Nam Kim Steel (NKG) raises investment by $50 million for Phú Mỹ roofing steel plant
Nam Kim Steel (NKG) raises investment by $50 million for Phú Mỹ roofing steel plant
Nam Kim Steel will raise investment in the Nam Kim Phú Mỹ roofing steel plant project to VNĐ5.8 trillion.
A worker is seen next to a steel roll in a factory of Nam Kim Steel. — Photo courtesy of Nam Kim Steel |
Nam Kim Steel Joint Stock Company has announced the adjustment of the investment policy for the Nam Kim Phú Mỹ roofing steel plant project, invested by Nam Kim Phú Mỹ Steel Co., Ltd.
The project's total investment capital has been revised from VNĐ4.5 trillion (US$173.13 million) to VNĐ5.8 trillion, an increase of VNĐ1.3 trillion. The project will be implemented in two phases.
At the 2025 annual general meeting of shareholders, Nam Kim Steel's leadership said that the Nam Kim Phú Mỹ roofing steel plant is expected to begin operations in the early first quarter of 2026.
In the initial stage, the plant is expected to reach 50-60 per cent of its total capacity, with the goal of operating at full capacity by 2027.
Nam Kim Phú Mỹ Steel Co., Ltd. was established in 2022 to develop the Nam Kim Phú Mỹ roofing steel plant, a key project of Nam Kim Steel.
The original total investment of VNĐ4.5 trillion included 30 per cent investor equity (VNĐ1.35 trillion) and 70 per cent loans (VNĐ3.15 trillion).
The plant will feature a 350,000 tonnes per year galvanising line, and two aluminium and zinc alloy coating lines with capacities of 300,000 tonnes per year and 150,000 tonnes per year, respectively.
Nam Kim Steel recently reported weak business performance for the first quarter of 2025. Net revenue was VNĐ4.09 trillion, down 22.7 per cent year-on-year. After deducting the cost of goods sold, gross profit dropped 53.6 per cent year-on-year, to VNĐ263 billion.
The financial revenue also fell 29 per cent to VNĐ46 billion. A positive note is that the company managed to reduce various expenses, including financial expenses decreasing by 46.8 per cent, sales expenses by 52.6 per cent and business management expenses by 6.5 per cent.
As a result, Nam Kim Steel reported a pre-tax profit of VNĐ81 billion and a post-tax profit of over VNĐ65 billion, representing a year-on-year decline of 57 per cent and 56.4 per cent, respectively.
- 15:18 04/05/2025
