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Tag: Hoa Phat

  • Steelmaker Hoa Phat’s sales surge 32% in two months

    Steelmaker Hoa Phat’s sales surge 32% in two months

    Vietnamese steel giant Hoa Phat Group saw a 32% rise in sales volume of steel products in the first two months of this year, the firm reported.

    In the January-February period, Hoa Phat sold 1.15 million tonnes of hot rolled steel products (HRC), construction steel, high quality steel and steel billets. Meanwhile, the firm produced 1.38 tonnes of crude steel, an increase of 71% over the same period last year.

    However, in February, the firm saw a considerable drop in steel sales volume compared to that in January, mostly due to the long Lunar New Year holiday. In the month, Hoa Phat produced 690,000 tonnes of crude steel, a similar output as January.

    In the month, its sales volume of hot rolled steel products, construction steel, high quality steel and steel billets was 518,000 tonnes, down 19% compared to the first month of the year.

    Meanwhile, the firm sold 212,000 tonnes of construction steel and high quality steel, down 42% compared to January, along with 266,000 tonnes of HRC products, 41,000 tonnes of steel pipes, and 32,000 tonnes of galvanized steel.

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  • Steelmaker Hoa Phat reports bigger losses in Q4

    Steelmaker Hoa Phat reports bigger losses in Q4

    Hoa Phat Group, Vietnam’s biggest construction steel firm, posted net losses of nearly VND2 trillion ($84.7 million) in Q4 last year, higher than the losses of roughly VND1.8 trillion in Q3.

    The company’s losses in Q3 was its first quarterly loss in 13 years.

    Hoa Phat made revenues of VND26 trillion in the fourth quarter, seeing a year-on-year fall of 42%, bringing the total revenues last year to VND142 trillion, down 5%, due to weaker demand for various steel products.

    Its after-tax profits were over VND8.4 trillion in 2022, down 76% against 2021.

    The firm supplied the local market with 7.2 million tons of steel products, including 4.3 million tons of construction steel, last year, posting a year-on-year drop of 7%, and holding a market share of nearly 35%.

  • Hoa Phat steel sales fall by 42% in October

    Hoa Phat steel sales fall by 42% in October

    Hoa Phat Group’s sales plummeted by 42% year-on-year in October to 492,000 tons as domestic and global steel demand continued to fall.

    According to monthly data from Vietnam’s largest steel company, this is its lowest sales volume since February 2021.

    Construction steel sales fell by 45% year-on-year to 210,000 tons.

    Hot-rolled coil steel sales however rose 30% to 267,000 tons as the company was able to export large volumes to Indonesia and Malaysia.

    Several media reports have said the company is set to shut down four blast furnaces starting this month as market demand remains sluggish.

    HPG shares have fallen by nearly 30% this year to around VND13,800.

    Analysts at SSI Securities said in a recent note that weakening steel demand would remain a challenge for the company.

  • Steelmaker Hoa Phat reports 2.5-fold jump in profits

    Steelmaker Hoa Phat reports 2.5-fold jump in profits

    Vietnam’s biggest steelmaker Hoa Phat Group said post-tax profits were up 2.5 times last year to VND34.52 trillion ($1.52 billion).
    The company sold 8.8 million tons of steel during the year, a 35 percent increase.

    It accounted for nearly a third (32.6 percent) of the construction steel market.

    Exports doubled to 2.6 million tons even as the domestic market was hurt by the Covid-19 pandemic.

    The company’s other businesses maintained their leading positions in the market. It topped in terms of Australian beef production and was the leader in the northern chicken egg market.

    The company is working on some major projects this year such as its second steel manufacturing plant and a new port in the central province of Quang Ngai.

    It is also building a container manufacturing plant in the southern province of Ba Ria