Vietnamese conglomerate Gelex posts over $26.6 mln in Q1 profit, beating target
By
Khanh An, Thai Ha
Thu, April 2, 2026 | 8:17 am GMT+7
Gelex Group, a multi-sector Vietnamese corporation (GEX), reported estimated Q1 pre-tax profit of VND700 billion ($26.6 million), exceeding its target by 43% and rising 10% from a year earlier.
At its 2026 AGM on Wednesday, Gelex said consolidated revenue for the quarter surpassed VND10 trillion ($379.72 million).
Subsidiaries also posted solid earnings growth, with Viglacera expected to report profit of around VND395 billion, exceeding its quarterly plan by 40%.
At the 2026 AGM of Gelex Group in Hanoi, April 1, 2026. Photo courtesy of the company.
Eximbank investment in focus
One of the key topics discussed at the AGM was Gelex’s investment in Eximbank (HoSE: EIB).
As of the end of 2025, Gelex held more than 10% of Eximbank, with a carrying value of nearly VND3.3 trillion ($125.19 million) and a fair value of VND3.98 trillion ($151.17 million). The group classifies the stake as a short-term financial investment.
CEO of Gelex Nguyen Van Tuan said the Eximbank investment is strategic and long-term, with Gelex aiming to raise its ownership to 15% when regulatory conditions allow. The group intends to act as a major shareholder without directly participating in management.
Gelex also aims to support Eximbank’s transformation toward greater transparency and stronger governance standards, emphasizing the role of independent board members and a clear separation between ownership and management.
“This is also a principle we apply across Gelex’s ecosystem - strengthening governance standards, enhancing transparency, and improving operational efficiency as a foundation for sustainable long-term value,” Tuan said.
Chief financial officer Bui Dang Khoa said Gelex’s Q1 results exceeded expectations, with consolidated revenue topping VND10 trillion ($379.72 million) and pre-tax profit surpassing VND700 billion ($26.6 million).
The performance reflects broad-based growth across the group’s business units, reinforcing its outlook for the year, the company said.
Gelex Group involves manufacturing of electric equipment, development of industrial real estate, production of building materials, energy, and clean water.
On the Ho Chi Minh Stock Exchange (HoSE), GEX shares closed Wednesday at VND37,050 ($1.4) apiece.
According to an announcement from Gelex Group at the first meeting of the new board of directors held on Wednesday afternoon, CEO Nguyen Van Tuan was elected to the position of chairman of the board of directors.
Nguyen Van Tuan. Photo courtesy of Gelex Group.
After nearly six years, Tuan, born in 1984, has returned to the position. He previously served as chairman of Gelex from January 2018 to August 2020, before handing over the position to Nguyen Hoa Cuong.
Previously, at the 2026 AGM in the morning of the same day, Tuan returned to the Gelex board of directors, replacing Nguyen Trong Hien - the candidate expected to be nominated by the group for the board of directors at Eximbank.
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