Tuesday, March 31, 2020 2:52:50 AM - Markets open
VN-INDEX 662.26 -33.80/-4.86%
HNX-INDEX 93.28 -4.07/-4.18%
UPCOM-INDEX 47.63 -1.19/-2.43%
HPG: Steelmaker Hoa Phat Group targets 2.42 billion USD in revenue
VietnamPlus - 4/2/2018 10:48:53 AM
 (0 ratings. You must sign in to rate.)
Steelmaker Hoa Phat Group targets revenue of 55 trillion VND (around 2.42 billion USD) and after-tax profit of 8.05 trillion VND (354.6 million USD) in 2018.
 
The information was released at the group’s annual shareholder meeting held recently in Hanoi with the participation of 368 shareholders, who together hold 77 percent of ordinary shares.
 
Hoa Phat’s management board chairman Tran Dinh Long said the group sees 2018 as a crucial year. The firm would take drastic measures to ensure the progress of the Hoa Phat Dung Quat steel and iron production complex and make it the priority target for this year, Long said.
 
He added that the management board had carefully considered the targets before submitting them to the meeting.
 
The group would implement many big projects this year in their main steel business. In addition, it would be alert for changes in the material market. In other sectors such as agriculture, construction equipment and interiors, Hoa Phat would continue to maintain its market share.
 
Tran Tuan Duong, Hoa Phat’s general director, said there was no steel firm in Vietnam as competitive as Hoa Phat. With a low rate of investment and a competitive price, Hoa Phat can directly compete with big firms around the world, he said.
 
Speaking on the progress of the Hoa Phat Dung Quat steel and iron production complex, Duong said the group had begun installing the first long steel rolling equipment, building a deep water port and undertaking other constructions. Hoa Phat employed around 3,000 workers for the project, providing training at its complex in the northern province of Hai Duong.
 
Last year, Hoa Phat notched a record high business result in its 25 years of operation despite instability in the global and national economies.
 
Its accumulated revenue in 2017 reached 46.8 trillion VND (some 2 billion USD), posting an increase of 38 percent year-on-year. After-tax profit also hit a record high to reach 8 trillion VND (352.4 million USD), surpassing the set target by 33 percent and increasing 21 percent over the previous year.
 
The group’s steel business played the key role, contributing some 90 percent of its total revenue and after-tax profit.
 
Hoa Phat last year exported some 200,000 tonnes of steel products. They included 161,000 tonnes of steel bars and rolled steel to the US, Canada, Australia, Malaysia and Cambodia.
 
With its positive business results, the group contributed 5 trillion VND (220 million USD) to the State budget in 2017, an increase of 40 percent from 2016.-VNA 
 
Read original article here
Newer News
30/03 VPB: Board resolution on the removal of transfer restriction of ESOP shares
30/03 THI: Board resolution on stock pledge
30/03 TCT: Board Resolution No.23 dated March 24, 2020
30/03 HQC: HQC finalizes some projects
30/03 TCB: Board resolution on credit transactions
30/03 FUESSVFL: NAV 29 Mar 2020
30/03 FUESSVFL: Basket of component securities 30 Mar 2020
30/03 FUESSV50: NAV 29 Mar 2020
30/03 SDG: Financial Statement FY 2019 (holding company)
30/03 PTI: Explanation for the difference in audited consolidated financial statement of 2019 year on year
Older News
02/04 Vinamilk sets 2.46 bln USD in revenue in 2018
31/03 Vietjet receives newest A321 aircraft from Airbus
30/03 NBB: Real estate corp 577 loses US$27m after Carina Plaza fire
29/03 Pharmacy to fill 40% of FPT Retail revenue in four years
27/03 FLC Group to buy 24 Airbus aircraft
27/03 HVN: Vietnam Airlines, French partner cooperate in aircraft engine maintenance
27/03 Sugar stocks underperform on low price, ATIGA challenges
27/03 Bank profits expected to rise significantly in Q1
26/03 CII sets up targets for Thu Thiem River Park
26/03 SVC: Savico shuts down taxi company
 
Newsletter Signup
Top Stories
Reference exchange rate down 5 VND on March 26
Reference exchange rate up 5 VND on March 18
Shares tumble over WHO declaration of COVID-19 pandemic
Tight co-ordination needed to ensure EVFTA benefits
VN shares mixed, but growth expected to return
Market Update
Last updated at 3:10:07 PM
VN-INDEX 662.26 -33.80/-4.86%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.