Vietnam-based steel producer Hoa Phat Group has announced its financial results for the fourth quarter and 2023.
In the fourth quarter, Hoa Phat Group achieved a net profit of VND 2.97 trillion ($120.2 million), up by 249 percent year on year and 48 percent quarter on quarter, while the company’s sales revenue totaled VND 34.9 trillion ($1.4 billion), increasing by 33 percent year on year.
In 2023, Hoa Phat’s sales revenues came to nearly VND 120.35 trillion ($4.9 billion), down 16 percent year on year, while its net profit totaled VND 6.8 trillion ($275.2 million), reaching 85 percent of its annual target.
Hoa Phat is focusing on implementing the Hoa Phat Dung Quat 2 Iron and Steel Complex project, with an annual capacity of 14 million mt of crude steel. The project is 45 percent complete.
