Hoa Phat Group posts 80 pct. growth in after-tax profit
Despite the impact of COVID-19, the Hoa Phat Group still recorded a surge in both revenue and profit in 2020, the inter-sectoral conglomerate has said.
The Hoa Phat steel mill in the Pho Noi A Industrial Park of Van Lam district, Hung Yen province (Photo: VNA)
Hanoi (VNA) - Despite the impact of COVID-19, the Hoa PhatGroup still recorded a surge in both revenue and profit in 2020, theinter-sectoral conglomerate has said.
It earned almost 91.28 trillion VND (3.9 billion USD) in revenue and posted13.5 trillion VND in after-tax profit last year, up 41 percent and 80 percent,respectively, against 2019.
In the fourth quarter alone, its revenue rose 43 percent year-on-year tonearly 26.17 trillion VND, while after-tax profit surged 142 percent to 4.67trillion VND - a quarterly record.
Steel manufacturing was a growth driver, the group said, adding thatcrude steel output doubled the 2019 figure, to 5.8 million tonnes, including5.1 million tonnes of steel billet and finished construction steel and nearly700,000 tonnes of hot rolled steel. In particular, 3.4 million tonnes offinished construction steel were produced, up 22.5 percent against 2019.
Hoa Phat’s steel market share in Vietnam currently stands at 32.5percent.
The group also enjoyed spectacular growth in agriculture which made up11.7 percent of its revenue and 12.4 percent of after-tax profit.
Its industrial parks in the northern provinces of Hung Yen and Ha Namalso attracted more domestic and foreign businesses. Occupancy rates in areas atthese parks with sufficient technical infrastructure reached 100 percent.
Hoat Phat also noted that it contributed over 7.29 trillion VND to theState budget in 2020, up 10 percent compared to the previous year.
It was honoured last year as one of the top 30 business taxpayers, oneof the 10 largest private enterprises, and one of the 50 best listed companies inVietnam./.
The Vietnam Steel Association (VSA)’s member enterprises suffered a strong reduction in production and business in the first quarter of this year due to the COVID-19 pandemic.
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The Hoa Phat steel mill in the Pho Noi A Industrial Park of Van Lam district, Hung Yen province (Photo: VNA) 
