Hoa Phat Group, one of Vietnam's leading construction steel producers, reported revenues of VND 105 trillion (USD 4.22 billion) for the first nine months of the year, reflecting a 23% y-o-y increase. In the third quarter, the company posted revenues of VND 34 trillion (USD1.37 billion), marking a 19% rise compared to the same period last year.
Hoa Phat noted challenges in both domestic and international steel markets during Q3, with prices continuing to decline. The group's steel sales volume fell by 7% q-o-q to just over 2 million tons. Nevertheless, Hoa Phat maintained its leading position in the domestic construction steel market, holding a 38% market share. Hot-rolled coil (HRC) production remained stable at 738,000 tons, unchanged from Q2.
In January-September, the company produced 6.4 million tons of raw steel, representing a 34% increase y-o-y. Steel sales, excluding steel pipes and galvanized steel, also grew by 32%, reaching 6.1 million tons. During the same period, steel pipe production saw a 3% rise to 503,000 tons, while galvanized steel output surged by 43%, reaching 344,000 tons.
The company emphasized that it is prioritizing resources for the construction of the Hoa Phat Dung Quat 2 steel complex, which is expected to have an annual output capacity of 5.6 million tons of HRC. The first HRC products are anticipated to be produced in a test run by the end of the year.
Additionally, Hoa Phat and its subsidiaries contributed VND 10 trillion (USD 402.2 million) to the state budget between January and September, a 65% increase y-o-y.
The company expects total contributions to reach VND 15 trillion (USD 603,3 million) by the end of the year.
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