Vietnam-based steel producer Hoa Phat Group has announced its financial and operational results for the first quarter of 2023.
For the first quarter, the company has reported a net profit of VND 383 billion ($16.34 million), down by 95.3 percent compared to the same period of the previous year and reaching five percent of the target for 2023, while its sales revenue totaled VND 26.8 trillion ($1.14 billion), down by 39.6 percent year on year due to slow demand.
Hoa Phat’s total steel sales in the first three months totaled 1.37 million mt, down by 37 percent year on year. In particular, the company’s construction steel sales came to 869,000 mt, down by 35 percent, its hot rolled coil sales amounted to 482,000 mt and billet sales came to 26,000 mt. Hoa Phat’s steel pipe and galvanized steel sales in the given period totaled 160,000 mt and 69,000 mt, decreasing by 23 percent and 36 percent, respectively, year on year. Hoa Phat holds the biggest share in the steel pipe market in the country, while it ranks in the top five in terms of its share in the galvanized steel product market.