Steelmaker Hoa Phat reports 80 pct profit growth

The country’s leading steelmaker reported a 41 percent rise in revenues to VND91.28 trillion.

Its fourth quarter profit jumped 2.4 times year-on-year to a record VND4.66 trillion, 20 percent higher than the previous best achieved in the previous quarter.

Its crude steel output rose to 5.8 million tons last year, double the 2019 figure. Hoa Phat accounted for 32.5 percent of the construction steel market.

The company manufactured hot-rolled coil steel for the first time last year and targets 2.7 million tons of this product in 2021.

Hoa Phat's agricultural business contributed 12.4 percent of the profit last year, while its industrial parks in the north recorded 100 percent occupancy rates.

Its HPG share was one of the best-performing on the market last year, rising 211 percent.