Accumulated for the whole year 2023, Hoa Phat will reach VND 120,355 billion in revenue, down 16% over the same period last year. Profit after tax is 6,800 billion VND, down 19% compared to 2022 and completing 85% of the year plan.

In 2023, Hoa Phat produced 6.7 million tons of crude steel, down 10% compared to 2022. Sales of HRC steel products, construction steel, high quality steel and steel billets reached 6.72 million. tons, down 7%.

Of which, construction steel and high quality steel reached 3.78 million tons, down 11% over the same period last year. HRC hot rolled steel recorded nearly 2.8 million tons, up 6% compared to 2022.

Regarding steel pipe products, Hoa Phat has provided 685,000 tons to the market, down 9% compared to 2022. Galvanized steel of all kinds reached the same level as the previous year when it reached 329,000 tons.

Last year, the group officially provided container shell products to the market from the beginning of August 2023. Also in August, Hoa Phat put the first berth of the general container port in Dung Quat - Quang Ngai into operation to serve the cargo loading and unloading needs of businesses in Dung Quat Economic Zone and surrounding areas. near.

Regarding the agricultural segment, Hoa Phat Poultry exceeded the output of 300 million eggs for the first time, launching pink shell chicken eggs. Hoa Phat also continues to invest in expanding existing industrial parks in Hung Yen and Ha Nam.

Up to now, Dung Quat 2 Project has reached 45% progress, according to the proposed plan. When completed, the group's steel production capacity will reach more than 14 million tons of crude steel/year.

Photo: Hoa Phat

Assessing the steel market, Mr. Nguyen Viet Thang - General Director of Hoa Phat Group commented: "2024 will be the start-up year for the steel industry after hitting bottom in 2023. The market will begin to recover." from 2025”.

According to Mr. Thang, 2023 is the bottom of the steel industry and 2024 the market will be better. However, the level of increase will depend on many factors such as how quickly the Chinese economy recovers, the Fed's roadmap to reduce interest rates and the prospect of a recession in the US economy. or not. Those are factors in the world market, but in Vietnam, consumption has not been able to recover quickly.

Mr. Thang expects the real estate market to recover in the second half of this year will create demand for the steel industry.

The group's General Director also shared that Hoa Phat plans to increase steel output this year by over 10% with the expectation of consumption growth at the same level.

Source: vietnambiz.vn