Hoa Phat Group posts 13-percent rise in profit in 2019

Illustrative image (Photo: VNA)

Steel products contributed most to the firm’s revenue at nearly 65 trillion VND (2.8 billion USD) in 2019, accounting for more than 80 percent of both total revenue and after-tax profit.

During the year, the group manufactured over 2.8 million tonnes of crude steel and supplied 2.77 million tonnes of construction steel to the market, which rose 16.7 percent year on year. The group exported some 265,000 tonnes to foreign markets like Japan, Cambodia, the Republic of Korea, Taiwan (China), Malaysia, Australia, and the US.

Hoa Phat remained the biggest steel maker in Vietnam with a 26.2-percent market share, it said, noting that the company aims to sell 3.6 million tonnes of construction steel in 2020.

The company also described 2019 a relatively successful year of its agricultural arm thanks to the strong growth in livestock farming and animal feed production. Its revenue in this field was equivalent to 175 percent of the figure in 2018./.