Hoa Phat Group achieved VND1.83 trillion after-tax profit in H1

In the second quarter of 2023, Hoa Phat Group achieved revenue of VND29.8 trillion, reducing 21 per cent compared to the same period last year. Its after-tax profit was VND1.44 trillion, 64 per cent year-on-year decrease but 3.78 times higher than that of the first quarter of 2023. In the first 6 months of the year, Hoa Phat Group recorded VND56.6 trillion in revenue and more than VND1.83 trillion in after-tax profit, reaching 23 per cent of the whole year set plan.

Hoa Phat Group supplied 1.2 million tons of HRC steel to both domestic and foreign markets in the first 6 months of the year

In the context of weak domestic and foreign market demand, Hoa Phat Group produced 2.86 million tons of crude steel, down 34 per cent over the same period last year. The group’s sales volume of construction steel, steel billet and hot rolled coil (HRC) reached 2.9 million tons, posting 27 per cent year-on-year decrease.

In the first half of the year, the group's construction steel reached more than 1.6 million tons, down 30 per cent over the corresponding period last year. In addition to finished steel, Hoa Phat Group also provided 36,000 tons of steel billets to other steel mills in Vietnam. The volume of HRC steel supplied to domestic and foreign markets was 1.2 million tons, reducing 15 per cent over the same period last year. The products have been exported to some countries and territories in Europe and Asia. Hoa Phat’s steel pipe and corrugated iron achieved output of 325,000 tons and 175,000 tons, respectively, down slightly compared to the first 6 months of 2022.

With the advantage of seaport, Hoa Phat could quickly supply steel products to the market with competitive prices

In addition, Hoa Phat Group also supplied nearly 50,000 tons of prestressed steel of all kinds (PC Bar, PC Strand, PC Wire) to the market, down 37 per cent compared to the first half of 2022.

In the agriculture sector, Hoa Phat Group has organized production and breeding in accordance with the volatile market situation, especially in the Australian cattle segment. Recently, the selling price of pigs and chicken eggs has changed in a positive direction. Hoa Phat’s clean chicken eggs are in the Top 3 largest producers in Vietnam and leading in the North with about 900,000 eggs a day.

In the six-month period, the group’s home appliances production has shown signs of improvement when Funiki's air conditioner output was increased by 50 per cent over the same period last year, reaching the Top 10 air conditioner brands at Dien May Xanh supermarket chain. Other products of Hoa Phat such as refrigerators, freezers, water purifiers, cooling fans, induction cookers, dishwashers, etc. have been positively received in the market.

Hoa Phat’s water purifier is well received in the market

In the real estate sector, the group has continued to invest in expanding existing industrial parks. The total approved land fund of Hoa Phat Industrial Park is more than 1,133 hectares.

Hoa Phat Group operates in 5 fields including: Iron and steel, steel products, agriculture, real estate and household appliances. Hoa Phat holds the No.1 market share in Vietnam in terms of construction steel, steel pipes; Top 5 galvanized steel sheet manufacturers and is the only Vietnamese enterprise that can produce HRC.

Hoa Phat Group is focusing on implementing the Hoa Phat Dung Quat 2 Iron and Steel Complex project, with a capacity of 5.6 million tons of HRC a year. After more than one year of operation, the project has implemented about 30 per cent of the workload. It is expected that Dung Quat 2 project will produce products in 2025.

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