Hoa Phat reached $925 million of revenue in H1

Tuesday, Jul 18, 2017 17:48

Hoa Phat produced more than one million tonnes of construction steel in H1. — Photo vatgia.com

Hoa Phat Group recorded a revenue of over VND21 trillion (US$925 million) and an after-tax profit of VND3.47 trillion in the first half of 2017, a year-on-year increase of 36 per cent and 14 per cent, respectively.

Construction steel and steel pipes continue to be the main contributors to the positive results of Hoa Phat in the six-month review period.

Hoa Phat in H1 produced more than one million tonnes of construction steel, increasing 33 per cent compared to the same period last year and meeting more than half of its annual production plan.The group exported nearly 90,000 tonnes of construction steel and wire drawing steel to the US, Australia, Malaysia, Singapore, Cambodia, Laos and the Philippines.

The sales volume of steel pipe in H1 reached 273,000 tonnes, raising the firm’s market share to 26.57 per cent.

The group is improving production capacity in all factories nationwide to reach an expected capacity of one million tonnes of steel pipe by 2020.

In addition to the revenue from construction steel, other manufacturing industries such as furniture, refrigeration and spare parts continue to maintain the steady growth.

Especially, the agricultural sector--including animal feeds, pigs and high-tech Australian cow raising techniques--also contributed about VND1 trillion to the group’s revenue in the first six months of 2017.

In terms of Hoa Phat Dung Quat iron and steel production complex, up to now, Hoa Phat Dung Quat Steel JSC has completed the negotiation of equipment contract with the supply partners. Danieli Group from Italy assured that the first steel rolling line of the project will be completed and tested in June 2018, and the second steel rolling line is expected to be completed six months later.

When the complex comes into full operation, Hoa Phat expects to supply two million tonnes of high quality construction steel annually to the market. — VNS

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