AsemconnectVietnam - In the third quarter of 2024, Hoa Phat Group (stock code HPG) recorded VND3,022 billion in profit after tax, an increase of 51% over the same period last year.

In the first 9 months, Hoa Phat recorded VND9,210 billion in profit after tax, an increase of 140% over the same period last year. The main contributor to this result was steel and related products with 85%, followed by the agricultural sector.
In terms of revenue, Hoa Phat Group reached more than VND34,000 billion in the third quarter, an increase of 19% over the same period last year (VND28,766 billion). In the first 9 months, Hoa Phat recorded more than VND105,000 billion in revenue, equivalent to more than USD4 billion, up 23% over the same period last year (VND85,431 billion), completing 75% of the 2024 plan. The Group paid VND10,000 billion to the State budget in the first 9 months of 2024, exceeding the payment for the whole year of 2023.
Increased sales revenue, improved profit margins in some business areas such as steel and agriculture helped the Group's profits grow. Specifically, the steel group's profit increased by 42%, the agriculture group's increased by 80% over the same period last year. The industrial park infrastructure leasing sector maintained a stable profit margin at 39%.
The output of construction steel and high-quality steel in the third quarter reached nearly 1.1 million tons, down 14% compared to the previous quarter (1.27 million tons). Domestic construction steel market share still maintains its leading position with 38%. Hot rolled coil steel reached 738,000 tons, equivalent to the second quarter. Accumulated in the first 9 months of 2024, Hoa Phat Group produced 6.4 million tons of crude steel, up 34% over the same period in 2023. Sales of all kinds of steel (excluding steel pipes and galvanized steel) reached 6.1 million tons, up 32%. Of which, construction steel and high-quality steel contributed 3.3 million tons, up 29%. Hot rolled coil (HRC) reached 2.27 million tons and steel billets reached 505,000 tons. For downstream steel products, Steel Pipe reached 503,000 tons, up 3% compared to the first 9 months of 2023. Hoa Phat Steel achieved an output of 344,000 tons, up 43% over the same period, exceeding the whole year of 2023 (329,000 tons).
Hoa Phat maintained its position and market share in the leading group of clean chicken eggs and commercial pork supplied to the market. Hoa Phat household appliances launched a series of new products. Hoa Phat also continued to invest in expanding existing industrial parks in Hung Yen and Ha Nam, creating more clean land and technical infrastructure to serve the investment and production needs of domestic and foreign enterprises.
The Group is focusing on implementing the construction of the Hoa Phat Dung Quat 2 Iron and Steel Production Complex project, with a scale of 5.6 million tons of hot rolled coil steel/year. According to the current progress, Phase 1 is expected to have the first hot test product of the rolling furnace by the end of 2024.
Linking its development with the interests of the community, over the past 9 months, Hoa Phat has also implemented many charity and social programs. Typical examples include supporting localities to build 1,500 houses for people in difficult circumstances, sponsoring the construction of new schools, supporting orphans, children with congenital heart disease, etc.
N.Nga
Source: VITIC/Tinnhanhchungkhoan