Business

Hoa Phat Group posts 13-percent rise in profit in 2019

Hoa Phat Group, a multi-sectoral conglomerate, reported after-tax profit at over 7.5 trillion VND in 2019, up 13 percent from its target.
Hoa Phat Group posts 13-percent rise in profit in 2019 ảnh 1Illustrative image (Photo: VNA)
Hanoi (VNA) – Hoa Phat Group, a multi-sectoralconglomerate, reported after-tax profit at over 7.5 trillion VND in 2019, up 13percent from its target.

Steel products contributed most to the firm’s revenueat nearly 65 trillion VND (2.8 billion USD) in 2019, accounting for more than80 percent of both total revenue and after-tax profit.

During the year, the group manufactured over 2.8million tonnes of crude steel and supplied 2.77 million tonnes of constructionsteel to the market, which rose 16.7 percent year on year. The group exported some265,000 tonnes to foreign markets like Japan, Cambodia, the Republic of Korea,Taiwan (China), Malaysia, Australia, and the US. 

Hoa Phat remained the biggest steel maker inVietnam with a 26.2-percent market share, it said, noting that the company aimsto sell 3.6 million tonnes of construction steel in 2020.

The company also described 2019 a relativelysuccessful year of its agricultural arm thanks to the strong growth inlivestock farming and animal feed production. Its revenue in this field wasequivalent to 175 percent of the figure in 2018./.
VNA
#Hoa Phat Group #Vietnamplus #Vietnam News Agency #after-tax profit #crude steel #animal feed production Vietnam
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