Hoa Phat Group (HPG) posts 80 per cent growth in after-tax profit

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

It earned almost VND91.28 trillion (US$3.9 billion) in revenue and posted VND13.5 trillion in after-tax profit last year, up 41 per cent and 80 per cent, respectively, against 2019.

In the fourth quarter alone, its revenue rose 43 per cent year-on-year to nearly VND26.17 trillion, while after-tax profit surged 142 per cent to VND4.67 trillion - a quarterly record.

Steel manufacturing was a growth driver, the group said, adding that crude steel output doubled 2019's 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. Some 3.4 million tonnes of finished construction steel were produced, up 22.5 per cent against 2019.

Hoa Phat’s steel market share in Viet Nam currently stands at 32.5 per cent. 

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