Hoa Phat’s construction steel export rises over 11% in 2019

The company’s steel was exported to U.S., Australia, Canada, Japan, Cambodia, Malaysia, Laos, Thailand, Indonesia, Singapore, the Philippines and Brunei. Cambodia was the largest market, which consumed 151,000 tonnes of Hoa Phat steel, equivalent to over 50 percent of the total export volume.

In 2020, the company plans to ship 400,000 tonnes of construction steel abroad, equivalent to nearly 10 percent of its target to sell 3.6 million tonnes of construction steel.

Apart from construction steel, Hoa Phat has been boosting the export of other steel products like steel pipe, coated steel sheet.

In particular, it exported over 25,000 tonnes of steel pipe and coated steel sheet in 2019 and plans to raise this figure by 20 percent to 30,000 tonnes this year.

The company reported $317 million after-tax profit last year, beating whole-year target by 13% while 2019 revenue increased to nearly $2.74 billion from $2.36 billion in 2018.

In the fourth quarter of 2019, the conglomerate’s after-tax profit rose 9 pecent to $81.3 million on $772 million revenue.

Last year, Hoa Phat produced over 2.8 million tons of steel and provided 2.77 million tons of construction steel to the market, an increase of 16.7% over the same period.