Hoa Phat’s after-tax profit soars 77% to over VND12 trillion in 2024

Hoa Phat Group announced a revenue of VND35.2 trillion in Q4 2024, marking a 1% increase compared to the same period in 2023 (VND34.9 trillion). Its after-tax profit for the quarter was VND2.8 trillion, down 5% from the fourth quarter of 2023 (VND2.96 trillion). For the full year of 2024, Hoa Phat recorded a total revenue of VND140.5 trillion, up 17% year-over-year, successfully meeting its annual target. The company’s after-tax profit reached VND12 trillion, a 77% increase over 2023, exceeding its annual goal by 20%. In 2024, Hoa Phat contributed over VND13.4 trillion to the State budget.

In 2024, Hoa Phat produced 8.7 million tons of crude steel, up 30% from 2023. Sales of steel products, including HRC steel, construction steel, high-quality steel, and steel billets, totaled 8.1 million tons, an increase of 20%. Specifically, sales of construction steel and high-quality steel reached 4.48 million tons, up 18% from the previous year. Hot-rolled coil (HRC) steel production surpassed 3 million tons, a 5% increase compared to 2023.

Construction steel and high-quality steel reached 4.48 million tons, an increase of 18% over the same period last year

In the domestic market, Hoa Phat solidified its position as the market leader for long steel and steel pipes, with shares of 37.6% and 27.7%, respectively. The company also ranked in the top 5 in galvanized steel, holding an 8.2% market share. Its products have been supplied for major infrastructure projects, including airports and metro lines in Hanoi and Ho Chi Minh City, as well as other key developments. The Group has also produced and supplied high-technical steel products, such as steel coils for car tires, screws, welding rod cores, elevator cables, cold-formed high-alloy steel, crane steel, and high-strength prestressed steel.

Hot-rolled coil (HRC) output in the fourth quarter of 2024 decreased by 19% compared to the same period in 2023

Hoa Phat’s steel exports expanded to nearly 40 countries and territories worldwide, with export activities accounting for 31% of the Group’s total revenue in 2024. In downstream products, the company supplied over 708,000 tons of steel pipes, an increase of more than 3% over 2023. Sales of galvanized steel exceeded 446,000 tons, a 36% increase, while prestressed steel sales reached 134,000 tons, up 28% from the previous year.

Other business sectors also performed well. Hoa Phat Agriculture surpassed many of its targets, with the most notable achievement being the production of 330 million eggs. The company’s egg distribution network now reaches over 100 supermarkets in northern Vietnam and across the country. In pig farming, output exceeded expectations, and the Australian cattle farming sector saw positive growth, with livestock output higher than in 2023.

Hoa Phat currently owns more than 1,100 hectares of industrial land and plans to attract foreign direct investment (FDI) by developing three additional industrial parks in the near future. These developments will create more clean land and technical infrastructure to support both domestic and foreign businesses. The household electrical appliances division has also seen revenue growth, driven by the development of a range of new products.

The Hoa Phat Dung Quat 2 Iron and Steel Complex is progressing on schedule. Phase 1 is expected to begin operations in 2025, with Phase 2 projected to be completed by late 2025 or early 2026. The complex will produce hot-rolled coil steel, high-quality steel, and special steel for industries such as automotive, railways, shipbuilding, and structural processing.

Hoa Phat Group is operating in 26 provinces and cities across Vietnam, contributing significantly to the state budget. In 2024, the company’s contributions totaled VND13.4 trillion, far exceeding the VND9 trillion from 2023. Hoa Phat also invested hundreds of billions of Vietnamese dong in social welfare activities, including supporting the construction of 1,500 homes for disadvantaged families and contributing to the reconstruction of houses in Lang Nu and Nam Tong and for residents in A Lu Commune, northern province of Lao Cai.

HPG News