10/10/2024 08:00
Hoa Phat Group reported a revenue exceeding VND34 trillion VND for the third quarter of 2024, a 19% increase compared to the same period last year (VND28.7 trillion). In the first nine months of the year, the company generated over VND105 trillion, equivalent to more than US$4 billion, marking a 23% growth from the previous year's figure of VND85.4 trillion. This performance has allowed Hoa Phat to accomplish 75% of its revenue target for 2024.
Hoa Phat's 9-month revenue reaches over US$4 billion
In the third quarter of 2024, the steel market faced significant challenges both domestically and internationally, resulting in a general decline in prices. Hoa Phat Group sold over 2 million tons of construction steel products, hot-rolled steel coils, and steel billets, reflecting a 7% decrease from the second quarter. Specifically, construction steel and high-quality steel production reached nearly 1.1 million tons, down 14% from the previous quarter (1.27 million tons). Despite these challenges, Hoa Phat maintained a leading domestic market share of 38% for construction steel. Hot-rolled steel coil output remained steady at 738,000 tons, consistent with the second quarter.
For the first nine months of 2024, Hoa Phat Group produced 6.4 million tons of crude steel, marking a 34% increase compared to the same period in 2023. Total steel sales (excluding steel pipes and galvanized steel) reached 6.1 million tons, a 32% rise. Notably, construction steel and high-quality steel contributed 3.3 million tons, up 29%, while hot-rolled coils (HRC) totaled 2.27 million tons and steel billets reached 505,000 tons.
In the downstream segment, steel pipes reached 503,000 tons, a 3% increase from the first nine months of 2023. Hoa Phat Steel produced 344,000 tons, a remarkable 43% rise over the same period, surpassing the total output for all of 2023 (329,000 tons). The company also supplied 93,000 tons of various prestressed steel products (PC Bar, PC Strand, PC Wire). In the container segment, Hoa Phat secured numerous orders from leading partners, both domestically and internationally, including Hapag-Lloyd, SeaCube, and Hai An.
Hoa Phat continued to solidify its position in the clean chicken egg and commercial pork markets, ranking among the top three largest manufacturers of clean chicken eggs in Vietnam, particularly dominant in the North. The company also launched a range of new household appliances, including electric fans, innovative air coolers, semi-industrial RO water purifiers, Funiki blenders, and rice cookers. Other products like air conditioners, freezers, refrigerators, and dishwashers have seen strong sales, especially during the hot season.
Additionally, Hoa Phat is actively investing in the expansion of existing industrial parks in Hung Yen and Ha Nam, enhancing clean land and technical infrastructure to meet the investment and production needs of both domestic and foreign enterprises. The Group is also focused on advancing the Hoa Phat Dung Quat 2 Iron and Steel Complex project, which has a planned capacity of 5.6 million tons of hot-rolled coil steel per year. Currently, 80% of phase 1 and 50% of phase 2 have been completed, with the first hot test product from the rolling furnace expected by the end of 2024.
The Dung Quat 2 project has made significant progress, with 80% of phase 1 and 50% of phase 2 completed. Phase 1 is expected to produce its first hot test product from the rolling furnace by the end of 2024.
In line with its commitment to community development, Hoa Phat has undertaken numerous charitable initiatives over the past nine months. These include building 300 gratitude houses in Tra Vinh and donating over 300 water purifiers to schools and medical facilities nationwide. The company has also sponsored the construction of Binh Dong Primary School in Binh Son district, Quang Ngai, with an investment of over VND40 billion VND, and donated VND10 billion to build a kindergarten in Dong Hy district, Thai Nguyen.
Despite the significant damage caused by Storm Yagi and subsequent flooding to its factories and farms in northern provinces such as Hai Duong, Hung Yen, Bac Giang, Thai Binh, Yen Bai, and Phu Tho, Hoa Phat's staff and workers have united to support those severely affected. Together, they have contributed tens of billions of Vietnamese dong to help stabilize the lives of impacted individuals. Recently, on October 5, in response to the government's call for aid, Hoa Phat Group donated VND50 billion to the national program aimed at eliminating temporary and dilapidated housing, allocating VND30 billion to Quang Ngai province and VND20 billion to Phu Yen.
HPG News
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