Vietnam-based steel producer Hoa Phat Group has announced its financial and operational results for the first quarter of 2024.
For the first quarter, the company has reported a net profit of VND 2.87 trillion ($112.97 million), compared to a net profit of VND 383 billion in the same period of last year and reaching 28.7 percent of the target for the full year, while its sales revenue totaled VND 31 trillion ($1.22 billion), up by 15.7 percent year on year.
Hoa Phat’s total crude steel output in the given quarter amounted to 2.1 million mt, up by 70.0 percent year on year. In the meantime, its construction steel and high-quality steel production rose by 10.0 percent to 956,000 mt, while its hot rolled coil output reached 805,000 mt, up by 67.0 percent, both on year-on-year basis. In the given period, Hoa Phat’s construction steel, billet and hot rolled coil sales totaled 1.85 million mt, rising by 34.0 percent compared to the same period of 2023.
