Vietnam-based steel producer Hoa Phat Group has announced its financial results for the fourth quarter and the full year of 2024.
In the fourth quarter, Hoa Phat Group achieved a net profit of VND 2.81 trillion ($112.04 million), down by five percent year on year, while the company’s sales revenue totaled VND 35.92 trillion ($1.43 billion), increasing by one percent year on year.
In 2024, Hoa Phat’s sales revenues came to nearly VND 420.56 trillion ($16.76 billion), up 17 percent year on year, while its net profit totaled VND 12.02 trillion ($479.26 million), increasing by 77 percent year on year and exceeding its annual target by 20 percent.
In the given year, the company produced 8.7 million mt of crude steel, up by 30 percent year on year, while its sales of HRC, construction steel, high-quality steel and steel billets reached 8.1 million mt, up by 20 percent year on year.
The company’s Hoa Phat Dung Quat 2 Iron and Steel Complex project is being implemented on schedule. Phase 1 will be put into operation in 2025, while phase 2 is expected to be completed in late 2025 and early 2026. The main products of the project are hot rolled coil steel, high-quality steel and special steel for the automotive, railway, shipbuilding and structural processing industries.