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Vietnam’s Hoa Phat Group records 19 percent rise in revenue for Q3

Thursday, 10 October 2024 11:33:17 (GMT+3)   |   Istanbul

Vietnam-based steel producer Hoa Phat Group has announced its financial and operational results for the third quarter and the first nine months of the current year.

For the third quarter this year, the company has reported a revenue of VND 34 trillion (around $1.37 billion), up 19.0 percent compared to a revenue of VND 28.77 trillion in the same period last year. In the first nine months this year, the company recorded VND 105 trillion in revenue, equivalent to more than $4 billion, increasing by 23.0 percent from the same period last year.

The producer sold 7.0 percent less construction steel, hot rolled coil and steel billet in the third quarter, owing to the many difficulties faced both in the domestic and international spheres.

Hoa Phat’s total construction steel output in the given quarter amounted to 1.1 million mt, down by 14.0 percent quarter on quarter. The producer maintained its dominance in the domestic construction steel market, making up 38.0 percent of total production. Hot rolled coil production, on the other hand, remained stable compared to the previous quarter at 738,000 mt.

In the first nine months of 2024, Hoa Phat Group produced 6.4 million mt of crude steel, up 34.0 percent compared to the same period last year. The company’s steel sales excluding steel pipes and galvanized steel reached 6.1 million mt, increasing by 32.0 percent year on year. Construction steel sales increased by 29.0 percent year on year to 3.3 million mt, while hot rolled coil and steel billet sales were posted at 2.29 million mt and 505,000 mt, respectively.


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