Local tungsten producer announces big revenues

Tuesday, Apr 26, 2022 14:52

Craig Richard Bradshaw, CEO of Masan High-Tech Materials, shares the firm's business results in Ha Noi. — Photo courtesy of the firm

Masan High-Tech Materials Corporation announced its net revenues in 2021 increased 86 per cent to reach more than VND13.5 trillion (US$586.9 million), thanks to the consolidation of the German tungsten producer and the higher price of tungsten last year.

In the Annual General Meeting of Shareholders on Monday in Ha Noi, the firm’s Nui Phao Mining, the world’s largest Tungsten mine excluding China, announced it recorded an increase in production of 97 per cent from 2020.

Production included 26 per cent from recycling tungsten scraps and 74 per cent from the primary supply sources in the mine in Thai Nguyen Province.

According to the firm, the APT price for 2021 reached $286 for each Metric Ton Unit. In 2020 it was $222.

Craig Richard Bradshaw, the firm’s CEO, said: “Masan High-Tech Materials performed strongly in 2021 despite the challenges of the global COVID-19 pandemic and its subsequent impact on global supply chains and transport systems. We achieved record revenue for the year along with record tungsten production and recycling rates”.

The integration with the tungsten business platform of H.C. Starck (HCS) operating in Germany, Canada and China last year helped the firm enjoy its more than 100 years of experience in HCS as well as promote global business restructuring with the goal of improving operational efficiency and expanding the business and product portfolio.

The HCS business contributed significantly to the overall result of the firm with an EBITDA of VND 746 billion, whilst the Vietnam-based businesses of Nui Phao Mining and Masan Tungsten Company contributed VND2.3 trillion to the overall result.

The firm told its shareholders it would invest more in innovation and development to deliver value with new customer-centric products specifically tailored for the electric mobility and 3D printing segments and develop new analytical equipment, which was now in the prototyping stage, having had been patented in late 2021.

Dominating the high-tech materials manufacturing industry, the firm has 16 domestic patents, 87 international patents, 54 application patents, 40 ongoing scientific projects and 32 projects in the ideation stage.

Sharing the firm’s strategic vision for 2022-2025, Danny Le, chairman of the firm, said: “In the very near future, Masan High-Tech Materials will be more than a supplier of strategic high-tech materials, partnering with disruptive consumer technology platforms to create direct-to-consumer products where tungsten is a key element. Most importantly, we envision a circular platform where we can recycle these products to drive sustainability and productivity.”

In the context of global economic recovery after COVID-19, positive signals in the tungsten market and the shift from gasoline to electric vehicles, Tungsten prices will be likely to go up in 2022, and the firm is expected to achieve a revenue of about VND 14.5 trillion to VND15 trillion pre-allocated net profit of VND300 million to VND500 billion to its shareholders.

To encourage the employees, it announced the employee stock ownership program at the price of VND20,000 each share in the second quarter of 2022.

Based in north Viet Nam, the firm is now the global leader in providing advanced tungsten materials used in key industries such as electronics, chemical, automotive, aviation and aerospace, energy and pharmaceuticals with production facilities in Viet Nam, Germany, Canada and China.

As the largest manufacturer of mid-stream tungsten products outside of China, the firm CEO said: “Instead of just supplying key materials to make smartphones, cars, planes, and submarines, Masan High-Tech Materials may one day create practical consumer products for these critical industries."

Yesterday, the firm’s shares closed at VND25,000 on the Unlisted Public Company Market. — VNS

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