Hoa Phat’s profit up 2.5 times in Q4 last year
Vietnam’s leading steelmaker Hoa Phat Group posted an after-tax profit of 2.97 trillion VND in the fourth quarter of 2023, up 249% compared to the same period of 2022 and 48% quarter-on-quarter.
Hoa Phat Group posts an after-tax profit of 2.97 trillion VND in the fourth quarter of 2023.(Photo: VNA) The firm reported a record-high revenue of 34.9 trillion VND (over 1.42 billion USD) in the period, up 33% year-on-year.
In 2023, the group manufactured 6.7 million tonnes of crude steel, an year on year drop of 10%. It sold 6.72 million tonnes of construction steel, hot rolled coil steel (HRC), high-quality steel, and billet, down 7% from the previous year.
Hoa Phat’s steel exports have been expanded to 39 countries and territories worldwide, helping the group diversify consumer markets, increase foreign exchange earnings and balance Vietnam's trade balance.
With its capacity to produce 8.5 million tonnes of crude steel per year, Hoa Phat still holds the largest market share in Vietnam for construction steel and steel pipes, the top five manufacturers of galvanized steel, and the only Vietnamese enterprise that can produce HRC.
The firm’s other business sectors have also shown good performance. Hoa Phat officially has supplied container shell products to the market since early August 2023, and inaugurated the first wharf of the Hoa Phat Dung Quat Container Terminal in the Dung Quat Economic Zone in Binh Son district of the central province of Quang Ngai in the same month.
As many as 45% of the workload of the Dung Quat 2 project invested by Hoa Phat has been fulfilled. Once completed, the group’s steel production capacity is expected to exceed 14 million tonnes of crude steel per year, positioning Hoa Phat among the top 30 largest steel companies globally by 2025.
According to the rankings announced recently by Vietnam Report JSC and VietnamNet online newspaper, Hoa Phat continued to maintain its leading position in the Top 10 largest private companies in Vietnam and ranked 8th among the Top 10 largest firms in the country in 2023./.
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