Vietnam-based steel producer Hoa Phat Group has announced its financial results for the fourth quarter and the full year of 2021.
In the fourth quarter, the company reported a net profit of VND 7.4 trillion ($326.65 million), up by 59 percent compared to the same period of the previous year, while the company’s sales revenue totaled VND 45 trillion ($1.98 billion), up by 73 percent year on year.
In 2021, the company recorded a record net profit of more than VND 34.5 trillion ($1.53 billion), up by 1.56 times compared to 2020, while Hoa Phat’s sales revenue totaled more than VND 150.8 trillion ($6.67 billion), up by 65 percent year on year. The company’s net profit in the full year surpassed 92 percent of the target for the year.
In the full year, the company supplied 8.8 million mt of steel, including steel billet, construction steel, hot rolled coil, steel pipe and galvanized sheet, to the market, up by 35 percent year on year.
Despite many difficulties caused by the coronavirus, Hoa Phat’s iron and steel production complexes in Hai Duong, Dung Quat-Quand Ngai and Hung Yen were still operating at full capacity to serve domestic and foreign markets. Meanwhile, the company is carrying out major projects including Hoa Phat Dung Quat 2 Steel Integrated Complex, Hoa Phat general port in the Dung Quat economic zone, and a container manufacturing factory in Ba Ria-Vung Tau Province. Once completed, these projects will promote long-term growth for Hoa Phat.
