Thursday, August 13 2020

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Steelmaker Hoà Phát aims for 19 per cent profit growth

Update: June, 11/2020 - 10:29

 

Workers at Hòa Phát Dung Quất Iron and Steel Complex in the central province of Quảng Ngãi. — Photo tinnhanhchungkhoan.vn

HÀ NỘI — Giant steelmaker Hòa Phát Group (HPG) hopes to achieve VNĐ9 trillion (US$390 million) in post-tax profit this year, up 19 per cent year-on-year.

The group's management board recently approved the production and business plan for 2020 to submit to the Annual General Meeting of Shareholders, set to take place on June 25.

The group targets to earn a revenue of VNĐ86 trillion this year, up 33 per cent against last year.

The board of directors also approved the plan for dividend payment in 2019 with the payout ratio of 25 per cent. The form of payment is 5 per cent in cash and 20 per cent in stock.

The payment will be made in the second and third quarter of 2020.

In the first quarter of this year, the group earned revenue of VNĐ19.5 trillion, up 28 per cent year-on-year.

It reported a post-tax profit of VNĐ2.3 trillion in the quarter, up 27 per cent against the same period last year.

The board of directors also approved the increase in the total investment of the project phase 1 and phase 2 of Hòa Phát Dung Quất Iron and Steel Complex in the central province of Quảng Ngãi.

The total investment will be around VNĐ60 trillion, of which VNĐ30 trillion will be contributed by shareholders, VNĐ25 trillion will be lent by credit institutions and VNĐ5 trillion lent by members of the group.

On the stock market, Hòa Phát shares (HPG) have risen sharply after plummeting to a two-year bottom of VNĐ6,200 per share at the end of March this year. Currently, HPG is being traded at around VNĐ27,000 per share. — VNS

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