Hoa Phat Group injects VND3,300 bln into its real estate arm

Ownership ratio of the group in Hoa Phat Real Estate Development JSC will increase to 99.97 percent from 99.93 percent.

Hoa Phat announced its plan to establish the real estate company by the end of 2020 with an initial charter capital of VND2,000 billion. The subsidiary was founded to to manage investment, construction and real estate development activities in the group. The company increased its capital to VND2,700 billion at the beginning of this year.

The real estate company’s targets are industrial parks, mega-urban areas, and golf courses. Core products are megacities with an area of ​​300-500 hectares, luxury real estate. In 2021, the group has surveyed, researched and proposed several projects in Can Tho, Khanh Hoa, and Quang Ngai.

In January, Hoa Phat Group achieved a crude steel production output of 707,000 tons, up 5 percent over the same period last year. Sales volume reached 631,000 tons, including construction steel, steel billet, hot rolled coil. In which, construction steel accounted for 382,000 tons, two times higher than the corresponding period of 2020. Hot rolled coil also recorded a high volume of 228,000 tons.

In 2021, Hoa Phat Group recorded a revenue of VND150.8 trillion, an increase of 65 percent compared to 2020. The group’s after-tax profit for the first time reached VND34.5 trillion, exceeding 92 percent of the whole year’s set plan and increasing 1.56 times against the previous year.