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Hoa Phat Group posts 80 pct growth in after-tax profit

Despite the impact of COVID-19, the Hoa Phat Group still recorded a surge in both revenue and profit in 2020, the inter-sectoral conglomerate has said.

It earned almost 91.28 trillion VND (3.9 billion USD) in revenue and posted 13.5 trillion VND in after-tax profit last year, up 41 percent and 80 percent, respectively, against 2019.

In the fourth quarter alone, its revenue rose 43 percent year-on-year to nearly 26.17 trillion VND, while after-tax profit surged 142 percent to 4.67 trillion VND – a quarterly record.

Steel manufacturing was a growth driver, the group said, adding that crude steel output doubled the 2019 figure, to 5.8 million tonnes, including 5.1 million tonnes of steel billet and finished construction steel and nearly 700,000 tonnes of hot rolled steel. In particular, 3.4 million tonnes of finished construction steel were produced, up 22.5 percent against 2019.

Hoa Phat’s steel market share in Vietnam currently stands at 32.5 percent.

The group also enjoyed spectacular growth in agriculture which made up 11.7 percent of its revenue and 12.4 percent of after-tax profit.

Its industrial parks in the northern provinces of Hung Yen and Ha Nam also attracted more domestic and foreign businesses. Occupancy rates in areas at these parks with sufficient technical infrastructure reached 100 percent.

Hoat Phat also noted that it contributed over 7.29 trillion VND to the State budget in 2020, up 10 percent compared to the previous year.

It was honoured last year as one of the top 30 business taxpayers, one of the 10 largest private enterprises, and one of the 50 best listed companies in Vietnam.

VNA