In 2024, Hoa Phat Group reports profit after tax of VND 12,020 billion, an increase of 77% compared to the previous year and the highest since 2022.
In the recent business results announcement, Hoa Phat Group (HPG) said revenue reached VND 140,560 billion, an increase of 17% compared to 2023 and reaching the plan for the whole year 2024. This level is close to the period 2021- 2022, a period of record high steel prices.
Profit after tax recorded 12,020 billion VND, an increase of 77% and exceeding 20% of the plan. This is the largest profit since 2022. They paid more than 13,400 billion VND to the budget, much more than 9,000 billion VND the previous year.
Positive results thanks to the production of 8.7 million tons of crude steel, an increase of 30%. Sales volume of HRC, construction, high quality steel products and steel billets reached 8.1 million tons, an increase of 20%. Of which, construction and high quality steel recorded about 4.48 million tons, an increase of 18%.
Regarding market share, HPG announced that they continue to lead in long steel and steel pipes with proportions of 37.6% and 27.7% respectively. This enterprise also ranks in the group of 5 largest galvanized steel producers in the country, accounting for 8.2% market share. Their steel participates in large infrastructure projects such as airports, metro lines in Hanoi and Ho Chi Minh City… Last year, Hoa Phat exported to nearly 40 countries and territories. This activity contributes 31% to total revenue.
Hoa Phat employees are checking steel products at the factory. Image: HPG
Other business areas also had good results. The agricultural segment recorded a bright spot in chicken egg production reaching 330 million eggs, distributed to more than 100 supermarkets. The output of finished pigs also exceeded the plan, and Australian beef farming also produced higher output than the previous year.
Mr. Tran Dinh Long’s business currently owns more than 1,100 hectares of industrial land and will focus on attracting FDI. They plan to develop 3 more industrial parks in the near future, creating more clean land funds and technical infrastructure. This year, the electronics sector began to record revenue growth thanks to new product development.
The Hoa Phat Dung Quat 2 Iron and Steel Production Complex project went into operation this year in phase 1, while phase 2 is expected to be completed late this year to early next year. The main products of the project are high-quality hot-rolled steel, special steel serving the automobile, railway, shipbuilding, and structural processing industries…