In the first quarter of this year, Hoa Phat Group (HPG) earned VND10.4 trillion (US$459 million) in revenue and VND1.935 trillion in profit after tax.

The figures marked an increase of 44 per cent and 90 per cent, respectively, compared with the same period last year. Notably, the steel and steel pipe industry contributed mostly to this spectacular growth.

HPG produced some 505,000 tonnes of steel in the first three months of 2017, up 27.9 per cent year-on-year. The group’s market share also expanded to 24.2 per cent during this period, up 2 per cent against the end of 2016

The company exported some 52,000 tonnes of steel, mostly to the US, Canada, Australia and ASEAN countries in Q1, equivalent to its entire export volume in 2016.

The group also manufactured 126,900 tonnes of steel pipes, raising its market share to 26.53 per cent of total steel pipe sales in Viet Nam. HPG is step-by-step improving its production capacity at all plants across the country to reach a capacity of one million tonnes by 2020.

The group’s other industries such as furniture, refrigeration and equipment also continue to maintain steady growth, carrying out research and development of new products. — VNS