Leading Vietnam-based steel producer Hoa Phat Group reportedly expects a net profit of VND 9 trillion ($390 million) for the current year, rising by 19 percent year on year. The company also aims to achieve VND 86 trillion ($3.71 billion) revenue this year, increasing by 33 percent compared to the previous year.
In the first quarter of this year, the company recorded a revenue of VND 19.5 trillion ($841.29 million), up by 28 percent, while it saw its net profit in the same period increase by 27 percent to VND 2.3 trillion ($99.13 million), both on year-on-year basis.
Additionally, the increase in the investment which will be made in the first and the second phases of the company’s Hoa Phat Dung Quat Iron and Steel Complex project in Quảng Ngãi has been approved. The total value of the investment is expected to be around VND 60 trillion ($2.6 billion), SteelOrbis understands.