Hoa Phat posted after-tax profit of over VND6 trillion in 9 months

Hoa Phat Group (HPG) reported consolidated revenue and after-tax profit of VND14.3 trillion and VND2.4 trillion in the first nine months of the year, representing 13 per cent year-on-year increase. With the results, Hoa Phat Group completed 85 per cent of its set profit target in 2018.

Specifically, HPG reached a revenue of VND41.9 trillion and after-tax profit of VND6.8 trillion in the first nine months of the year. These represent 24 per cent and 22 per cent increases respectively from the same period last year. All of its businesses maintain stable growth rate.

Steel business of Hoa Phat Group maintained its high growth

The sale of Hoa Phat Construction Steel Company in the January-September period rose 7 per cent from the same period last year to reach 1.7 million tonnes. It was expected to provide 2.3 million tonnes of construction steel to the market in 2018. Hoa Phat has been focusing on completing Hoa Phat Dung Quat Steel Integrated Complex to reach the capacity of 4 million tonnes of construction steel in 2019 and 5 million tonnes in 2020. Hoa Phat’s construction steel would account for at least 30 per cent of market share after the project comes into operational.

In addition, HPG produced and supplied thousands of high quality wire rod steel to the market by steel wire maerial from Hai Duong Steel Complex in northern Hai Duong Province. This has been the only producer in Vietnam supplying drawing steel wire plating thick nitrous to Canada, the US and South Korea.

Other industrial products such as furniture and refrigeration also saw stable growth in the period with many new products that has received positive feedbacks from the market. Hoa Phat's agricultural sector achieved positive results with good market movements.

In the real estate sector, most of apartments of Mandarin Garden 2 project were handed over to customers while completing utility items and interior at 70 Nguyen Duc Canh, Hanoi. All of apartments would be handed over to customers in December.

Nghi Tran