Binh Thanh Production, Trading and Import-Export Joint Stock Company (Gilimex) in Ho Chi Minh City recorded re...
Binh Thanh Production, Trading and Import-Export Joint Stock Company (Gilimex) in Ho Chi Minh City recorded revenue from its industrial real estate segment of nearly 15 billion VND at the end of 2023. This is a new area for the company, which previously focused on textiles.
Recently, Gilimex's Industrial Park Joint Stock Company signed a strategic cooperation agreement with the Military Commercial Joint Stock Bank (MBBank) around the end of January 2024. Under the cooperation strategy, MBBank will provide funding for Gilimex to invest in this new field with a total limit of 5,000 billion VND.
Gilimex Industrial Park Joint Stock Company was established in November 2019 with a charter capital of 500 billion VND. The founding shareholders are Gilimex (holding 51% of capital), Transimex (20% of capital), Garmex Saigon (5% of capital), Thua Thien Hue Investment and Export-Import Joint Stock Company (20% of capital), and Thanh My Textile Import-Export Company Limited (4% of capital).
This agreement follows the company's headquarters in Binh Thanh District beginning to generate revenue from the development of industrial parks. In the fourth quarter financial report of 2023, Gilimex (stock code GIL, HoSE exchange) reported that its core business activities did not perform well, with revenue decreasing by 12% to 230 billion VND and gross profit decreasing by 32% to 28.2 billion VND.
However, other activities brought in a profit of 101 billion VND. As a result, Gilimex achieved a net profit of 91 billion VND, nine times higher than the same period the previous year.
According to the report, in the two main business areas of textiles and industrial real estate, the textile business was affected by low industry demand due to a slowdown in global orders. Specifically, the company's major customer, the retail giant Amazon (accounting for 80% of revenue), reduced orders abruptly. Gilimex was forced to reduce more than 900 employees during the year, with the number of employees at the end of 2023 standing at 968 people.
In the new field, Gilimex has been and is in the process of developing industrial parks in Vinh Long and Dong Thap provinces in the Mekong Delta; Thua Thien Hue, Quang Ngai, and Quang Nam provinces in the Central region. The Gilimex Vinh Long Industrial Park (Vinh Long Province) and Phu Bai 4 Industrial Park in Hue have been approved for investment.
The Gilimex Vinh Long Industrial Park in Binh Tan District is only 18 km away from Can Tho (the center of the Mekong Delta), about 28 km from Can Tho Airport, and 170 km from Ho Chi Minh City.
Image: A partial rendering of the Gilimex Vinh Long Industrial Park project. Photo: Gilimex
The project has a total scale of 400 hectares, with 255 hectares allocated for phase 1, according to local information. Investment-attracting industries include agricultural and food processing, vegetables and fruits, and products from fruits; seafood processing; livestock products; consumer goods industry, textiles, handicrafts, electronics assembly, packaging, pharmaceuticals, cosmetics, other construction materials extraction and production; warehouses, services, and a few other less environmentally polluting industries.
The Phu Bai 4 Industrial Park has a scale of 461 hectares, with a total investment of 2,614 billion VND following a clean and green industrial direction. In the explanatory document on the business results of the third quarter of 2023, Gilimex stated that it is in the process of accelerating infrastructure construction progress to hand over land to secondary investors by the fourth quarter of 2023.
The GIL stock closed at 31,000 VND on February 16, up 2% from February 15 (the 6th day of the Lunar New Year, Giap Thin: 30,800 VND). On February 7, the last trading day before the Lunar New Year, the closing price of GIL was 28,800 VND, down 2,200 VND from February 16.
Via The gioi tiep thi