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Vietnam’s Hoa Phat logs record high $1B revenue, $163M after-tax profit

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Hoa Phat Group reported after-tax profit of over 3.78 trillion dong ($163 million) in the third quarter of this year, doubling the figure recorded in the same period last year. VIETNAM NEWS AGENCY/VIET NAM NEWS

Vietnam’s Hoa Phat logs record high $1B revenue, $163M after-tax profit

Vietnamese multi-sectoral conglomerate Hoa Phat Group posted its highest-ever quarterly revenue of 24.9 trillion dong ($1.07 billion) in the third quarter of this year, up 62.7 per cent year-on-year.

After-tax profit topped 3.78 trillion dong, double the figure recorded in the same period last year.

In the first nine months of this year, the group earned 65 trillion dong in revenue and more than 8.84 trillion dong in after-tax profit, year-on-year rises of 40 per cent and 56 per cent, respectively, surpassing the results it made in all of 2019.

Steel and agricultural business made major contributions to the results. Last month, the group recorded raw steel production of 575 trillion tonnes, the highest amount so far, nearly double the production in the same period last year.

In January-September, Hoa Phat steel sold more than four million tonnes of raw steel, two times higher than the same period last year. Of which, sales of construction steel reached nearly 2.5 million tonnes. The remaining was steel billets and hot-rolled coil (HRC) steel. Hoa Phat retained its leading position in the country’s steel market with a 32.6 per cent share.

In addition to its leading position in the local market, Hoa Phat shipped more than 370,000 tonnes internationally, a 95 per cent year-on-year rise. The total volume of steel billets supplied to customers under signed contracts was 1.25 million tonnes.

The group’s total sales volume of steel pipes and galvanised steel sheets has seen relatively high growth despite the Covid-19 pandemic.

In the first nine months of the year, its sale of steel pipe products hit nearly 570,000 tonnes, a 3.5 per cent year-on-year increase. Hoa Phat steel sheets recorded a growth of 150 per cent over the same period last year.

In recent years, the group’s agricultural sector has grown strongly, contributing about 12 per cent of revenue and 15 per cent of profit to the total.

Other industries and real estate sectors also contributed significantly to the group’s overall business results.

Hoa Phat furniture marked 25 years of development with a series of high-end office and home projects. Notably, Hoa Phat refrigeration recorded a sudden increase in profit and exceeded the plan for the whole year after nine months.

Hoa Phat has set a target of 86 trillion dong in revenue and nine trillion dong in after-tax profit this year.

With such positive results, the group is confident to surpass the set plans, and striving to put the No 4 blast furnace, the last item of the Hoa Phat Dung Quat Iron and Steel Production Complex, into operation in January next year.

VIET NAM NEWS/ASIA NEWS NETWORK

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