Hoa Phat profited over 6,800 billion VND last year

Hoa Phat made a big profit in the fourth quarter of 2023, but the "steel king's" after-tax profit last year was still the lowest in 6 years, reaching 6,800 billion VND.

The above information was just announced by Hoa Phat Group Joint Stock Company on January 22. Accordingly, Hoa Phat said it achieved the best business results of the year in the last quarter of last year. The group's revenue reached more than 34,900 billion VND, an increase of 33% over the same period in 2022. Hoa Phat's profit after tax reached nearly 2,970 billion VND, an increase of 48% over the previous quarter.

Accumulated for the whole year, the company of "steel king" Tran Dinh Long had a revenue of more than 120,000 billion VND, down 16% compared to 2022. Hoa Phat's after-tax profit was about 6,800 billion VND, equivalent to completing 85% of the plan. This is also the lowest profit level for the steel king since 2017 until now.

In 2023, Hoa Phat produced 6.7 million tons of crude steel, down 10% compared to 2022. Sales volume of HRC steel products, construction steel, high-quality steel and steel billets reached 6.72 million tons, down 7%.

Regarding steel pipe products, Hoa Phat supplied 685,000 tons to the market, down 9% compared to 2022. Galvanized steel of all kinds reached the same level as the previous year with 329,000 tons.

Last year, the company's operations also had some bright spots such as supplying container shells to the market since early August. Hoa Phat also put the first berth of the general container port in Dung Quat (Quang Ngai) into operation to serve the cargo loading and unloading needs of businesses in Dung Quat economic zone and neighboring areas.

In the agricultural sector, the company has optimized the scale and efficiency of investment in animal feed factories, pig, cow and chicken farms nationwide with the goal of maintaining its position and market share in the leading group of clean chicken eggs and commercial pigs supplied to the market. In particular, Hoa Phat's poultry sector for the first time exceeded the output of 300 million eggs.

The group said that in the coming time, the market will improve but not clearly because the domestic and foreign economies are still facing many difficulties. Therefore, Hoa Phat prioritizes good management of cash flow, inventory, and production and business in accordance with the market situation.

The company will also closely follow the investment progress of major projects, especially the Dung Quat 2 iron and steel production complex. Currently, the project has reached 45% progress, as planned. After this project is completed, the group's steel production capacity will reach more than 14 million tons of crude steel per year, putting Hoa Phat in the top 30 largest steel enterprises in the world from 2025.

Anh Tu

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