Steelmaker Hoa Phat reports 2.5-fold jump in profits
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Vietnam’s biggest steelmaker Hoa Phat Group said post-tax profits were up 2.5 times last year to VND34.52 trillion ($1.52 billion).
The company sold 8.8 million tons of steel during the year, a 35 percent increase.
It accounted for nearly a third (32.6 percent) of the construction steel market.
Exports doubled to 2.6 million tons even as the domestic market was hurt by the Covid-19 pandemic.
The company’s other businesses maintained their leading positions in the market. It topped in terms of Australian beef production and was the leader in the northern chicken egg market.
The company is working on some major projects this year such as its second steel manufacturing plant and a new port in the central province of Quang Ngai.
It is also building a container manufacturing plant in the southern province of Ba Ria
Questions & Answers
Q.What was the total post-tax profit for Hoa Phat Group last year?
What was the total post-tax profit for Hoa Phat Group last year?
Hoa Phat Group reported post-tax profits of VND34.52 trillion, which is equivalent to $1.52 billion. This figure represents a 2.5-fold increase compared to the previous year's performance.
Q.How much steel did Hoa Phat Group sell in total last year, and what was its market share?
How much steel did Hoa Phat Group sell in total last year, and what was its market share?
Last year, Hoa Phat Group sold 8.8 million tons of steel, marking a 35 percent increase in sales volume. The company secured nearly a third of the construction steel market, specifically 32.6 percent.
Q.What new major projects is Hoa Phat Group undertaking this year?
What new major projects is Hoa Phat Group undertaking this year?
This year, Hoa Phat Group is working on several major projects, including a second steel manufacturing plant and a new port in Quang Ngai. Also, it is constructing a container manufacturing plant in Ba Ria.
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