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Hoa Phat’s after-tax profit plunges to six-year low

The Saigon Times

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HCMC – Vietnamese conglomerate Hoa Phat Group JSC (HOSE: HPG) posted substantial net profit in the final quarter of last year but its after-tax profit in all of 2023 still dropped to a six-year low.

According to its earnings report, Hoa Phat’s revenue between October and December 2023 soared by 33% year-on-year to VND34.9 trillion. Its net profit rocketed by 249% to VND2.97 trillion against the same period in 2022.

While the company showcased a strong quarterly performance, its full-year business results were not as good.

The year 2023 proved challenging, with total revenue surpassing VND120 trillion but still slipping 16% compared to the previous year. The steelmaker’s after-tax profit also faced headwinds, missing its target and reaching only VND6.8 trillion, 15% below the plan and the lowest since 2017.

The firm reported a 10% drop in crude steel production, at 6.8 million tons. Sales of steel products, including hot rolled coil (HRC), construction steel, high-quality steel, and steel billets, slipped by 7% to 6.72 million tons.

Closing the trading session today, January 23, HPG extended its winning streak to the third straight session with a slight 0.18% increase, ending at VND28,350 per share. Nearly 21.7 million HPG shares were traded on the southern bourse today.

The number of losers doubled that of winners on the Hochiminh Stock Exchange, sending the VN-Index down 5.36 points, or 0.45%, to 1,177.5 points.

Stock trade tumbled more than 23% in volume and 19% in value over the previous session, with 683.7 million shares valued at VND15.1 trillion. Block deals contributed over VND2.1 trillion to the overall value, with 83.1 million shares changing hands.

SHB took the lead by liquidity on the southern market, with a matching volume of over 31 million shares. The bank stock edged down 0.4% to VND12,100 per share at the close today.

The Hanoi Stock Market saw 81 advancers and 68 decliners, as well as a trading volume of 45.4 million shares valued at VND984 billion. The HNX-Index lost 0.51 points, down 0.22% over the session earlier, to 229.26 points.

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