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Hoa Phat sets ambitious targets for 2024

Vietnam's leading steel producer, Hoa Phat Group, has set ambitious targets for 2024. The company plans to achieve revenue of 140 trillion VND (5.6 billion USD) and a profit of 10 trillion VND (400 million USD) in 2024. If these targets are met, Hoa Phat will achieve its third-highest revenue in history and its highest profit since 2022.

Hoa Phat sets ambitious targets for 2024

In 2023, Hoa Phat generated revenue of 120.355 trillion VND (4.8 billion USD) and a profit of 6.8 trillion VND (270 million USD). The company aims to increase its revenue by 18% and its profit by 47% in 2024.

According to Hoa Phat's data, the group produced 1.38 million tons of crude steel in the first two months of 2024, marking a 71% increase compared to the same period last year. Sales of HRC steel products, construction steel, high quality steel, and steel billets reached 1.15 million tons, up 32% over the same period.

Within these figures, the quantity of construction steel and high-quality steel decreased by 2% to 575,000 tons compared to the first two months of 2023. However, the quantity of hot-rolled steel increased twofold to surpass 542,000 tons compared to the same period last year.

According to a report by the Vietnam Steel Association, Hoa Phat held the number one market share in construction steel and steel pipes in Vietnam as of January 2024. In 2023, the company produced 6.7 million tons of crude steel, a 10% decrease compared to 2022.

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SteelRadar Insight - Sayı 1 (Haziran 2024)

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