Hoa Sen Group posts US$189 million after-tax profit

Friday, Oct 29, 2021 15:48

The building materials and furniture supermarket system, Hoa Sen Home of Hoa Sen Group. — Photo courtesy of the firm

Steel maker Hoa Sen Group (HSG) posted revenue of VND48.7 trillion (US$2.14 billion), representing an increase of 77 per cent year-on-year in the fourth quarter of its fiscal year 2020-21 from October 1, 2020 to September 30, 2021.

Its after-tax profit reached VND4.3 trillion ($189.7 million), 3.7 times higher than the same period last year. This has been a record profit in the group’s fiscal year. The previous highest profit was VND1.5 trillion in 2016.

According to the group’s business results announced on Friday, its steel sales were estimated at 2.25 million tonnes, increasing 39 per cent from the same period last year and surpassing 25 per cent of the set target.

In the fourth quarter of its fiscal year from July 1, 2021, to September 30, 2021, its steel sales reached nearly 560,000 tonnes, bringing revenue of VND15.8 trillion and after-tax profit of VND940 trillion. These represent 9 per cent, 89 per cent and 209 per cent year-on-year increases, respectively.

The COVID-19 pandemic has caused difficulties for businesses. However, thanks to the advantages of factories and shops nationwide, HSG has ensured production, sale and supply in all situations. In addition, the high export growth to all of the group’s markets has significantly contributed to HSG’s sales and profit in the fiscal year.

HSG's business targets have grown strongly in the fiscal year 2020-21, continue to be named in the club of businesses with trillions in after-tax profit in 2021 thanks to proactively implementing plans to respond to the pandemic while being flexible in business strategies, and adapting to market situations. — VNS

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