Hòa Phát reaches 93% of annual profit target

Posted on 19 October 2017

Source: Viet Nam News

Hòa Phát Group hit a revenue of VNĐ33.8 trillion (US$1.5 billion) in the first nine months of 2017, a year-on-year increase of 43 per cent.

The group’s after-tax profit was VNĐ5.6 trillion, a year-on-year increase of 21 per cent.

This year, the group targeted VNĐ40 trillion in revenue and VNĐ6 trillion in after-tax profit. Therefore, with the results achieved in nine months, Hòa Phát has fulfilled 85 per cent of its revenue target and 93 per cent of its annual profit target, approved at the shareholder’s meeting.

According to the group’s business report, over the past nine months, Hòa Phát has manufactured nearly 1.6 million tonnes of construction steel, an increase of 31 per cent over the same period last year, and achieved nearly 80 per cent of the year’s plan.

As regards the export market, the company exported about 127,000 tonnes of construction steel and wire drawing steel, and 35,000 tonnes of steel billets in the reviewed period.

Steel pipe products continue to dominate the market with nine-month sales of nearly 425,900 tonnes accounting for more than a quarter of the total steel pipe consumption in Việt Nam, and exporting about 8,000 tonnes of all types.

In terms of the Hoà Phát Dung Quất iron and steel production complex, the company has selected construction contractors and technology equipment suppliers. All major machinery and equipment such as blast furnaces, steel furnaces, steel rolling and industrial gas are imported from G7 countries such as Italy and Germany. In particular, the hot rolled steel production line of the project is evaluated at the most modern level in the world till date.

In the field of real estate, Hòa Phát is speeding up the completion of the Mandarin Garden 2 project to begin handing over apartments to customers from the end of this year. At the same time, the group has started other housing projects in Hà Nội and Hưng Yên Province.

The group is also actively implementing the colour coated steel project and the steel wire drawing factory in Hưng Yên’s Phố Nối A Industrial Zone, expected to run the chain at the end of this year. 

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