Vietnamese steelmaker Hoa Phat Group’s revenues rose by 43pc in Q4 (Oct-Dec) to VND26,166bn ($1.13bn) from the prior year period. Profits rose by 142pc at VND4,660bn, which is the highest recorded quarterly profit for the company. In FY2020, the company’s revenue grew to VND91,279bn, up by 41pc from 2019, with sales rising 12 times higher than 2019, according to the company’s release. Full year PAT was VND13,506bn.
In early January, Hoa Phat’s Dung Quat Iron and Steel Complex started synchronous operations in both the phases allowing the group to increase its HRC output. In 2021, Hoa Phat targets 2.7mn mt of HRC output, along with more than 5mn mt construction steel and billet production.
Hoa Phat achieved all its production targets in 2020 despite the difficulties posed by the COVID-19 pandemic. Steel output doubled from 2019 to 5.8mn mt, of which steel billet and construction steel output was 5.1mn mt and HRC 700,000mt. Construction steel products output rose by 22.5pc to 3.4mn mt from the prior year. The company’s domestic market share rose to 32.5 per cent. Steel billet sales rose to 1.7mn mt, 12 times higher than 2019.
In April 2020, Hoa Phat began HRC production and products were launched in November. The company’s HRC orders have risen strongly exceeding the group’s production capacity.
Hoa Phat’s supplied 820,000mt of steel pipes, up 10pc from a year ago, leading the domestic market with a 31.7pc share. Export-oriented color coated corrugated iron output rose by 150pc from 2019.
($1 = VND23,137.92)