In January 2024, Hoa Phat Group (stock code: HPG) produced 693,000 tons of crude steel, an increase of 7% compared to December 2023. The sales volume of hot-rolled coil steel, construction steel, and high-quality steel reached 639,000 tons, a decrease of 16% compared to the end of 2023 but an increase of nearly 40% compared to the same period last year.
Hoa Phat’s construction steel and high-quality steel supplied to the market in the past month was 363,000 tons, a decrease of 22% compared to December. The consumption volume recorded a decrease compared to the end of the previous year mainly due to the market preparing for the Lunar New Year holiday, with low demand. Hoa Phat’s hot-rolled coil (HRC) recorded 275,800 tons, an increase of 2% compared to December.
However, the downstream HRC products achieved different results. Coated steel products grew by 39% compared to the end of 2023 with a volume of nearly 34,000 tons. Meanwhile, Hoa Phat’s various types of steel pipes reached 47,900 tons, a 30% decrease.
Hoa Phat Group currently has a capacity of 8.5 million tons of crude steel, the largest in Southeast Asia. Hoa Phat holds the number 1 market share in Vietnam for construction steel, steel pipes, and is in the Top 5 manufacturers of coated steel.
In 2024, Hoa Phat will continue to adjust its production to match market demand and implement the Hoa Phat Dung Quat 2 integrated iron and steel production project according to the scheduled progress. As of the end of 2023, the project has achieved 45% progress and workload.
Hoa Phat also recently announced its business results for the fourth quarter of 2023. In the fourth quarter of 2023, the corporation recorded a revenue of VND 34,925 billion, an increase of 33% compared to the same period in 2023. After-tax profit reached VND 2,969 billion, an increase of 48% compared to the previous quarter.
For the whole year of 2023, Hoa Phat achieved a revenue of VND 120,355 billion, a decrease of 16% compared to the same period last year. After-tax profit was VND 6,800 billion, corresponding to 85% of the annual plan.
