Hoa Phat reports highest-ever revenue, after-tax profit
The industrial manufacturer Hoa Phat Group posted 24.9 trillion VND in revenue in the third quarter of this year, up 62.7 percent year on year, and after-tax profit of over 3.78 trillion VND, doubling the figure recorded in the same period last year, the highest result that the firm has made in a quarter.
Hanoi (VNA) – The industrial man꧒ufacturer Hoa Phat Group posted 24.9 trillion VND in revenue inthe third quarter of this year, up 62.7 percent year on year, and af🔴ter-taxprofit of over 3.78 trillion VND, doubling the figure recorded in the sameperiod last year, the highest result that the firm has made in a quarter.
In the first nine months ofthis year, the group earned 65 trillion VND in revenue and over 8.84 trillionVND in after-tax profit, a year-on-year rise of 40 and 56 percent,respectively, surpassing the results it made in the whole year of 2019. Steel and agricultural businessmade major contributions to the results. In September 2020, the group recordedhighest raw steel production with 575 trillion tonnes, the highest amount sofar, nearly doubling the production in the same period last year. In the January - September period, Hoa Phat steel posted over 4 million tonnes of raw steel, two times higher than the same period last year. Of which,the sale of construction steel reached nearly 2.5 million tonnes. The remainingwas steel billets and HRC. Hoa Phat’s steel market share continued to take theleading position in the country with 32.6 percent. In addition to its leadingposition in the local market, Hoa Phat shipped more than 370,000 tonnes, a 95 percent year-on-year rise. The total volume of steel billets suppliedto customers under signed contracts was 1.25 million tonnes.
The group's total sale volume of steel pipesand galvanised steel sheet has seen relatively high growth despitedifficulties due to the COVID-19 pandemic. In the first nine months of the year,its sale of steel pipe products reached nearly 570,000 tonnes, representing3.5 percent year-on-year increase. Especially, Hoa Phat steel sheet recorded agrowth of 150 per cent over the same period.
In recent years, the group’s agriculturalsector continued to grow strongly, contributing about 12 percent of revenue and15 percent of profit to the total.
Other industries and real estate sectors alsocontributed significantly to the group's overall business results. Hoa Phat furniture marked 25 years of development with a series of high-end office andhome projects. Notably, Hoa Phat refrigeration recorded a sudden increase inprofit and exceeded the plan for the whole year only after 9 months.
Hoa Phat sets a target of 86 trillion VND inrevenue and 9 trillion VND in after-tax profit in 2020. With the above positiveresults, the group is confident to surpass the set plans, and striving to p💧utthe No. 4 blast f🌞urnace - the last item of the Hoa Phat Dung Quat Iron and SteelProduction Complex into operation in January 2021./.
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Illustrative image (Source: VNA) 
