Vietnam’s Hoa Phat Group expects its revenue to touch VND86tn with a net profit of VND9tn at the end of 2020. 

 

The company said in its earnings report on Oct 14 that its No.4 blast furnace at the Dung Iron and Steel complex was slated to begin operations in 2021. Three blast furnaces were put into operations at this plant in August. The complex will have the capacity to produce 5mn mt of steel once all four blast furnaces begin operations.

 

The group also indicated that it planned to increase its total steel production capacity to around 8mn mt in 2021. 

 

For the nine-month period in 2020, Hoa Phat Group produced more than 4mn mt of crude steel, double the volume produced in the same period in 2019.  

 

Hoa Phat maintained a market share of 32.6pc in the domestic market during the first nine months of the year with billet sales to export and domestic clients reaching 1.25mn mt in January-September. Sales of steel pipe products increased by 3.5pc to 570,000mt in January-September compared to the same nine-months in 2019 and steel sheet sales grew by 150pc during the same period. 

 

The company’s revenue in January-September 2020 increased 40pc to VND65tn compared to the same period a year ago, while after-tax profit for the period increased by 56pc to VND8.84tn against the same nine-months in 2019. 

 

Hoa Phat Group achieved revenues of VND24.9tn ($1.1bn) in Q3 2020 with its after-tax profit doubling to VND3.8tn  from the same quarter last year. 

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