Vietnam’s Hoa Phat records successful performance in 2020

Monday, 25 January 2021 14:55:26 (GMT+3)   |   Istanbul

Vietnam-based steelmaker Hoa Phat Group has announced its financial results for the fourth quarter and the full year of 2020. In the fourth quarter, the company achieved a historic record net profit of VND 4.66 trillion ($202.07 million), up by 142 percent, while the company’s revenue totaled VND 26.16 trillion ($1.13 billion), increasing by 43 percent, both year on year.

In 2020, Hoa Phat achieved a net profit of VND 13.51 trillion ($585.18 million), while its revenue amounted to VND 91.28 trillion ($3.96 billion), up by 41 percent year on year. The company stated that its performance in 2020 was successful, exceeding production targets despite difficulties due to the coronavirus pandemic.

The company’s steel production played a leading role in promoting profit and revenue growth. In 2020, Hoa Phat produced 5.8 million mt of steel, including 3.4 million mt of finished steel, 1.7 million mt of billet and 700,000 mt of hot rolled coil, as SteelOrbis previously reported. The company’s domestic market share rose to 32.5 percent in the given year.

The company started to produce hot rolled coil in April 2020, but the output only increased markedly in August after blast furnace No. 3 was put into operation. The product was officially launched onto the market in November last year. Hot rolled coil orders have been increasing strongly, exceeding the supply capacity of the company.

As of early 2021, Hoa Phat Dung Quat Iron and Steel Complex has officially operated synchronously in both production and sales. This allows the company to set higher production growth compared to last year, especially for hot rolled coil. In 2021, Hoa Phat Group aims to produce 2.7 million mt of hot rolled coil and over five million mt of construction steel and billet. 

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