Gelex Q1 Pre-Tax Profit Hits VND 806B, Up 22% YoY, Completes 22% of Full-Year Target

Overview

Gelex (GEX) reported strong first-quarter results for 2025, with net revenue of VND 10,722 billion, up 35.4% year-on-year, and pre-tax profit of VND 806 billion, a 22% increase. The electrical equipment segment remained the primary growth driver, contributing nearly 66% of total revenue. The company also secured $200 million in international funding and maintained its A credit rating from VIS Rating.

Key Facts

• Q1 net revenue: VND 10,722 billion, up 35.4% YoY.
• Q1 pre-tax profit: VND 806 billion, up 22% YoY, completing 22% of the full-year profit target of VND 3,615 billion.
• Electrical equipment segment revenue: VND 7,061 billion (+38.2%), accounting for 66% of total revenue.
• Construction materials revenue: VND 2,103 billion (+47.6%).
• Infrastructure and utilities revenue: VND 266 billion (+45%), driven by the Song Da clean water project phase 2.
• Industrial parks and real estate revenue: VND 1,262 billion (+8.4%).
• Total assets as of March 31: VND 87,015 billion, up 18.4% from the start of the year.
• Gelex successfully raised $200 million in international capital and maintained an A credit rating with positive outlook from VIS Rating.

What Happened

Gelex released its consolidated financial statements for the first quarter of 2025, showing robust growth across all business segments. The electrical equipment segment, the company’s core business, posted a 38.2% revenue increase to VND 7,061 billion, driven by market expansion and higher sales volumes of key products. The construction materials segment also performed well, with revenue rising 47.6% to VND 2,103 billion.

Management attributed the results to synchronized market expansion and cost optimization measures. The company noted that the infrastructure and utilities segment benefited from the gradual stabilization of the Song Da clean water project phase 2. Gelex also highlighted the successful raising of $200 million in international capital and the maintenance of its A credit rating, underscoring its solid financial foundation.

Market Context

GEX shares closed at VND 40 on April 15, 2026, down 2.31% on volume of 9.1 million shares. The stock trades on HOSE. The broader Vietnamese market has been supported by positive macroeconomic signals, and Gelex’s diversified business model across electrical equipment, construction materials, infrastructure, and real estate positions it to benefit from ongoing infrastructure spending and industrial development.

Strategic Significance

Gelex’s Q1 results demonstrate the strength of its core electrical equipment business and the successful ramp-up of new projects. The company’s ability to secure $200 million in international funding and maintain an A credit rating provides financial flexibility for long-term investments in key projects such as the Gia Binh airport and large-scale infrastructure and real estate developments. The four-pillar strategy (high-tech industry, infrastructure, real estate, and finance) continues to drive diversified growth.

What to Watch

• Progress on the Gia Binh airport project and other large-scale infrastructure investments.
• Q2 2025 earnings release to confirm sustained momentum across all segments.
• Further international fundraising or credit rating actions.
• Performance of the Fairmont Hanoi hotel and other commercial real estate assets.
• Debt levels and financial ratios as the company increases borrowing for investment.