Hoa Phat Group’s net profit doubles in Q3

Monday, 19 October 2020 14:57:53 (GMT+3)   |   Istanbul
       

Vietnam-based steel producer Hoa Phat Group has announced its financial results for the third quarter and the first nine months of the current year. In the third quarter, the company reported a net profit of VND 3.78 trillion ($162.68 million), double compared to the same period of the previous year and recording a highest-ever quarterly profit, while the company’s revenue totaled VND 24.9 trillion ($1.07 billion).

In the first nine months of the year, the company recorded a revenue of VND 65 trillion ($2.79 billion), up by 40 percent, while it saw its net profit in the same period increase by 56 percent to VND 8.84 trillion ($380.77 million), both on year-on-year basis. Within the scope of the company’s business plan for 2020, Hoa Phat has achieved 98 percent of its net profit target.

In the January-September period this year, the company supplied more than four million mt of crude steel, double compared to the same period last year. In the given period, sales of finished construction steel reached nearly 2.5 million mt, while the remaining sales consisted of steel billets and hot rolled coil. Hoa Phat’s steel market share continued to take the leading position with 32.6 percent. The total volume of steel billet sold to both domestic and foreign customers in the first nine months reached 1.25 million mt.

The group’s total sale volume of steel pipes and galvanized steel sheet saw relatively high growth despite many difficulties due to the pandemic. In the first nine months of the year, its sales of steel pipe products reached nearly 570,000 mt, increasing by 3.5 percent year on year.

Hoa Phat has set targets of VND 86 trillion for revenue and VND 9 trillion for net profit in 2020. With these positive results, the company is confident to surpass the set targets, and is striving to put its blast furnace No. 4 - the last item of the Hoa Phat Dung Quat Iron and Steel Production Complex - into operation in January 2021.


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