Hoa Phat Group expects its steel output will rise to 3.5-4 million tonnes in 2019 (Source: VNA)Hanoi (VNA) – Hoa Phat Group, a leading steel maker in Vietnam,expects its steel output will rise to 3.5-4 million tonnes in 2019, ayear-on-year rise of 33 percent, when part of its 3-billion-USD Hoa Phat DungQuat steel complex becomes operational in the central province of Quang Ngai.
This is a challengingplan, said Chairman of the group Tran Dinh Long, adding that the group hascarried out a series of measures to expand its market share, includingintensifying marketing and advertisement, improving human resources, hiringmore warehouses, and building a port on Dong Nai River in the southern region toreceive steel transported from the central region.
According to Long,export currently accounts for around 10 percent of the group’s total steelsales.
It sets a target ofshipping 400,000 tonnes of steel abroad next year, with the focus on SoutheastAsian markets like Laos and Cambodia, he added.
The group’s steel salesare expected to hit 3 million tonnes this year, with more than 2.3 milliontonnes being construction steel and 600,000-700,000 tonnes steel pipes. DuringJanuary-November, it earned over 50 trillion VND (2.13 billion USD) in revenueand 8.1 trillion VND (345.6 million USD) in post-tax profit, exceeding theyearly target of 8.05 trillion VND in post-tax profit.
In 2017, Hoa PhatGroup’s revenue reached 46.8 trillion VND, up 38 percent from 2016, and itspost-tax profit hit a record 8 trillion VND, surpassing its target by 33percent, up 21 percent year on year.
The group’s steelbusiness was the biggest contributor to these results, making up 90 percent oftotal revenue and post-tax profit.
Last year, Hoa Phatexported some 200,000 tonnes of steel products.
The group’s otheroperations include furniture, construction equipment, animal feed,refrigeration and real estate. –VNA
VNA
