Hoa Phat recorded 12,229 billion dongs of after-tax profit in the first 6 months of 2022

In the second quarter of 2022, Hoa Phat Group’s revenue achieved VND 37,714 billion, and the profit after tax reached VND 4,023 billion. The cumulative of the first 6 months of the year recorded VND82,118 billion in revenue and VND12,229 billion in profit after tax, respectively reduced by 27% compared to the same period last year completing 46% of the year plan.

In the second quarter, despite many complicated situations in the raw material market due to the Russia-Ukraine tension conflict, Hoa Phat Group still maintained stable production, ensuring a sufficient supply of goods both domestically and overseas. Output volume of billets, construction steel, and hot-rolled coils reached 1.8 million tonnes in the second quarter of 2022, of which approximately 380,000 tonnes of construction steel were exported. The consumption of steel pipe and galvanized steel reached 159,000 tons and 75,000 tons, respectively. Hoa Phat continues to maintain its market share as No. 1 in Vietnam's structural steel (36.2%) and steel pipes (28.8%).

The Hoa Phat Group produced a cumulative total of 4.3 million tonnes of crude oil in the first six months, an increase of 8% over the same period. Production steel, billet, and HRC consumption reached nearly 4 million tonnes, an increase of 6% over the same period. Among them, construction steel was 2.38 million tonnes, a rise of 29% compared to the first six months of 2021. After six months, Hoa Phat's HRC sales reached 1.4 million tonnes, accelerating 7% over the same period. HRC downstream products such as steel pipes and galvanized sheets amounted to 377,000 tonnes and 180,000 tonnes, respectively, which corresponds to consumption in the first half of 2021.

Hoa Phat continued to function in other areas according to the quarterly plan. Agriculture accounts for 4% of the Group's total sales. Regarding the Group's real estate area, Hoa Phat was approved in June 2022 to invest in the expansion of 216 hectares of the Yen My II Industrial Park. In addition, regarding the home appliances industry, the group hopes to bring to market several new product lines, such as water purifiers and air purifiers, expectedly in the third quarter of this year.

In August 2022, Hoa Phat Group is going to celebrate 30 years of establishment and development in which steel is its core field, creating jobs for 30,000 employees. In the first six months of 2022, the Group paid nearly 7.4 billion VND to the State budget. This is a 42% increase over the same period in 2021 and far exceeds payments for 2020 as a whole.

Currently, some of the Group's major projects are productive accelerated, including the Hoa Phat Dung Quat 2 Integrated Steel Complex, the Australian Iron Ore Mining Project, the Ba Ria-Vung Tau Container Factory, and Ha Nam's home appliances Manufacturing Center. In particular, the household appliances and container manufacturing projects will produce their first product line in the third and fourth quarters of this year. Hoa Phat is expected to be among the Top 30 steel companies in the world when the Dung Quat 2 Integrated Steel Complex project is completed in 2025.

HPG News