Vietnam-based steel producer Hoa Phat Group has announced its financial and operational results for the first quarter of 2022.
In the first quarter, the company reported a net profit of VND 8.2 trillion ($358.38 million), up by 17 percent compared to the same period of the previous year, while its sales revenue totaled VND 44.4 trillion ($1.94 billion), up by 41 percent year on year. The company’s steel production and related products contributed 90 percent to the group’s overall results.
Hoa Phat’s total steel sales in the first three months totaled 2.17 million mt, up by 12 percent year on year. In particular, the company’s construction steel sales came to 1.34 million mt, up by 57 percent, and hot rolled coil sales amounted to 763,000 mt, up by 15 percent, both compared to the same period of the previous year. Hoa Phat’s steel pipe and galvanized steel sales in the given period totaled 207,000 mt and 105,000 mt, increasing by 13 percent and 43 percent, respectively, year on year.
