GELEX building at 52 Le Dai Hanh street, Hai Ba Trung district, Hanoi City.\/em>\/figcaption>\/figure>\nVietcap Securities (VCI) has released an analysis report on GELEX Group (HOSE: GEX).\/p>\n
The report projects GELEX’s 2024 revenue at VND 32,017 billion VND, a 7% increase from 2023. The growth of revenue in the electrical equipment segment is expected to offset a decrease in industrial land sales.\/p>\n
In GELEX\u2019s 2024 revenue structure, electrical equipment revenue is projected to increase by 21% compared to previous year, to VND 19,183 billion, driven by the exceeding performance of GELEX Electric’s subsidiaries.\/p>\n
Conversely, the building materials and industrial park leasing\/services are forecast to decline by 6% and 14%, respectively, reaching VND 7,455 billion and VND 3,757 billion. Vietcap reduced its forecast for 2024 industrial land sales from 152 hectares to 139 hectares due to lower-than-expected sales in the first nine months of 2024 (only 85 hectares).\/strong>\/p>\n
Vietcap projects GELEX’s 2024 profit before and after tax at VND 2,798 billion and VND 2,102 billion, representing increases of 100% and 143%, respectively, compared to 2023. Profit after tax, excluding minority shareholders’ interests, is estimated at VND 1,174 billion, a 255% increase primarily driven by VND 1,100 billion in profit before tax from divesting energy portfolio and increased profit from the electrical equipment segment.\/p>\n
For 2025\/strong>, Vietcap forecasts a 14% increase in GELEX’s consolidated revenue to VND 36,641 billion compared to 2024\/strong>. All segments except power generation are expected to see growth. Electrical equipment revenue is projected to increase by 14% to VND 21,814 billion, with significant contribution from CADIVI (15% growth). Building materials are expected to increase by 18% to VND 8,780 billion, reflecting anticipated real estate market recovery.\/p>\n
Industrial park leasing and services revenue is projected to grow by 26% to VND 4,741 billion due to a 21% increase in average rental prices and contributions from new industrial parks in Thuan Thanh (Bac Ninh) and Song Cong (Thai Nguyen).\/p>\n
Driven by expansion and recovery across most segments, GELEX’s gross profit is projected to increase by 25% to VND 6,736 billion.\/p>\n
However, despite of strong growth of revenue, financial income is estimated to decrease by 88% to VND 179 billion from VND 1,457 billion in 2024 due to the absence of profits from the divestment of energy portfolio of 2024.\/p>\n
After deducting taxes and fees, Vietcap projects GELEX’s 2025 profit after tax at VND 1,921 billion, a 9% decrease compared to the 2024 projection. However, profit after tax excluding minority interests in core business is still estimated at VND 1,093 billion, a 124% increase, mainly due to core profit growth across all segments.\/p>\n","protected":false},"excerpt":{"rendered":"
According to Vietcap Securities, this growth is primarily attributed to continued expansion in the electrical equipment segment and expectations of a recovery in the real estate market, which will boost the building materials segment. Vietcap Securities (VCI) has released an analysis report on GELEX Group (HOSE: GEX). The report projects GELEX’s 2024 revenue at VND […]\/p>\n","protected":false},"author":14,"featured_media":10759,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63,70],"tags":[],"class_list":["post-10791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","category-news-events"],"yoast_head":"
GELEX Group's 2025 revenue is forecast to exceed VND 36,000 billion - Gelex Holdings<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gelex.vn\/en\/news-en\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GELEX Group's 2025 revenue is forecast to exceed VND 36,000 billion - Gelex Holdings\" \/>\n<meta property=\"og:description\" content=\"According to Vietcap Securities, this growth is primarily attributed to continued expansion in the electrical equipment segment and expectations of a recovery in the real estate market, which will boost the building materials segment. Vietcap Securities (VCI) has released an analysis report on GELEX Group (HOSE: GEX). The report projects GELEX’s 2024 revenue at VND […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gelex.vn\/en\/news-en\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html\" \/>\n<meta property=\"og:site_name\" content=\"Gelex Holdings\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-12T11:59:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-13T09:34:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/gelex.vn\/wp-content\/uploads\/2025\/01\/Toa-nha-GELEX-2024.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1272\" \/>\n\t<meta property=\"og:image:height\" content=\"952\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"linh.nguyen-thi@gelex.vn\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"linh.nguyen-thi@gelex.vn\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/gelex.vn\\\/en\\\/news-en\\\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/gelex.vn\\\/en\\\/news-en\\\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html\"},\"author\":{\"name\":\"linh.nguyen-thi@gelex.vn\",\"@id\":\"https:\\\/\\\/gelex.vn\\\/#\\\/schema\\\/person\\\/c838a3781d7c202b26280576e6950f71\"},\"headline\":\"GELEX Group’s 2025 revenue is forecast to exceed VND 36,000 billion\",\"datePublished\":\"2025-01-12T11:59:59+00:00\",\"dateModified\":\"2025-01-13T09:34:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/gelex.vn\\\/en\\\/news-en\\\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html\"},\"wordCount\":440,\"publisher\":{\"@id\":\"https:\\\/\\\/gelex.vn\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/gelex.vn\\\/en\\\/news-en\\\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/gelex.vn\\\/wp-content\\\/uploads\\\/2025\\\/01\\\/Toa-nha-GELEX-2024.jpg\",\"articleSection\":[\"News & Events\",\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/gelex.vn\\\/en\\\/news-en\\\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html\",\"url\":\"https:\\\/\\\/gelex.vn\\\/en\\\/news-en\\\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html\",\"name\":\"GELEX Group's 2025 revenue is forecast to exceed VND 36,000 billion - Gelex Holdings\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/gelex.vn\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/gelex.vn\\\/en\\\/news-en\\\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/gelex.vn\\\/en\\\/news-en\\\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/gelex.vn\\\/wp-content\\\/uploads\\\/2025\\\/01\\\/Toa-nha-GELEX-2024.jpg\",\"datePublished\":\"2025-01-12T11:59:59+00:00\",\"dateModified\":\"2025-01-13T09:34:01+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/gelex.vn\\\/en\\\/news-en\\\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/gelex.vn\\\/en\\\/news-en\\\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/gelex.vn\\\/en\\\/news-en\\\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html#primaryimage\",\"url\":\"https:\\\/\\\/gelex.vn\\\/wp-content\\\/uploads\\\/2025\\\/01\\\/Toa-nha-GELEX-2024.jpg\",\"contentUrl\":\"https:\\\/\\\/gelex.vn\\\/wp-content\\\/uploads\\\/2025\\\/01\\\/Toa-nha-GELEX-2024.jpg\",\"width\":1272,\"height\":952,\"caption\":\"GELEX building at 52 Le Dai Hanh street, Hai Ba Trung district, Hanoi City.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/gelex.vn\\\/en\\\/news-en\\\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News & Events\",\"item\":\"https:\\\/\\\/gelex.vn\\\/en\\\/category\\\/news-en\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News\",\"item\":\"https:\\\/\\\/gelex.vn\\\/en\\\/category\\\/news-en\\\/news-events\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"GELEX Group’s 2025 revenue is forecast to exceed VND 36,000 billion\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/gelex.vn\\\/#website\",\"url\":\"https:\\\/\\\/gelex.vn\\\/\",\"name\":\"Gelex Holdings\",\"description\":\"S\u1ea3n xu\u1ea5t c\u00f4ng nghi\u1ec7p - H\u1ea1 t\u1ea7ng\",\"publisher\":{\"@id\":\"https:\\\/\\\/gelex.vn\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/gelex.vn\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/gelex.vn\\\/#organization\",\"name\":\"Gelex Holdings\",\"url\":\"https:\\\/\\\/gelex.vn\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/gelex.vn\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/gelex.vn\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/LOGO-GELEX-2.svg\",\"contentUrl\":\"https:\\\/\\\/gelex.vn\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/LOGO-GELEX-2.svg\",\"caption\":\"Gelex Holdings\"},\"image\":{\"@id\":\"https:\\\/\\\/gelex.vn\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/gelex.vn\\\/#\\\/schema\\\/person\\\/c838a3781d7c202b26280576e6950f71\",\"name\":\"linh.nguyen-thi@gelex.vn\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/638fe0a384aa5b6352c7e98f7db7e9ee2f9f4874678b811823ede27e15b03a25?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/638fe0a384aa5b6352c7e98f7db7e9ee2f9f4874678b811823ede27e15b03a25?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/638fe0a384aa5b6352c7e98f7db7e9ee2f9f4874678b811823ede27e15b03a25?s=96&d=mm&r=g\",\"caption\":\"linh.nguyen-thi@gelex.vn\"},\"url\":\"https:\\\/\\\/gelex.vn\\\/en\\\/author\\\/linh-nguyen-thigelex-vn\"}]}<\/script>","yoast_head_json":{"title":"GELEX Group's 2025 revenue is forecast to exceed VND 36,000 billion - Gelex Holdings","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/gelex.vn\/en\/news-en\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html","og_locale":"en_US","og_type":"article","og_title":"GELEX Group's 2025 revenue is forecast to exceed VND 36,000 billion - Gelex Holdings","og_description":"According to Vietcap Securities, this growth is primarily attributed to continued expansion in the electrical equipment segment and expectations of a recovery in the real estate market, which will boost the building materials segment. Vietcap Securities (VCI) has released an analysis report on GELEX Group (HOSE: GEX). The report projects GELEX’s 2024 revenue at VND […]","og_url":"https:\/\/gelex.vn\/en\/news-en\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html","og_site_name":"Gelex Holdings","article_published_time":"2025-01-12T11:59:59+00:00","article_modified_time":"2025-01-13T09:34:01+00:00","og_image":[{"width":1272,"height":952,"url":"https:\/\/gelex.vn\/wp-content\/uploads\/2025\/01\/Toa-nha-GELEX-2024.jpg","type":"image\/jpeg"}],"author":"linh.nguyen-thi@gelex.vn","twitter_card":"summary_large_image","twitter_misc":{"Written by":"linh.nguyen-thi@gelex.vn","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/gelex.vn\/en\/news-en\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html#article","isPartOf":{"@id":"https:\/\/gelex.vn\/en\/news-en\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html"},"author":{"name":"linh.nguyen-thi@gelex.vn","@id":"https:\/\/gelex.vn\/#\/schema\/person\/c838a3781d7c202b26280576e6950f71"},"headline":"GELEX Group’s 2025 revenue is forecast to exceed VND 36,000 billion","datePublished":"2025-01-12T11:59:59+00:00","dateModified":"2025-01-13T09:34:01+00:00","mainEntityOfPage":{"@id":"https:\/\/gelex.vn\/en\/news-en\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html"},"wordCount":440,"publisher":{"@id":"https:\/\/gelex.vn\/#organization"},"image":{"@id":"https:\/\/gelex.vn\/en\/news-en\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html#primaryimage"},"thumbnailUrl":"https:\/\/gelex.vn\/wp-content\/uploads\/2025\/01\/Toa-nha-GELEX-2024.jpg","articleSection":["News & Events","News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/gelex.vn\/en\/news-en\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html","url":"https:\/\/gelex.vn\/en\/news-en\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html","name":"GELEX Group's 2025 revenue is forecast to exceed VND 36,000 billion - Gelex Holdings","isPartOf":{"@id":"https:\/\/gelex.vn\/#website"},"primaryImageOfPage":{"@id":"https:\/\/gelex.vn\/en\/news-en\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html#primaryimage"},"image":{"@id":"https:\/\/gelex.vn\/en\/news-en\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html#primaryimage"},"thumbnailUrl":"https:\/\/gelex.vn\/wp-content\/uploads\/2025\/01\/Toa-nha-GELEX-2024.jpg","datePublished":"2025-01-12T11:59:59+00:00","dateModified":"2025-01-13T09:34:01+00:00","breadcrumb":{"@id":"https:\/\/gelex.vn\/en\/news-en\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/gelex.vn\/en\/news-en\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/gelex.vn\/en\/news-en\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html#primaryimage","url":"https:\/\/gelex.vn\/wp-content\/uploads\/2025\/01\/Toa-nha-GELEX-2024.jpg","contentUrl":"https:\/\/gelex.vn\/wp-content\/uploads\/2025\/01\/Toa-nha-GELEX-2024.jpg","width":1272,"height":952,"caption":"GELEX building at 52 Le Dai Hanh street, Hai Ba Trung district, Hanoi City."},{"@type":"BreadcrumbList","@id":"https:\/\/gelex.vn\/en\/news-en\/gelex-groups-2025-revenue-is-forecast-to-exceed-vnd-36000-billion.html#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News & Events","item":"https:\/\/gelex.vn\/en\/category\/news-en"},{"@type":"ListItem","position":2,"name":"News","item":"https:\/\/gelex.vn\/en\/category\/news-en\/news-events"},{"@type":"ListItem","position":3,"name":"GELEX Group’s 2025 revenue is forecast to exceed VND 36,000 billion"}]},{"@type":"WebSite","@id":"https:\/\/gelex.vn\/#website","url":"https:\/\/gelex.vn\/","name":"Gelex Holdings","description":"S\u1ea3n xu\u1ea5t c\u00f4ng nghi\u1ec7p - H\u1ea1 t\u1ea7ng","publisher":{"@id":"https:\/\/gelex.vn\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/gelex.vn\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/gelex.vn\/#organization","name":"Gelex Holdings","url":"https:\/\/gelex.vn\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/gelex.vn\/#\/schema\/logo\/image\/","url":"https:\/\/gelex.vn\/wp-content\/uploads\/2024\/11\/LOGO-GELEX-2.svg","contentUrl":"https:\/\/gelex.vn\/wp-content\/uploads\/2024\/11\/LOGO-GELEX-2.svg","caption":"Gelex Holdings"},"image":{"@id":"https:\/\/gelex.vn\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/gelex.vn\/#\/schema\/person\/c838a3781d7c202b26280576e6950f71","name":"linh.nguyen-thi@gelex.vn","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/638fe0a384aa5b6352c7e98f7db7e9ee2f9f4874678b811823ede27e15b03a25?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/638fe0a384aa5b6352c7e98f7db7e9ee2f9f4874678b811823ede27e15b03a25?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/638fe0a384aa5b6352c7e98f7db7e9ee2f9f4874678b811823ede27e15b03a25?s=96&d=mm&r=g","caption":"linh.nguyen-thi@gelex.vn"},"url":"https:\/\/gelex.vn\/en\/author\/linh-nguyen-thigelex-vn"}]}},"_links":{"self":[{"href":"https:\/\/gelex.vn\/en\/wp-json\/wp\/v2\/posts\/10791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gelex.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gelex.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gelex.vn\/en\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/gelex.vn\/en\/wp-json\/wp\/v2\/comments?post=10791"}],"version-history":[{"count":0,"href":"https:\/\/gelex.vn\/en\/wp-json\/wp\/v2\/posts\/10791\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gelex.vn\/en\/wp-json\/wp\/v2\/media\/10759"}],"wp:attachment":[{"href":"https:\/\/gelex.vn\/en\/wp-json\/wp\/v2\/media?parent=10791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gelex.vn\/en\/wp-json\/wp\/v2\/categories?post=10791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gelex.vn\/en\/wp-json\/wp\/v2\/tags?post=10791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}