Workers at Hoa Phat Dung Quat Iron and Steel Complex in the central province of Quang Ngai. — Photo tinnhanhchungkhoan.vn

Giant steelmaker Hoa Phat Group (HPG) hopes to achieve VND9 trillion (US$390 million) in post-tax profit this year, up 19 per cent year-on-year.

The group's management board recently approved the production and business plan for 2020 to submit to the Annual General Meeting of Shareholders, set to take place on June 25.

The group targets to earn a revenue of VND86 trillion this year, up 33 per cent against last year.

The board of directors also approved the plan for dividend payment in 2019 with the payout ratio of 25 per cent. The form of payment is 5 per cent in cash and 20 per cent in stock.

The payment will be made in the second and third quarter of 2020.

In the first quarter of this year, the group earned revenue of VND19.5 trillion, up 28 per cent year-on-year.

It reported a post-tax profit of VND2.3 trillion in the quarter, up 27 per cent against the same period last year.

The board of directors also approved the increase in the total investment of the project phase 1 and phase 2 of Hoa Phat Dung Quat Iron and Steel Complex in the central province of Quang Ngai.

The total investment will be around VND60 trillion, of which VND30 trillion will be contributed by shareholders, VND25 trillion will be lent by credit institutions and VND5 trillion lent by members of the group.

On the stock market, Hoa Phat shares (HPG) have risen sharply after plummeting to a two-year bottom of VND6,200 per share at the end of March this year. Currently, HPG is being traded at around VND27,000 per share. — VNS