Hoa Phat keeps moving forward, reaching out to the region

On May 24, 2022 in Hanoi, the Annual General Meeting of Shareholders of Hoa Phat Group Joint Stock Company (HPG) took place. The meeting approved the annual business plan of VND160 trillion in revenue. VND25-30 trillion after-tax profit and many other important contents. According to Chairman of the Board of Directors Tran Dinh Long, this year's plan would face many challenges. However, Hoa Phat Group will keep moving forward, reaching out to the region.

The Annual General Meeting of Shareholders was attended by 796 shareholders, representing more than 2.9 billion shares, accounting for 66.3 per cent of voting shares.

In 2022, Hoa Phat Group will celebrate 30 years of development. During the past time, Hoa Phat Group has continuously innovated to create a variety of products with high economic value, meeting the markets’ needs. Hoa Phat Group did not choose an easy path as industrial production - a hard-working industry is its key sector that takes real sweat to create finished products. With an output of 8.5 million tons a year, Hoa Phat Group is proud to put Vietnam on the world steel map with the most modern production technologies. Hoa Phat Group's steel products have good competitiveness in the world market.

At the meeting, shareholders asked many questions related to this year's business targets and projects that HPG is implementing such as the progress of Dung Quat 2 Complex, the container project, the orientation to expand the investment into real estate, dividend payment plan 2021 etc.

Shareholders paid much attention to Hoa Phat Group's ongoing projects

Regarding the business targets of 2022, the group's leaders shared that the annual business target of VND160 trillion in revenue and VND25-30 trillion in after-tax profit is also a challenge for the executive board. It is because the raw materials’ price has been increased sharply due to the conflict between Russia and Ukraine; China maintains the Zero COVID-19 policy, making demand reduced. The group will prioritize goods inventory management, closely monitor material price movements, and have reasonable regulatory policies; consume all products; continues to take the lead of the national market share in construction steel and steel pipes and galvanized steel in the field of steel production and business.

In the long term, Chairman Tran Dinh Long said, Hoa Phat Group will keep moving forward, reaching out to the region. The group is implementing the Hoa Phat Dung Quat 2 Iron and Steel Complex project and studying another steel complexes. When Dung Quat 2 is completed, Hoa Phat Group's steel output will reach 14 million tons, reaching the Top 30 largest steel companies in the world by 2025.

Chairman of the Board of Directors Tran Dinh Long affirmed that Hoa Phat Group will keep moving forward, reaching out to the region

With the container and the household electrical appliances projects, Hoa Phat Group is expected to complete and put into trial operation in the fourth quarter of 2022. In the field of real estate, the group is actively participating in bidding for projects from the beginning and has many good prospects. Hoa Phat Group's strategy has been clearly outlined and having prerequisites for success despite of challenges.

The 2022 Annual General Meeting of Shareholders approved all the agenda with a high percentage of votes. HPG shareholders also approved the 2021 dividend payment plan at the rate of 35 per cent, of which 5 per cent in cash and 30 per cent in shares. The source of payment is the undistributed after-tax profit. The payment would be implemented in the second and third quarters of 2022. The dividend rate of 2022 is expected at 25 per cent.

The Board of Directors of Hoa Phat Group also respectfully acknowledges the constructive comments of shareholders on information disclosure of projects as well as Hoa Phat Group's quarterly and annual financial statements etc.

                                                                                        HPG News