Information about the Company
Gia Lai Electricity Joint Stock Company (GEC), formerly known as a 100% state-owned enterprise operating Hydropower, was established in 1989. By 2010, the Company completed the equalization and officially changed its name to Gia Lai Electricity Joint Stock Company. In 2013, GEC became a Member of the TTC Group and was identified as the Group’s key unit in the field of Renewable Energy. In 2016, the International Finance Corporation (IFC) under the World Bank and Armstrong Clean Energy Fund - Singapore officially became Strategic Shareholders with 36% of outstanding shares. GEC moved to Ho Chi Minh Stock Exchange (HOSE) in 2019 with nearly 204 million shares after 3 years of the Unlisted Public Company Market (UPCOM) trading, marking a strong breakthrough in the Capital market.
With the vision to “Become the Leading Private Organisation in Vietnam Renewable Energy Sector”, GEC has been strengthening its portfolio by Energy type diversification of 600 megawatts (MW) Hydropower, Solar Farm, Solar Rooftop and Wind Power, towards the strategic goal of 1,700+ MW by 2025. Total Assets in the first 9 months of 2021 reached USD546 million and will double to USD652 million at the end of 2021. Cumulative Net Revenue and Profit after tax in the period of 2015 - 9 months of 2021 were recorded at USD238 million and USD64 million respectively.
Company Culture & Company Activities
With the motto “Business is the mission, not benefit”, GEC is aware that Social Responsibility is part of the Company's business goals. From 2012 to 2020, GEC has contributed USD600,000 to Corporate Social Responsibility (CSR) activities.
As the mission of a responsible Renewable Energy Developer, GEC has persistently improved the IFC international performance standards on Environment and Society. GEC's Projects therefore, all conduct Environmental and Social (E&S) assessments in all phases prior to construction to operation in order to minimize the impact on the environment. Since the Company was founded, the total amount of CO₂ emissions has been 7.7 million tons. With the industry’s specific characteristics, most of GEC’s Renewable Energy Plants have been located in remote rural areas. GEC has advocated using local labor as well as actively participating in community activities to support local development.
Since 2020, GEC has ensured job opportunities and productivity during the COVID-19 pandemic by implementing flexible and reasonable policies. The average income of GEC employees in the first 9 months of 2021 was up by 6% year-over-year (YoY). There is also a very competitive payment for locals where GEC developed the Energy Projects. In order to attract quality manpower and empower employee engagement, GEC progressively focuses on salary adjustment, compensation and benefits policies. Together with technology advancement, in 9 months 2021, GEC’s Headcount successfully slightly rose 8% to 579 employees thanks to technology application to operation, management and multiple roles concurrently at Subsidiaries.
Gia Lai Electricity Joint Stock Company (GEC), formerly known as a 100% state-owned enterprise operating Hydropower, was established in 1989. By 2010, the Company completed the equalization and officially changed its name to Gia Lai Electricity Joint Stock Company. In 2013, GEC became a Member of the TTC Group and was identified as the Group’s key unit in the field of Renewable Energy. In 2016, the International Finance Corporation (IFC) under the World Bank and Armstrong Clean Energy Fund - Singapore officially became Strategic Shareholders with 36% of outstanding shares. GEC moved to Ho Chi Minh Stock Exchange (HOSE) in 2019 with nearly 204 million shares after 3 years of the Unlisted Public Company Market (UPCOM) trading, marking a strong breakthrough in the Capital market.
With the vision to “Become the Leading Private Organisation in Vietnam Renewable Energy Sector”, GEC has been strengthening its portfolio by Energy type diversification of 600 megawatts (MW) Hydropower, Solar Farm, Solar Rooftop and Wind Power, towards the strategic goal of 1,700+ MW by 2025. Total Assets in the first 9 months of 2021 reached USD546 million and will double to USD652 million at the end of 2021. Cumulative Net Revenue and Profit after tax in the period of 2015 - 9 months of 2021 were recorded at USD238 million and USD64 million respectively.
Company Culture & Company Activities
With the motto “Business is the mission, not benefit”, GEC is aware that Social Responsibility is part of the Company's business goals. From 2012 to 2020, GEC has contributed USD600,000 to Corporate Social Responsibility (CSR) activities.
As the mission of a responsible Renewable Energy Developer, GEC has persistently improved the IFC international performance standards on Environment and Society. GEC's Projects therefore, all conduct Environmental and Social (E&S) assessments in all phases prior to construction to operation in order to minimize the impact on the environment. Since the Company was founded, the total amount of CO₂ emissions has been 7.7 million tons. With the industry’s specific characteristics, most of GEC’s Renewable Energy Plants have been located in remote rural areas. GEC has advocated using local labor as well as actively participating in community activities to support local development.
Since 2020, GEC has ensured job opportunities and productivity during the COVID-19 pandemic by implementing flexible and reasonable policies. The average income of GEC employees in the first 9 months of 2021 was up by 6% year-over-year (YoY). There is also a very competitive payment for locals where GEC developed the Energy Projects. In order to attract quality manpower and empower employee engagement, GEC progressively focuses on salary adjustment, compensation and benefits policies. Together with technology advancement, in 9 months 2021, GEC’s Headcount successfully slightly rose 8% to 579 employees thanks to technology application to operation, management and multiple roles concurrently at Subsidiaries.
Synchronously developing different types of Energy
Achievements & Impact
Over the past 32 years, GEC has developed Hydropower of 84 MW with 321 million kilowatt-hours (kWh) of electricity output and earned USD17 million in Revenue in 2020. During the period of 2016 to the first 9 months of 2021, Hydropower achieved an accumulation Revenue of USD99 million and 1.9 billion kWh of electricity output to the National Grid.
Besides, the light from the Company’s 5 Solar Power Plants and 34 Rooftop Systems of 343 MWp to optimise the available land bank in 10 Vietnam' Provinces also contributed to the Total Revenue of USD39 million, equivalent to 400 million kWh - accounting for 55% of GEC’s total electricity output in 2020 - accounting for 55% of GEC’s total electricity output in 2020. In the 3-year period of 2018 to the first 9 months of 2021, the Solar Power sector accumulated USD96 million in Revenue with a Gross Profit Margin constantly maintained at a high level of over 60%.
3 Wind Farms have been put into operation as planned before November 2021 with a total capacity of nearly 130 MW to enjoy the 20-year Feed-in-Tariff (FiT1). They are expected to contribute about 416 million kWh of electricity output; supply for nearly 64,000 households and gain USD39 million of Revenue which accounts for 42% of Total Revenue annually. CO₂ emissions were reduced by 361,000 tons, being towards the total ones of the whole GEC's portfolio to nearly 800,000 tons/year.
The Company maintains an attractive Gross Profit Margin of approximately 51%, surpassing the benchmark of 37%. Its effective cost control has contributed positively to Profitability over the years. Furthermore, its Earnings Before Interest, Taxes, Depreciation and amortisation (EBITDA) and EBIT Margins amounted to 68% and 44% respectively, which were higher than the Industry.
Future Direction
With a diversified portfolio of 1,700+ MWp Renewable Energy, the Total Revenue and Earnings Before Tax are expected to reach USD278 million and USD47 million in 2025, enjoying a 5-year Compound Annual Growth Rate (CAGR) at 34% and 29% respectively.
For Wind Power, GEC's first priority is strengthening investment cooperation, expanding project development through Mergers and Acquisitions (M&A) activities and optimising EPC Credit Facility or Export Credit Facility. Actively controlling investment costs to cinch financial efficiency while aiming to optimise investment costs to participate in the Bidding mechanism and Competitive electricity market are also focused.
For Solar Power, GEC will complete the Additional Planning for Projects that have completed the connection review and submitted to the MOIT. Potential ones that meet legal, transmission and connection criteria moreover will be considered to expand investment portfolio. GEC is going to concentrate on large-scale projects in the Provinces of Dong Nai, Phu Yen and Binh Thuan for investment expansion until 2025.
For Science - Technology and Technical Services, GEC will do effective management and operation of Renewable Energy Plants. GEC currently has mastered technology in Hydropower, Solar Power and receiving technology transfer towards mastering the operation of Wind Farms. Expanding the market for Technical Services, commercialising Solar Power equipment and Energy products will be aimed for service Revenue contribution to reach 20%.
Over the past 32 years, GEC has developed Hydropower of 84 MW with 321 million kilowatt-hours (kWh) of electricity output and earned USD17 million in Revenue in 2020. During the period of 2016 to the first 9 months of 2021, Hydropower achieved an accumulation Revenue of USD99 million and 1.9 billion kWh of electricity output to the National Grid.
Besides, the light from the Company’s 5 Solar Power Plants and 34 Rooftop Systems of 343 MWp to optimise the available land bank in 10 Vietnam' Provinces also contributed to the Total Revenue of USD39 million, equivalent to 400 million kWh - accounting for 55% of GEC’s total electricity output in 2020 - accounting for 55% of GEC’s total electricity output in 2020. In the 3-year period of 2018 to the first 9 months of 2021, the Solar Power sector accumulated USD96 million in Revenue with a Gross Profit Margin constantly maintained at a high level of over 60%.
3 Wind Farms have been put into operation as planned before November 2021 with a total capacity of nearly 130 MW to enjoy the 20-year Feed-in-Tariff (FiT1). They are expected to contribute about 416 million kWh of electricity output; supply for nearly 64,000 households and gain USD39 million of Revenue which accounts for 42% of Total Revenue annually. CO₂ emissions were reduced by 361,000 tons, being towards the total ones of the whole GEC's portfolio to nearly 800,000 tons/year.
The Company maintains an attractive Gross Profit Margin of approximately 51%, surpassing the benchmark of 37%. Its effective cost control has contributed positively to Profitability over the years. Furthermore, its Earnings Before Interest, Taxes, Depreciation and amortisation (EBITDA) and EBIT Margins amounted to 68% and 44% respectively, which were higher than the Industry.
Future Direction
With a diversified portfolio of 1,700+ MWp Renewable Energy, the Total Revenue and Earnings Before Tax are expected to reach USD278 million and USD47 million in 2025, enjoying a 5-year Compound Annual Growth Rate (CAGR) at 34% and 29% respectively.
For Wind Power, GEC's first priority is strengthening investment cooperation, expanding project development through Mergers and Acquisitions (M&A) activities and optimising EPC Credit Facility or Export Credit Facility. Actively controlling investment costs to cinch financial efficiency while aiming to optimise investment costs to participate in the Bidding mechanism and Competitive electricity market are also focused.
For Solar Power, GEC will complete the Additional Planning for Projects that have completed the connection review and submitted to the MOIT. Potential ones that meet legal, transmission and connection criteria moreover will be considered to expand investment portfolio. GEC is going to concentrate on large-scale projects in the Provinces of Dong Nai, Phu Yen and Binh Thuan for investment expansion until 2025.
For Science - Technology and Technical Services, GEC will do effective management and operation of Renewable Energy Plants. GEC currently has mastered technology in Hydropower, Solar Power and receiving technology transfer towards mastering the operation of Wind Farms. Expanding the market for Technical Services, commercialising Solar Power equipment and Energy products will be aimed for service Revenue contribution to reach 20%.
CORPORATE EXCELLENCE CATEGORY
Gia Lai Electricity Joint Stock Company
Information about the Company
Gia Lai Electricity Joint Stock Company (GEC), formerly known as a 100% state-owned enterprise operating Hydropower, was established in 1989. By 2010, the Company completed the equalization and officially changed its name to Gia Lai Electricity Joint Stock Company. In 2013, GEC became a Member of the TTC Group and was identified as the Group’s key unit in the field of Renewable Energy. In 2016, the International Finance Corporation (IFC) under the World Bank and Armstrong Clean Energy Fund - Singapore officially became Strategic Shareholders with 36% of outstanding shares. GEC moved to Ho Chi Minh Stock Exchange (HOSE) in 2019 with nearly 204 million shares after 3 years of the Unlisted Public Company Market (UPCOM) trading, marking a strong breakthrough in the Capital market.
With the vision to “Become the Leading Private Organisation in Vietnam Renewable Energy Sector”, GEC has been strengthening its portfolio by Energy type diversification of 600 megawatts (MW) Hydropower, Solar Farm, Solar Rooftop and Wind Power, towards the strategic goal of 1,700+ MW by 2025. Total Assets in the first 9 months of 2021 reached USD546 million and will double to USD652 million at the end of 2021. Cumulative Net Revenue and Profit after tax in the period of 2015 - 9 months of 2021 were recorded at USD238 million and USD64 million respectively.
Company Culture & Company Activities
With the motto “Business is the mission, not benefit”, GEC is aware that Social Responsibility is part of the Company's business goals. From 2012 to 2020, GEC has contributed USD600,000 to Corporate Social Responsibility (CSR) activities.
As the mission of a responsible Renewable Energy Developer, GEC has persistently improved the IFC international performance standards on Environment and Society. GEC's Projects therefore, all conduct Environmental and Social (E&S) assessments in all phases prior to construction to operation in order to minimize the impact on the environment. Since the Company was founded, the total amount of CO₂ emissions has been 7.7 million tons. With the industry’s specific characteristics, most of GEC’s Renewable Energy Plants have been located in remote rural areas. GEC has advocated using local labor as well as actively participating in community activities to support local development.
Since 2020, GEC has ensured job opportunities and productivity during the COVID-19 pandemic by implementing flexible and reasonable policies. The average income of GEC employees in the first 9 months of 2021 was up by 6% year-over-year (YoY). There is also a very competitive payment for locals where GEC developed the Energy Projects. In order to attract quality manpower and empower employee engagement, GEC progressively focuses on salary adjustment, compensation and benefits policies. Together with technology advancement, in 9 months 2021, GEC’s Headcount successfully slightly rose 8% to 579 employees thanks to technology application to operation, management and multiple roles concurrently at Subsidiaries.
Gia Lai Electricity Joint Stock Company (GEC), formerly known as a 100% state-owned enterprise operating Hydropower, was established in 1989. By 2010, the Company completed the equalization and officially changed its name to Gia Lai Electricity Joint Stock Company. In 2013, GEC became a Member of the TTC Group and was identified as the Group’s key unit in the field of Renewable Energy. In 2016, the International Finance Corporation (IFC) under the World Bank and Armstrong Clean Energy Fund - Singapore officially became Strategic Shareholders with 36% of outstanding shares. GEC moved to Ho Chi Minh Stock Exchange (HOSE) in 2019 with nearly 204 million shares after 3 years of the Unlisted Public Company Market (UPCOM) trading, marking a strong breakthrough in the Capital market.
With the vision to “Become the Leading Private Organisation in Vietnam Renewable Energy Sector”, GEC has been strengthening its portfolio by Energy type diversification of 600 megawatts (MW) Hydropower, Solar Farm, Solar Rooftop and Wind Power, towards the strategic goal of 1,700+ MW by 2025. Total Assets in the first 9 months of 2021 reached USD546 million and will double to USD652 million at the end of 2021. Cumulative Net Revenue and Profit after tax in the period of 2015 - 9 months of 2021 were recorded at USD238 million and USD64 million respectively.
Company Culture & Company Activities
With the motto “Business is the mission, not benefit”, GEC is aware that Social Responsibility is part of the Company's business goals. From 2012 to 2020, GEC has contributed USD600,000 to Corporate Social Responsibility (CSR) activities.
As the mission of a responsible Renewable Energy Developer, GEC has persistently improved the IFC international performance standards on Environment and Society. GEC's Projects therefore, all conduct Environmental and Social (E&S) assessments in all phases prior to construction to operation in order to minimize the impact on the environment. Since the Company was founded, the total amount of CO₂ emissions has been 7.7 million tons. With the industry’s specific characteristics, most of GEC’s Renewable Energy Plants have been located in remote rural areas. GEC has advocated using local labor as well as actively participating in community activities to support local development.
Since 2020, GEC has ensured job opportunities and productivity during the COVID-19 pandemic by implementing flexible and reasonable policies. The average income of GEC employees in the first 9 months of 2021 was up by 6% year-over-year (YoY). There is also a very competitive payment for locals where GEC developed the Energy Projects. In order to attract quality manpower and empower employee engagement, GEC progressively focuses on salary adjustment, compensation and benefits policies. Together with technology advancement, in 9 months 2021, GEC’s Headcount successfully slightly rose 8% to 579 employees thanks to technology application to operation, management and multiple roles concurrently at Subsidiaries.
Synchronously developing different types of Energy
Achievements & Impact
Over the past 32 years, GEC has developed Hydropower of 84 MW with 321 million kilowatt-hours (kWh) of electricity output and earned USD17 million in Revenue in 2020. During the period of 2016 to the first 9 months of 2021, Hydropower achieved an accumulation Revenue of USD99 million and 1.9 billion kWh of electricity output to the National Grid.
Besides, the light from the Company’s 5 Solar Power Plants and 34 Rooftop Systems of 343 MWp to optimise the available land bank in 10 Vietnam' Provinces also contributed to the Total Revenue of USD39 million, equivalent to 400 million kWh - accounting for 55% of GEC’s total electricity output in 2020 - accounting for 55% of GEC’s total electricity output in 2020. In the 3-year period of 2018 to the first 9 months of 2021, the Solar Power sector accumulated USD96 million in Revenue with a Gross Profit Margin constantly maintained at a high level of over 60%.
3 Wind Farms have been put into operation as planned before November 2021 with a total capacity of nearly 130 MW to enjoy the 20-year Feed-in-Tariff (FiT1). They are expected to contribute about 416 million kWh of electricity output; supply for nearly 64,000 households and gain USD39 million of Revenue which accounts for 42% of Total Revenue annually. CO₂ emissions were reduced by 361,000 tons, being towards the total ones of the whole GEC's portfolio to nearly 800,000 tons/year.
The Company maintains an attractive Gross Profit Margin of approximately 51%, surpassing the benchmark of 37%. Its effective cost control has contributed positively to Profitability over the years. Furthermore, its Earnings Before Interest, Taxes, Depreciation and amortisation (EBITDA) and EBIT Margins amounted to 68% and 44% respectively, which were higher than the Industry.
Future Direction
With a diversified portfolio of 1,700+ MWp Renewable Energy, the Total Revenue and Earnings Before Tax are expected to reach USD278 million and USD47 million in 2025, enjoying a 5-year Compound Annual Growth Rate (CAGR) at 34% and 29% respectively.
For Wind Power, GEC's first priority is strengthening investment cooperation, expanding project development through Mergers and Acquisitions (M&A) activities and optimising EPC Credit Facility or Export Credit Facility. Actively controlling investment costs to cinch financial efficiency while aiming to optimise investment costs to participate in the Bidding mechanism and Competitive electricity market are also focused.
For Solar Power, GEC will complete the Additional Planning for Projects that have completed the connection review and submitted to the MOIT. Potential ones that meet legal, transmission and connection criteria moreover will be considered to expand investment portfolio. GEC is going to concentrate on large-scale projects in the Provinces of Dong Nai, Phu Yen and Binh Thuan for investment expansion until 2025.
For Science - Technology and Technical Services, GEC will do effective management and operation of Renewable Energy Plants. GEC currently has mastered technology in Hydropower, Solar Power and receiving technology transfer towards mastering the operation of Wind Farms. Expanding the market for Technical Services, commercialising Solar Power equipment and Energy products will be aimed for service Revenue contribution to reach 20%.
Over the past 32 years, GEC has developed Hydropower of 84 MW with 321 million kilowatt-hours (kWh) of electricity output and earned USD17 million in Revenue in 2020. During the period of 2016 to the first 9 months of 2021, Hydropower achieved an accumulation Revenue of USD99 million and 1.9 billion kWh of electricity output to the National Grid.
Besides, the light from the Company’s 5 Solar Power Plants and 34 Rooftop Systems of 343 MWp to optimise the available land bank in 10 Vietnam' Provinces also contributed to the Total Revenue of USD39 million, equivalent to 400 million kWh - accounting for 55% of GEC’s total electricity output in 2020 - accounting for 55% of GEC’s total electricity output in 2020. In the 3-year period of 2018 to the first 9 months of 2021, the Solar Power sector accumulated USD96 million in Revenue with a Gross Profit Margin constantly maintained at a high level of over 60%.
3 Wind Farms have been put into operation as planned before November 2021 with a total capacity of nearly 130 MW to enjoy the 20-year Feed-in-Tariff (FiT1). They are expected to contribute about 416 million kWh of electricity output; supply for nearly 64,000 households and gain USD39 million of Revenue which accounts for 42% of Total Revenue annually. CO₂ emissions were reduced by 361,000 tons, being towards the total ones of the whole GEC's portfolio to nearly 800,000 tons/year.
The Company maintains an attractive Gross Profit Margin of approximately 51%, surpassing the benchmark of 37%. Its effective cost control has contributed positively to Profitability over the years. Furthermore, its Earnings Before Interest, Taxes, Depreciation and amortisation (EBITDA) and EBIT Margins amounted to 68% and 44% respectively, which were higher than the Industry.
Future Direction
With a diversified portfolio of 1,700+ MWp Renewable Energy, the Total Revenue and Earnings Before Tax are expected to reach USD278 million and USD47 million in 2025, enjoying a 5-year Compound Annual Growth Rate (CAGR) at 34% and 29% respectively.
For Wind Power, GEC's first priority is strengthening investment cooperation, expanding project development through Mergers and Acquisitions (M&A) activities and optimising EPC Credit Facility or Export Credit Facility. Actively controlling investment costs to cinch financial efficiency while aiming to optimise investment costs to participate in the Bidding mechanism and Competitive electricity market are also focused.
For Solar Power, GEC will complete the Additional Planning for Projects that have completed the connection review and submitted to the MOIT. Potential ones that meet legal, transmission and connection criteria moreover will be considered to expand investment portfolio. GEC is going to concentrate on large-scale projects in the Provinces of Dong Nai, Phu Yen and Binh Thuan for investment expansion until 2025.
For Science - Technology and Technical Services, GEC will do effective management and operation of Renewable Energy Plants. GEC currently has mastered technology in Hydropower, Solar Power and receiving technology transfer towards mastering the operation of Wind Farms. Expanding the market for Technical Services, commercialising Solar Power equipment and Energy products will be aimed for service Revenue contribution to reach 20%.