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)
Hanoi (VNA) - Vietnam’s leading steelmaker Hoa Phat Group posted an after-tax profit of 2.97 trillionVND in the fourth quarter of 2023, up 249% compared to the same period of 2022and 48% quarter-on-quarter.
The firm reported a record-high revenue of 34.9 trillion VND (over 1.42 billionUSD) 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 coilsteel (HRC), high-quality steel, and billet, down 7% from the previous year.
Hoa Phat’s steel exports have been expanded to 39 countries andterritories worldwide, helping the group diversify consumer markets, increase foreignexchange earnings and balance Vietnam's trade balance.
With its capacity to produce 8.5 million tonnes of crudesteel per year, Hoa Phat still holds the largest market share in Vietnam forconstruction steel and steel pipes, the top five manufacturers ofgalvanized 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 earlyAugust 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 centralprovince of Quang Ngai in the same month.
As many as 45% of the workload of the Dung Quat 2 project investedby Hoa Phat has been fulfilled. Once completed, the group’s steel productioncapacity 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 theTop 10 largest private companies in Vietnam and ranked 8th amongthe Top 10 largest firms in the country in 2023./.
The leading steel manufacturer Hoa Phat Group sold nearly 457,000 tonnes of steel in April, of which the volume of hot-rolled coil product reached 239,000 tonnes, the highest since the beginning of the year.
Although the demand for building steel rose by more than 26% in May compared to the previous month, steel prices decreased for the 10th month, and steelmakers expected the struggle to continue.
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The leading steel manufacturer Hoa Phat Group sold nearly 558,000 tonnes of steel in August, of which the volume of construction steel hit 306,000 tonnes, up 18% month-on-month and the highest since the beginning of this year.
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Hoa Phat Group posts an after-tax profit of 2.97 trillion VND in the fourth quarter of 2023.(Photo: VNA) 
