In the third quarter of 2024, Hoa Phat Group recorded VND 3,022 billion in profit after tax, an increase of 51% over the same period last year (VND 2,000 billion). In the first 9 months, Hoa Phat recorded VND 9,210 billion in profit after tax, an increase of 140% over the same period last year. The main contributor to this result was steel and related products with 85%, followed by the agricultural sector.
By the end of the third quarter of 2024, Hoa Phat achieved 92% of the annual profit plan.
In terms of revenue, Hoa Phat Group reached more than 34 trillion VND in the third quarter, up 19% over the same period last year (28,766 billion VND). In the first 9 months, Hoa Phat recorded more than 105 trillion VND in revenue equivalent to more than 4 billion USD, up 23% over the same period last year (85,431 billion VND), completing 75% of the 2024 plan. The Group paid 10,000 billion VND to the State budget in the first 9 months of 2024, exceeding the amount paid for the whole year of 2023.
Increased sales revenue and improved profit margins in some business sectors such as steel and agriculture have helped the Group's profits grow. Specifically: Steel group's profit increased by 42%, agriculture group's profit increased by 80% compared to the same period last year. The industrial park infrastructure leasing sector maintained a stable profit margin at 39%.
Construction steel and high-quality steel output in the third quarter reached nearly 1.1 million tons, down 14% from the previous quarter (1.27 million tons). Domestic construction steel market share remained the leading position at 38%. Hot-rolled steel coil reached 738,000 tons, equivalent to the second quarter.
In the first 9 months of 2024, Hoa Phat Group produced 6.4 million tons of crude steel, up 34% over the same period in 2023. Sales of all kinds of steel (excluding steel pipes and galvanized steel) reached 6.1 million tons, up 32%. Of which, construction steel and high-quality steel contributed 3.3 million tons, up 29%. Hot rolled coil (HRC) reached 2.27 million tons and steel billets reached 505,000 tons. For downstream steel products, steel pipes reached 503,000 tons, up 3% over the first 9 months of 2023. Hoa Phat steel sheet reached an output of 344,000 tons, up 43% over the same period, exceeding the whole year of 2023 (329,000 tons).
Hoa Phat maintains its position and market share in the leading group of clean chicken eggs and commercial pork supplied to the market. Hoa Phat household appliances launch a series of new products. Hoa Phat also continues to invest in expanding existing industrial parks in Hung Yen and Ha Nam , creating more clean land and technical infrastructure to serve the investment and production needs of domestic and foreign enterprises.
The Group is focusing on the construction of the Hoa Phat Dung Quat 2 Iron and Steel Complex project, with a capacity of 5.6 million tons of hot-rolled steel coil per year. According to the current progress, phase 1 is expected to have the first hot-run test product at the end of 2024.
Linking its development with the benefit of the community, over the past 9 months, Hoa Phat has also carried out many charity and social programs. Typical examples include supporting localities to build 1,500 houses for people in difficult circumstances, sponsoring the construction of new schools, supporting orphans and children with congenital heart disease, etc.
HPG News
Source: https://www.hoaphat.com.vn/tin-tuc/het-quy-3-2024-hoa-phat-dat-92-ke-hoach-loi-nhuan-nam.html
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