hưng Yên, Thái Nguyên and Phú Thọ.

Strategic Significance

The investment case rests on GEE as the profit engine inside a holding structure. Electrical equipment demand is tied to grid capex and factory construction, both of which are multi-year public and foreign-invested spending programmes rather than a single-quarter trade, and a 32% rise in GEE core profit suggests the segment is converting revenue growth into margin. The industrial park leg, run through VGC, adds a land-bank revaluation angle as green and smart park standards become a precondition for attracting international tenants; the Frasers Property cooperation cited by Gelex points to that direction. For long-term holders, the key question is whether the group can keep deploying capital into these two segments without stretching leverage, given that profit growth of 14.2% trailed revenue growth of 40.5%.

What to Watch

• Full-year 2026 consolidated results and whether the group raises its annual profit plan at the next annual general meeting.
• GEE quarterly core profit trend to confirm the 32% nine-month growth rate is sustainable into 2027.
• Groundbreaking and leasing progress at Khu công nghiệp số 01 - Green One in Hưng Yên and the Tây Phổ Yên and Phù Ninh projects.
• Monthly and quarterly FDI disbursement data from the General Statistics Office as a leading indicator for industrial park demand.
• Gelex group leverage and capital allocation disclosures, including any convertible bond or bank financing for the industrial park pipeline.