Hoa Phat Group: Outstanding results

(Quang Ngai Newspaper) - Overcoming many difficulties and challenges, in the first 9 months of 2024, Hoa Phat Group (Hoa Phat) recorded more than 105 trillion VND in revenue, an increase of 23% over the same period last year and completed 75% of the 2024 plan.

Currently, Hoa Phat is focusing its resources on investing in the Hoa Phat Dung Quat 2 Iron and Steel Complex project, which will be a strong growth driver for Hoa Phat in the period after 2024. A representative of Hoa Phat Group said that in the third quarter of 2024, the group achieved revenue of more than 34 trillion VND, an increase of 19% over the same period last year. In the first 9 months, Hoa Phat recorded more than 105 trillion VND in revenue (more than 4 billion USD), an increase of 23% over the same period last year.

Hot rolled steel products produced at Hoa Phat Dung Quat Iron and Steel Complex. Photo: PV

In the past 3 months, the steel market has faced many difficulties both domestically and internationally, and prices have tended to decrease. Hoa Phat's sales of construction steel products, hot-rolled coil (HRC) and steel billets reached over 2 million tons, down 7% compared to the second quarter of 2024; high-quality steel output also decreased by 14% compared to the previous quarter. In terms of domestic construction steel market share, Hoa Phat still maintains its leading position with 38%. In the first 9 months of 2024, Hoa Phat produced 6.4 million tons of crude steel, up 34% over the same period in 2023. Sales of all types 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%; HRC reached 2.27 million tons and steel billets reached 505 thousand tons.

Along with boosting production and business, in recent times, Hoa Phat has focused on implementing the construction of the Hoa Phat Dung Quat 2 Iron and Steel Complex project, with a scale of 5.6 million tons of hot-rolled steel coil/year. Currently, the project has completed 80% of the progress of phase 1 and 50% of phase 2. According to the current progress and the proposed plan, phase 1 is expected to have the first hot test product of the rolling furnace by the end of 2024, coming into operation in the first quarter of 2025; phase 2 is completed and put into operation in the fourth quarter of 2025. The Hoa Phat Dung Quat 2 Iron and Steel Complex will be a strong growth driver for Hoa Phat after 2024 and can bring in about 80 - 100 trillion VND in revenue each year; at the same time, increasing the capacity of HRC steel production to lead the domestic market.

In the third quarter of 2024, Hoa Phat recorded VND 3,022 billion in profit after tax, an increase of 51% over the same period last year. In the first 9 months of 2024, 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.

In addition to strong growth in production and business, in the past 9 months, Hoa Phat has implemented many social security 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; donating more than 300 water purifiers to schools and medical facilities nationwide; sponsoring the construction of Binh Dong Primary School (Binh Son) worth more than 40 billion VND...

Although Hoa Phat's factories and farms in the northern provinces such as Hai Duong, Hung Yen, Bac Giang, Thai Binh, Yen Bai, and Phu Tho were severely damaged by storm No. 3, with the spirit of mutual love, the group and its staff and employees have joined hands to spend tens of billions of VND to support people affected by storm No. 3 to stabilize their lives. Recently, on October 5, in response to the Government's call, Hoa Phat donated 50 billion VND to the program to eliminate temporary and dilapidated houses nationwide, of which 30 billion VND was donated to Quang Ngai province and 20 billion VND to Phu Yen.

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Source: https://baoquangngai.vn/kinh-te/202410/tap-doan-hoa-phat-nhung-ket-qua-noi-bat-0342744/