Steel maker Hoa Sen Group Chairman Le Phuoc Vu. (Photo: ndh.vn)

HCM City (VNA) - Giant steel maker Hoa Sen Group (HSG) targets revenues of 23 trillion VND (1 billion USD) for the fiscal year 2016-17, HSG announced at its annual shareholders’ meeting, in HCM City late last week.

At the meeting, the company also announced its target of an after-tax profit of 1.65 trillion VND (72 million USD) for 2016-17.

Total sales for 2016-17 will be over 1.57 million tonnes, it said.

For the 2015-16 fiscal year, HSG posted growth of 130 percent in profit after tax. In detail, the company reported it gained more than 1.5 trillion VND (65 million USD) in profit after tax.

Meanwhile, revenue increased by 25 percent over the firm’s initial projection, reaching nearly 17.9 trillion VND (778 million USD).

Sales grew 22 percent, reaching over 1.2 million tonnes.

Last year, the company constructed many projects, including the Hoa Sen plant in Nghe An central province, which will be put into operation this year with a capacity of 1.2 million tonnes per year. The plan of expanding Hoa Sen building material project in Ba Ria-Vung Tau was started in March last year and will be finished this month.

2016 also marks a turning point of HSG as it decided to pour money into the real estate market by building Hoa Sen tower in Quy Nhơn city in the south central province of Binh Dinh and a trade centre in Yen Bai province.

At the meeting, HSG decided to pay a dividend by cash of a maximum of 10 percent per share.

It also said it will issue 3.5 million of shares at the price of 10,000 VND per share to their staff this year. After the issue, the total registered capital of HSG will increase to 3.47 trillion VND (151 million USD).

Chairman Le Phuoc Vu shared with the meeting that the company is restructuring and HSG will set up joint stock companies in regions.

HSG will be the mother company which holds at least 51 per cent of shares in regional companies.

About the Ca Na Steel Plant, Vu said that all procedures between HSG and Ninh Thuan have been done and the company is waiting for the Government’s decision.

He also added that HSG has hired three consultant companies from India to analyse the feasibility of the project.

During the meeting, HSG received the award for best managed company in Asia in the metals and mining sector in a 2016 poll of leading equity analysts by Euromoney magazine.-VNA