Hoa Phat revenue totalled VND19.45 trillion in Q1

Wednesday, Apr 22, 2020 15:01

Hoa Phat construction steel has supplied to the market over 732,000 tonnes in the first three months of the year. — Photo courtesy of Hoa Phat

Steelmaker Hoa Phat Group posted VND19.45 trillion (US$825.8 million) revenue and VND2.3 trillion after-tax profit in the first quarter of the year, increasing 28 per cent and 27 per cent compared to the same period of 2019, respectively.

These are positive business results in the context of the COVID-19 pandemic. Steel and agriculture sectors are two main forces pushing such significant growth.

In the first three months of the year, Hoa Phat successfully took all required measures to prevent the pandemic while maintaining normal business and production activities.

Hoa Phat construction steel has supplied to the market over 732,000 tonnes (excluding steel billet production) in January-March, a slight increase over the same period and accounting for 31.9 per cent of the domestic market. Of which, it exported nearly 135,000 tonnes of finished steel products, posting a 74.8 per cent year-on-year increase.

The group also produced about 350,000 tonnes of billets, mainly for exporting to key markets like China and other Southeast Asian countries.

In March, Hoa Phat construction steel scored a record of supplying 486,000 tonnes of finished steel and steel billet to both local and international markets.The export of finished construction steel increased 2.5 times over the same period and sales in the south rose by 89.7 per cent.

Hoa Phat Steel Pipe provided the market nearly 145,000 tonnes of finished product, accounting for 31.1 per cent market share, which reinforces its leading position. Their products are exported to various countries and the total volume soared 2.5 times over the same period last year.

Other industries such as furniture and refrigeration and real estate still ensure employment and income for employees. The products of Hoa Phat Refrigeration such as air conditioners, freezers and refrigerators all increased sharply, contributing to increase output and sales by 57 per cent compared to the corresponding period in 2019.

The group's main target is to put the hot rolled coil line of Hoa Phat Dung Quat Steel Integrated Complex project into operation this year. Phase 2 has been delayed due to the COVID-19 pandemic that prevented European contractors from travelling to Viet Nam according to initial expectations. — VNS

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