Special day for two billionaires: mountains of money pouring in

20-Oct-2020 Intellasia | Vietnamnet | 6:02 AM Print This Post

Techcombank share prices have soared, while the Hoa Phat Group of the billionaire Tran Dinh Long has reported a record 30-year profit. The prosperity of these enterprises has helped their owners earn more money despite Covid-19.

Hoa Phat Group has reported a profit of VND3.785 trillion in Q3, which was twice as much as the same period last year, the highest level in its 30-year history.

Also in Q3, Hoa Phat Group saw revenue increasing by 63 percent to VND24.9 trillion (over $1 billion).

In the first nine months of the year, Hoa Phat had revenue of VND65 trillion and post-tax profit of VND8.845 trillion, increasing by 40 percent and 56 percent, respectively. The group just needed nine months to obtain post-tax profit equal to 98 percent of the yearly plan.

Hoa Phat is thriving thanks to its core business fields steel manufacturing. Besides, its agriculture projects have begun making an important contribution to the business results of the group.

According to Long, husbandry will not bring profits quickly like steel manufacturing, but the growth of Hoa Phat’s agriculture projects is very impressive. Hoa Phat is now the biggest chicken egg seller in the north, providing 450,000 eggs a day. Once the second phase of the agriculture project is completed, the group will be able to provide 1 million eggs a day.

Hoa Phat is the No 1 manufacturer in structural steel with 32.6 percent of the domestic market share. In the first nine months of the year, Hoa Phat sold 2.5 million tonnes of structural steel, and 1.5 million tonnes of ingot steel and HRC.

HPG shares of Hoa Phat increased sharply in prices on October 15 to a record high of VND30,000 per share. As such, HPG price has nearly doubled over the last six months, which helped increase the capitalisation value of the group by VND46 trillion. Long’s stock assets had soared to $1.4 billion as of October 14.

The price of Techcombank shares has also increased sharply.

On October 14, Techcombank share price hit the ceiling level and increased by another 2.2 percent on October 15 to VND23,350 per share, the highest of the last six months. This helped increase the stock assets of Ho Hung Anh, president of Techcombank, to $1.5 billion.

Anh is now holding 39 million TCB shares, indirectly owning 250 million MSN shares of Masan Group with total assets worth VND31 trillion.

Meanwhile, Anh’s wife and mother are holding 174 million TCB each, or 5 percent of Techcombank’s total shares. Anh’s son, Ho Anh Minh, is also holding 137.96 million TCB (3.95 percent). Anh and his family members are also holding MSN shares.

MSN price increase has also helped increase the assets of Nguyen Dang Quang, the founder and chair of Masan, and deputy chair of Techcombank, to $1.3 billion as of October 14. Quang directly and indirectly owns 180 million MSN.

https://vietnamnet.vn/en/business/special-day-for-2 billionaires-mountains-of-money-pouring-in-681771.html

 

Category: Business, Vietnam

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