The high demand for steel enabled Hoa Phat Group to achieve record profits in the first 9 months of 2017.
According to information from Hoa Phat Group, in the past three months, its revenue was VND12.700 billion (nearly US$559 million) and profit after tax was VND2.140 billion (more than US$94 million).
In total, after the first nine months of 2017, this Group achieved revenue of over VND33,800 billion (nearly US$1.5 billion) and after tax profit of VND5,600 billion (US$246.5 million), up 43% and 21% respectively over the same period of 2016.
It was a record business result of Hoa Phat Group in the context that raw material prices fluctuated continuously.
Hoa Phat Group's export markets such as the US, Malaysia, Singapore, Combodia and Philippines also produced good results with about 127,000 tons of construction steel being delivered.
The steel product of Hoa Phat Group continued to dominate the market with sales volume in the first nine months reaching nearly 425,900 tons that accounted for more than 25% of total steel pipe consumption in Vietnam.
Hoa Phat Group said that it has selected contractors to build and supply equipments for Dung Quat Steel Complex.
According to Hoa Phat's assessment, the steelmaking technology in this area will be the most modern and at a higher level than the steel industry in Vietnam and the region. All major machinery and equipment are imported from G7 countries such as Italia, Germany.
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