Hòa Phát Group achieves VNĐ8.2 trillion (US$356 million) after-tax profit in Q1

The group produced 2.16 million tonnes of crude steel in the three month period, increasing 8 per cent over the same period last year. Photo courtesy of the firm

HÀ NỘI — Hòa Phát Group achieved VNĐ44.4 trillion in revenue, up 41 per cent over the same period last year while its after-tax profit posted 17 per cent year-on-year increase to VNĐ8.2 trillion in the first quarter of the year.

Its steel production and related products contributed 90 per cent to the group’s overall results.

The group produced 2.16 million tonnes of crude steel in the three month period, increasing 8 per cent over the same period last year. Sales volume of finished construction steel, steel billet and hot rolled coil (HRC) reached 2.17 million tonnes, representing 12 per cent year-on-year increase. In which, finished construction steel was 1.34 million tonnes, up 57 per cent over the corresponding period last year. Its hot-rolled coil in the first three months of the year reached 763,000 tonnes, up 15 per cent over the same period in 2021. HRC downstream products such as steel pipes and galvanized steel were 207,000 tonnes and 105,000 tonnes, respectively, an increase of 13 per cent and 43 per cent over the same period in 2021.

In the agricultural sector, Hòa Phát maintains an appropriate output level, saving costs in order to optimise costs when input material prices were on the rise. In the field of real estate, its industrial parks such as Phố Nối A and Yên Mỹ II continue to be expanded. The occupancy rate reaches 100 per cent of the areas which were invested in technical infrastructure. The group also actively researched and implemented a number of urban real estate projects with high liquidity in a number of provinces and cities. – VnExpress News