Despite disruptions caused by the fourth wave of the COVID-19 pandemic, steel producers still reported extraordinary profits.
In its third-quarter financial report, Hoa Phat Group (HPG) posted a rise of 56 percent year-on-year in revenue to 38.9 trillion VND (1.7 billion USD), resulting in record profit after tax of 10.35 trillion VND, 2.7 times higher compared to last year.
As of September 30, the leading steel producer recorded revenue of over 105.8 trillion VND, up more than 60 percent. Its profit after tax jumped 200 percent over last year to 27.1 trillion VND, which exceeded 45 percent of the year's plan.
In the past nine months, Hoa Phat produced 6.1 million tonnes of crude steel, up 50 percent over the same period last year. Sales of steel products reached 6.3 million tonnes during the period, up 43 percent. Of which, construction steel sales rose 12 percent to 2.8 million tonnes, while hot rolled coil (HRC) sales reached nearly 2 million tonnes.