Hòa Phát’s Q4 profit surged 2.5 times in Q4 last year

The firm reported a record-high revenue of VNĐ34.9 trillion (over US$1.42 billion) in the period, up 33 per cent year-on-year. — VNA/VNS

HÀ NỘI — Vietnamese steelmaker Hòa Phát Group reported a remarkable after-tax profit of almost VNĐ3 trillion (US$125 million) in Q4 2023, marking a 249 per cent increase from the same period in 2022 and a 48 per cent quarter-on-quarter growth.

The company also posted a record revenue of VNĐ34.9 trillion, reflecting a 33 per cent year-on-year rise.

Despite a 10 per cent year-on-year decrease in crude steel production to 6.7 million tonnes in 2023, the group successfully sold 6.72 million tonnes of construction steel, hot rolled coil steel (HRC), high-quality steel, and billet, representing a 7 per cent reduction from the previous year.

Hòa Phát’s steel exports have been expanded to 39 countries and territories worldwide, helping the group diversify consumer markets, increase foreign exchange earnings and balance Việt Nam’s trade balance.

With its capacity to produce 8.5 million tonnes of crude steel per year, the company still holds the largest market share in Việt Nam for construction steel and steel pipes, the top five manufacturers of galvanised steel and the only Vietnamese enterprise that can produce HRC. — VNS