- 2022-01-27T00:00:00
- Company Research
GEX released Q4 2021 results with revenue jumping 60% YoY to VND9tn (USD410mn) while reported NPAT plunged 21% YoY to VND207bn (USD9mn). We attribute the decline in reported NPAT to a jump in both financial expenses and SG&A expenses that outweighed (1) a higher income contribution from VGC, (2) an earnings recovery for CAV and (3) a jump in financial gains from revaluation and securities investments. We note that GEX increased its ownership ratio in VGC to 50% in Q2 2021 vs 25% in Q3 2020. |
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