•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
GELEX reported double-digit revenue growth in the first quarter of 2026, citing continued rollout of strategic projects and expansion of its operating scale.
According to GELEX’s Q1 2026 financial statements, consolidated net revenue reached 10,722 billion dong, up 35.4% year over year.
Pre-tax profit of the group in the quarter was 806 billion dong, up 24.9% from the same period last year. The company attributed the result to the effectiveness of market expansion and cost-optimisation measures.
GELEX’s growth was led by the electrical equipment segment, which generated 7,061 billion dong in revenue, up 38.2% year over year and accounting for about 65.9% of total net revenue. The main driver was market expansion and higher sales volumes in core product groups.
Other segments also posted growth:
During the period, GELEX’s financing costs increased, reflecting the company’s accelerated investments in large-scale projects.
By 31/3/2026, total assets were 87,015 billion dong, up 18.4% from the start of the year. Debt also rose as GELEX expanded investments in infrastructure, real estate, and key projects such as Gia Binh airport.
Despite the increase in leverage associated with investment expansion, the group said its financial safety and solvency indicators remained at safe levels. This is consistent with VIS Rating’s six-month review published on 24/4, which maintained GELEX’s long-term credit rating at A with a Positive outlook.
For the first quarter, GELEX completed about 24% of its planned 2026 revenue and 22% of its annual pre-tax profit target.
Previously, the annual general meeting of shareholders approved 2026 targets of:
In the broader macroeconomic context, Vietnam’s GDP growth is estimated at about 7.83% in Q1 2026, indicating positive fundamentals. GELEX said it is entering a new growth cycle supported by four pillars: high-tech industry, infrastructure, real estate, and finance.
During the quarter, GELEX also highlighted several strategic milestones, including strengthening the governance framework for the new term, mobilising 200 million USD in international capital, launching the Fairmont Hanoi hotel, expanding its investment portfolio with large projects, and increasing its presence in residential and high-end commercial real estate segments.
The company said the developments in Q1 2026 and the recent period demonstrate its management and execution capability, and that it is translating strategy into concrete results to support sustainable growth amid challenging macro conditions.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
