Illustrative image (Source: VNA) Hanoi (VNA) – Steelmaker Hoa Phat set newrecords in sales and exports after the group sold 250,000 tonnes ofconstruction steel in October, with 40,000 tonnes shipped abroad.
According to Hoa Phat Group, its steel sales increased 7percent year on year to 1.7 million tonnes in the first 10 months of 2018. Thequantity earned the producer approximately 42 trillion VND (1.8 billion USD) inrevenue and more than 6.8 trillion VND (292.7 million USD) in post-tax profit, up24 percent and 22 percent from the same period last year, respectively.
In the third quarter alone, the company generated nearly14.4 trillion VND (617.2 million USD) in turnover and more than 2.4 trillionVND (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 tohit 4 million tonnes in 2019 and 5 million tonnes in 2020. This year, it aimsto sell 2.3 million tonnes of steel.
Hoa Phat is currently constructing the 3-billion-USD HoaPhat Dung Quat steel complex in the central province of Quang Ngai. The projectis set to start operation on a trial basis in late 2019.
Once fully operational, it is expected to help thesteelmaker gain at least 30 percent of the domestic market share, up from itscurrent share of 22.2 percent.
The company has distributed thousands of tonnes ofhigh-quality wire-drawing steel made from steel sheets by another Hoa Phatsteel complex in the northern province of Hai Duong. It is the only steelmakerin Vietnam qualified to supply wire rod steel to Canada, the United States andthe Republic of Korea.
In 2017, Hoa Phat Group’s revenue reached 46.8 trillionVND (2.05 billion USD), up 38 percent from 2016, and hit a record post-taxprofit of 8 trillion VND (351 million USD), surpassing its target by 33percent, up 21 percent year on year.
The group’s steel business was the biggest contributor tothese 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
VNA
