Illustrative image (Source: VNA)

Hanoi (VNA) – Steelmaker Hoa Phat set new records in sales and exports after the group sold 250,000 tonnes of construction steel in October, with 40,000 tonnes shipped abroad.

According to Hoa Phat Group, its steel sales increased 7 percent year on year to 1.7 million tonnes in the first 10 months of 2018. The quantity earned the producer approximately 42 trillion VND (1.8 billion USD) in revenue and more than 6.8 trillion VND (292.7 million USD) in post-tax profit, up 24 percent and 22 percent from the same period last year, respectively.

In the third quarter alone, the company generated nearly 14.4 trillion VND (617.2 million USD) in turnover and more than 2.4 trillion VND (102.9 million USD) in post-tax profit, both up 13 percent year on year.

The firm expects to keep the momentum going for sales to hit 4 million tonnes in 2019 and 5 million tonnes in 2020. This year, it aims to sell 2.3 million tonnes of steel.

Hoa Phat is currently constructing the 3-billion-USD Hoa Phat Dung Quat steel complex in the central province of Quang Ngai. The project is set to start operation on a trial basis in late 2019.

Once fully operational, it is expected to help the steelmaker gain at least 30 percent of the domestic market share, up from its current share of 22.2 percent.

The company has distributed thousands of tonnes of high-quality wire-drawing steel made from steel sheets by another Hoa Phat steel complex in the northern province of Hai Duong. It is the only steelmaker in Vietnam qualified to supply wire rod steel to Canada, the United States and the Republic of Korea.

In 2017, Hoa Phat Group’s revenue reached 46.8 trillion VND (2.05 billion USD), up 38 percent from 2016, and hit a record post-tax profit of 8 trillion VND (351 million USD), surpassing its target by 33 percent, up 21 percent year on year.

The group’s steel business was the biggest contributor to these results, making up 90 percent of total revenue and post-tax profit.

Last year, Hoa Phat exported some 200,000 tonnes of steel products. –VNA