Hoa Phat’s profit tops VND10 trillion in Q3/2021

Saturday, Oct 23, 2021 08:49

Steel production line at Hoa Phat Group's Hai Duong Steel Joint Stock Company — VNA/VNS Photo Danh Lam

Hoa Phat Group (HPG) posted an after-tax profit of VND10.35 trillion (US$454.92 million) in the third quarter of this year, 2.7 times higher than the same period last year.

This is the highest ever quarterly profit for Viet Nam's leading manufacturing group.

Operating in 25 provinces and cities nationwide, HPG contributed VND8.1 trillion to the State budget in the first nine months of 2021, 11 per cent higher than their yearly contribution in 2020.

This year, HPG set an annual revenue target of VND120 trillion and an after-tax profit of VND18 trillion. The group also aims to become the leading name in the refrigeration and home appliance industry in Viet Nam, while enhancing exports.

After restructuring, HPG currently operates in five sectors, namely iron and steel, steel products, agriculture, real estate and home appliances.

With a crude-steel capacity of eight million tonnes per year, HPG is the largest steel producer in Southeast Asia. The group is also one of the top 15 steel producers worldwide.

HPG entered the “one-trillion-dong profit club” for January-March, despite the economic hardships caused by the COVID-19 pandemic. — VNS

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