CEO of Hoa Phat Group Tran Tuan Duong (right) declares revenue and profit of the group in 2014.— Photo HPG

HA NOI (Biz Hub) — The Hoa Phat Group (HPG) reported net revenue of VND26 trillion (US$1.22 billion) for the year 2014, at a group meeting on January 20.

The group, one of the biggest steel makers in the country's construction sector holds a 19 per cent market share and earned an after-tax profit of VND3.2 trillion ($150.2 million) last year, reflecting a 62 per cent year-on-year growth.

The group said its core business of steel production was responsible for 80 per cent of its revenue growth, and the remaining 20 per cent stemmed from furniture, refrigeration and real-estate.

CEO Tran Tuan Duong said competition in the steel industry is expected to intensify, but he remains confident because of the group's modern technology, managerial abilities and strength.

The group reached the milestone of 1 million tonne of steel in consumption last year, which is targeted to grow by 20 per cent this year. The group has also set a target for achieving production capacity of 2 million tonnes per year by 2016 and to maintain its leading position in Viet Nam.

HPG shares closed at VND53.500 ($2.5) each on the HCM Stock Exchange on January 21. — VNS