Steelmaker Hoa Phat's profits dive to 6-year low

By Anh Tu   January 22, 2024 | 10:41 pm PT
Steelmaker Hoa Phat's profits dive to 6-year low
Hoa Phat Group employees examine steel products. Photo courtesy of Hoa Phat Group
Steel giant Hoa Phat Group saw post-tax profits plummet to a six-year low of VND6.8 trillion (US$276.71 million) last year.

Sales fell by 16% to VND120 trillion in a year of declining steel prices, according to its earnings report released Monday.

Production was down 10% to 6.7 million tons of crude steel.

Sales of hot-rolled coil steel, construction steel, high-quality steel, and steel billets declined by 7% to 6.72 million tons.

It began selling containers for the first time in August and operating a container port at the Dung Quat Economic Zone in the central province of Quang Ngai.

Its poultry business produced 300 million eggs for the first time ever.

Difficulties are likely to linger this year, both domestically and globally, and it would therefore prioritize managing cash flows and inventories based on market developments this year, the company said.

Its Dung Quat 2 plant is now 45% complete and construction is on schedule.

To go on stream in 2025, it will double its annual production to 14 million tons, making it one of the 30 largest steelmakers in the world.

go to top