Hoa Phat’s profit in the third quarter doubled the same period last year before reaching 3,785 billion dong – the highest level ever.
Hoa Phat Group (HPG) has just announced the latest quarterly business results with third quarter revenue reaching 24,900 billion, up 63% over the same period. Profit after tax reached 3,785 billion VND. In the first 9 months, Hoa Phat achieved 65,000 billion VND in revenue and more than 8,800 billion VND in profit after tax, increasing 40% and 56% compared to the same period in 2019. revenue and profit after only 9 months.
The above results largely depend on the steel segment and agriculture. In 9 months, the Group’s crude steel output exceeded 4 million tons, double the same period. Finished construction steel consumption reached nearly 2.5 million tons, the rest are steel billets, hot rolled steel (HRC). Hoa Phat also said that the steel group’s market share was up to 32.6%.
Sales volume of steel pipes and galvanized steel sheets also maintained growth. After 9 months, steel pipe products reached nearly 570,000 tons, up 3.5%, while Hoa Phat steel sheet increased by 150% over the same period.
In the agricultural sector, this business segment contributes about 12% of the revenue and 15% of the profit of the group.
In 2020, Hoa Phat sets a target of 86,000 billion dong in revenue and 9,000 billion dong in profit after tax. The group said that this year it could exceed the target. Hoa Phat’s upcoming goal is to put blast furnace No. 4 – the last item of Hoa Phat Dung Quat Iron and Steel Production Complex into operation in January 2021.