Vietnam-based steel producer Hoa Phat Group has announced its financial results for the second quarter anf the first half of the current year. In the second quarter, the company reported a net profit of VND 2.75 trillion ($118.78 million), rising by 34 percent compared to the same period of the previous year and recording the highest quarterly profit in almost 30 years, while the company’s revenue increased by 35 percent year on year to VND 20.7 trillion ($892.76 million).
In the first half of the year, the company recorded a revenue of VND 40.14 trillion ($1.73 billion), up by 29 percent, while it saw its net profit in the same period increase by 31 percent to VND 5.06 trillion ($218.19 million), both on year-on-year basis. Within the scope of the company’s business plan for 2020, Hoa Phat has achieved 47 percent and 56 percent of its revenue and net profit targets, respectively. The company stated that these results shows the intrinsic strength and adaptive flexibility of the company despite the challenges caused by the coronavirus pandemic.
In the same period, the company’s billet steel output reached 2.6 million mt, and it also sold 1.51 million mt of construction steel and high-quality rolled steel to the domestic and foreign markets, rising by 12.4 percent compared to the first half of the previous year, while the company’s construction steel exports amounted to approximately 203,000 mt, increasing over 67.3 percent year on year, as previously reported by SteelOrbis. Meanwhile, Hoa Phat’s steel pipe sales amounted to 347,100 mt in the first half of the year. In the same period, the company’s sales volume rose by 200 percent year on year.
The company plans to start to supply commercial HRC products to the market as of September this year, helping domestic galvanized steel enterprises to increase the supplies of raw materials and increase their exports.