Hoa Phat enjoys record after-tax profit in Q3

23-Oct-2021 Intellasia | VNA | 5:02 AM Print This Post

Vietnam’s leading industrial manufacturing group Hoa Phat recorded the highest ever after-tax profit in a quarter at 10.3 trillion VND (453 million USD) in the third quarter of this year, 2.7 times higher than the same period last year.

In the third quarter, the firm posted 56 percent year-on-year increase in its revenue in the third quarter of this year to 38.9 trillion VND.

Operating in 25 provinces and cities across the country, Hoa Phat Group contributed 8.1 trillion VND to the State budget in the first nine months of the year, 11 percent higher than the amount in 2020.

In the January-September period, the recorded a revenue of more than 105.8 trillion VND and after-tax profit of 27.1 trillion VND, increasing by more than 60 percent and 200 percent respectively over the same period in 2020. Its after-tax profit in the period surpassed 45 percent of the whole year’s set target.

This year, Hoa Phat aims to earn 120,000 billion VND in revenue and after-tax profit of 18,000 billion VND. It also targets to become the leading brand name in refrigeration and home appliance industry in Vietnam while enhancing exports.

From the fourth quarter of 2021, Hoa Phat Group established the Hoa Phat Home Appliances Joint Stock Company, making a large and methodical investment in the home appliance industry on the basis of its 20 years of experience in developing the refrigeration industry.

In addition to the rapid deployment of new factories, Hoa Phat Group prioritises research and development of refrigeration products, modern design for home appliance, good quality and competitive price in comparison with imported goods, meeting international standards to further promote exports.

After restructuring, Hoa Phat Group now operates in five sectors including iron and steel (construction steel, hot rolled steel); steel products (including steel pipes, galvanised steel, wire rod steel, prestressed steel); agriculture; real estate and home appliances.

With a crude steel capacity of 8 million tonnes a year, Hoa Phat Group is the largest steel producer in Vietnam as well as in Southeast Asia. The group is in the top 15 steel producers with the largest capitalisation in the world. In the past nine months of the year, Hoa Phat Group achieved crude steel output of 6.1 million tonnes, up 50 percent over the same period last year.

Its sales volume of steel products reached 6.3 million tonnes, posting 43 percent year-on-year increase. In which, construction steel was 2.8 million tonnes, increasing 12 per cent from the corresponding period last year. Its hot rolled coil (HRC) reached nearly 2 million tonnes. Hoa Phat Steel Sheet company recorded 273,000 tonnes, 2.6 times higher than the same period last year. The sale of steel pipe products were 498,000 tonnes, down 12 percent compared to the same period last year.

Hoa Phat takes the No.1 market share in Vietnam for construction steel, steel pipes and Australian beef sales in Vietnam. In addition, Hoa Phat’s clean chicken eggs are currently taking the lead the northern market with an output of about 800,000 eggs a day. The feed and pig farming sectors also have certain contributions to the group’s overall results. The group’s real estate sector is focusing on expanding existing industrial parks, and at the same time researching and investing in a number of housing projects and service urban areas./.

https://en.vietnamplus.vn/hoa-phat-enjoys-record-aftertax-profit-in-q3/210139.vnp

 

Category: Business, Vietnam

Print This Post

Comments are closed.