Hoà Phát Group posts US$352 million after-tax profit

Created 23 January 2018
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Steelmaker Hoà Phát Group posted a record-high after-tax profit of VNĐ8 trillion (US$352.3 million) in 2017.


Steel production at Hòa Phát Group. — Photo satthep.net

HÀ NỘI — Steelmaker Hoà Phát Group in 2017 posted a record-high after-tax profit of VNĐ8 trillion (US$352.3 million) so far.

This represented a 21 per cent year-on-year increase and surpassed 33 per cent of its set targets.

The group on Monday announced its business results of last year, showing that its integrated revenue of VNĐ46.8 trillion increased 38 per cent from the previous year.

In the last quarter of 2017, its total revenue and after-tax profit were VNĐ12.9 trillion and VNĐ2.4 trillion respectively. These figures presented a year-on-year increase of 27 per cent and 23 per cent in terms of revenue and profit, respectively.

Its core business, including production of construction steel, steel pipe and coated steel mostly contributed to the high revenue and profit, accounting for 90 per cent of the total.

Hòa Phát set a record in the sale of 3 million tonnes of steel in 2017, increasing 25 per cent from the previous year. Of the total, construction steel was at 2.2 million tonnes, steel pipe was at 600,000 tonnes and the remaining was coated steel.

This is the first time its construction steel surpassed 2 million tonnes a year, up 10 per cent from the set target in 2017 and increasing 20 per cent from the previous year.

In addition, the group sold 79,000 tonnes of steel billet to both inside and outside the market last year.

Its construction and steel and steel pipes took the lead in the market, with market shares of 24 per cent and 26.4 per cent respectively.

The group exported more than 162,000 tonnes of steel bars and rolled steel to the United States, Canada, Australia and Japan, as well as Malaysia and Cambodia.

In term of real estate, Hòa Phát Group handed over its Mandarin Garden 2 housing project in Hà Nội to homebuyers, while expanding industrial zones in Hưng Yên. It also started construction of Bắc Phố Nối Urban Area and 70 Nguyễn Đức Cảnh apartment building.

Its interiors, refrigeration and building equipment saw stable growth in 2017. It also posted revenue in the agriculture sector with its feed and livestock products.

With its positive business results, the group contributed VNĐ5 trillion to the State budget in 2017, increasing 40 per cent from 2016.

Hòa Phát made the highest contribution to the State budget in Hải Dương Province with VNĐ2 trillion. — VNS


Source: VNN

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