Steelmaker Hoa Phat Group in 2017 posted a record-high after-tax profit of VND8 trillion (US$352.3 million) so far. This represented a 21 per cent year-on-year increase and surpassed 33 per cent of its set targets.
The group on Monday announced its business results of last year, showing that its integrated revenue of VND46.8 trillion increased 38 per cent from the previous year.
In the last quarter of 2017, its total revenue and after-tax profit were VND12.9 trillion and VND2.4 trillion respectively. These figures presented a year-on-year increase of 27 per cent and 23 per cent in terms of revenue and profit, respectively.
Its core business, including production of construction steel, steel pipe and coated steel mostly contributed to the high revenue and profit, accounting for 90 per cent of the total.
Hoa Phat set a record in the sale of 3 million tonnes of steel in 2017, increasing 25 per cent from the previous year. Of the total, construction steel was at 2.2 million tonnes, steel pipe was at 600,000 tonnes and the remaining was coated steel.
This is the first time its construction steel surpassed 2 million tonnes a year, up 10 per cent from the set target in 2017 and increasing 20 per cent from the previous year.
In addition, the group sold 79,000 tonnes of steel billet to both inside and outside the market last year.
Its construction and steel and steel pipes took the lead in the market, with market shares of 24 per cent and 26.4 per cent respectively.
The group exported more than 162,000 tonnes of steel bars and rolled steel to the United States, Canada, Australia and Japan, as well as Malaysia and Cambodia.
In term of real estate, Hoa Phat Group handed over its Mandarin Garden 2 housing project in Ha Noi to homebuyers, while expanding industrial zones in Hung Yen. It also started construction of Bac Pho Noi Urban Area and 70 Nguyen Duc Canh apartment building.
Its interiors, refrigeration and building equipment saw stable growth in 2017. It also posted revenue in the agriculture sector with its feed and livestock products.
With its positive business results, the group contributed VND5 trillion to the State budget in 2017, increasing 40 per cent from 2016.
Hoa Phat made the highest contribution to the State budget in Hai Duong Province with VND2 trillion.