HANOI: Steelmaker Hoà Phát Group in 2017 posted a record-high after-tax profit of VN?8 trillion (USD 352.3 million) so far. This represented a 21% year on year increase and surpassed 33 per cent of its set targets. The group announced its business results of last year, showing that its integrated revenue of VN? 46.8 trillion increased 38% from the previous year. In the last quarter of 2017, its total revenue and after-tax profit were VN? 12.9 trillion and VN? 2.trillion respectively. These figures presented a year-on-year increase of 27% and 23% 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% of the total. Hòa Phát 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% from the set target in 2017 and increasing 20% 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% and 26.4% respectively.
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