Hoa Phat maintain its leading market share in food production

In Q3 2024, Hoa Phat Group reported a post-tax profit of VND 3,022 billion, a 51% increase compared to the same period last year ( VND2,000 billion). Cumulatively, over the first 9 months, Hoa Phat recorded a post-tax profit of VND 9,210 billion, a 140% increase year-over-year. The main contributors to this result were steel and related products, accounting for 85%, followed by the agriculture sector.

In terms of revenue, Hoa Phat Group earned more than VND 34,000 billion in Q3, a 19% increase from the same period last year (VND 28,766 billion). Over the 9 months, the group generated over VND 105,000 billion in revenue, equivalent to over $ 4 billion, a 23% increase year-over-year (VND 85,431 billion), completing 75% of its 2024 target. The company contributed VND 10,000 billion to the state budget in the first 9 months of 2024, surpassing the total contributions for 2023.

Increased sales revenue and improved profit margins in key business areas, such as steel and agriculture, drove the group’s profit growth. Specifically, profits in the steel segment rose by 42%, and the agriculture segment by 80% compared to the same period last year. The industrial park infrastructure leasing sector maintained a stable profit margin of 39%.

In Q3, Hoa Phat produced nearly 1.1 million tons of construction steel and high-quality steel, a 14% decrease from the previous quarter (1.27 million tons). The domestic construction steel market share remained dominant at 38%. Hot-rolled coil (HRC) production reached 738,000 tons, similar to Q2.

Cumulatively, in the first 9 months of 2024, Hoa Phat produced 6.4 million tons of crude steel, a 34% increase year-over-year. Sales volumes of various steel products (excluding steel pipes and galvanized steel) totalled 6.1 million tons, up 32%.

Among these, construction steel and high-quality steel contributed 3.3 million tons, a 29% increase. Hot-rolled coil (HRC) production reached 2.27 million tons, and billet steel reached 505,000 tons. For downstream steel products, steel pipes reached 503,000 tons, a 3% increase compared to the first 9 months of 2023. Hoa Phat’s galvanized steel production reached 344,000 tons, a 43% increase year-over-year, surpassing the full-year 2023 total of 329,000 tons.

Hoa Phat has maintained its leading position and market share in clean eggs and commercial pork products supplied to the market.

Hoa Phat's home appliance division has launched a series of new products. The group is also continuing to invest in expanding existing industrial parks in Hung Yen and Ha Nam, creating additional clean land and technical infrastructure to meet the production and business investment needs of both domestic and foreign enterprises.

The group is focusing its resources on the construction of the Hoa Phat Dung Quat 2 Iron and Steel Production Complex, with a capacity of 5.6 million tons of hot-rolled coil per year. According to the current progress, the first phase is expected to have the first hot trial run by the end of 2024.

In line with its development goals and community benefits, over the past 9 months, Hoa Phat has carried out many charitable and social programs. Notable initiatives include supporting localities to build 1,500 houses for disadvantaged individuals, funding new schools, and providing assistance to orphans and children with congenital heart disease.