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Hoa Phat steel sales rebound sharply in April

The Saigon Times

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HCMC – Hoa Phat Corporation reported a remarkable rebound in steel sales in April, obtaining a two-year high of 805,000 tons of steel billets, construction steel, and hot-rolled coils (HRC).

This was 76% higher than in the same period last year. Concurrently, the steelmaker produced 738,000 tons of products last month.

The spike in construction steel sales is attributed to rising demand, the steelmaker said.

Moreover, reduced inventory levels among distributors prompted them to procure more Hoa Phat steel to fulfill their orders.

Demand for construction steel soared across all regions, with the northern region seeing the highest increase at 73%, followed by a 37% rise in the central region.

In the first four months of the year, Hoa Phat’s cumulative sales of construction steel, HRC, and steel billets totaled 2.65 million tons, including 952,000 tons for export.

The company’s first-quarter earnings report showed gross revenue of VND30.85 trillion, a 16% increase over the same period last year. Net profit soared by 7.2-fold against the first quarter of 2023 to around VND2.87 trillion.

The steel segment remained the largest contributor to its consolidated revenue, accounting for 93%, followed by agriculture at 5% and real estate at 2%.

Closing the trading session today, May 7, its HPG stock edged up by 2.9% to VND30,150 per share, boasting the highest trading volume on the southern market, at over 30.1 million shares.

Most domestic stocks rose on the positive performance of bluechip stocks in the VN30 basket, driving the VN-Index of the Hochiminh Stock Exchange up 0.57%, at 1,248.63 points.

The main index added 7.05 points against the session earlier, with 251 stocks rising and 178 others falling. There were 707.9 million shares worth VND18.4 trillion changing hands, down 18% in volume and 12% in value from the day earlier. Block deals contributed VND3.35 trillion to the total value.

Among the 30 largest-cap stocks, PLX rose the highest with a 5.45% surge, closing at VND38,700. It was followed by aviation stock VJC with a 4.59% rise, at VND118,600.

In the smaller and mid-cap segment, several stocks made notable gains, with trading activity focusing on speculative stocks such as ST8, RDP, AGM, HVX and LGL.

The HNX-Index of the Hanoi Stock Exchange rose by 0.67 point, or 0.29%, to 232.96 points, with 105 advancers and 69 decliners.

There were 71.6 million shares valued at VND1.3 trillion changing hands on the northern exchange.

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