GEG – Earnings Review – [HOLD] – 1Q25: Profit takes off, wind power surging

GEG‘s 1Q25 revenue grew to VND1,113bn, up 50% yoy. Next, the gross profit reached VND826bn, up 98% yoy, leading to the gross margin up to 74%, up 17% in 1Q25. Besides, the financial expenses were down 24% yoy, equivalent to a decrease of VND58bn in 1Q25 and the corporate tax was recorded at -VND8bn (1Q24: VND10bn). As a result, NPAT skyrocketed 385% yoy to VND613bn in 1Q25.