Hoa Phat's nine-month profit exceeds 2026 target

Vietnam's Hoa Phat Group reported a 104pct YoY increase in after-tax profit to VND 23.75 trillion (USD 920 mln) in the first nine months of 2026, exceeding its full-year target by 8pct. Revenue rose 54pct to VND 171.54 trillion (USD 6.65 bln).

In the third quarter, the group's revenue increased 70pct YoY to VND 62.67 trillion (USD 2.43 bln), while after-tax profit more than doubled to VND 8.27 trillion (USD 320 mln).

Steel manufacturing and trading accounted for 97pct of group revenue and 77pct of profit in the first nine months. Hoa Phat has set 2026 targets of VND 210 trillion (USD 8.14 bln) in revenue and VND 22 trillion (USD 852 mln) in after-tax profit, achieving 82pct and 108pct of these goals, respectively, by the end of September.

The group produced 10.7 mln tons of crude steel in January-September, up 35pct YoY. Sales of HRC, construction steel, wire rod and billets increased 39pct to 10.3 mln tons. HRC sales rose 59pct to 5.47 mln tons, accounting for more than half of total steel sales.

In the third quarter, crude steel production reached 3.7 mln tons, up 85pct YoY and 3pct QoQ. Sales of the group's main steel products totalled 3.8 mln tons, increasing 54pct YoY and 8pct QoQ. HRC sales exceeded 2 mln tons, up 64pct YoY and 8pct QoQ.

Downstream steel product performance was mixed. Steel pipe sales rose 9pct YoY to 681,000 tons, while coated steel sheet sales fell 4pct to more than 307,000 tons. Prestressed steel sales increased 66pct to over 192,000 tons.

Hoa Phat is accelerating construction of its 700,000 tons per year rail and special steel plant at Dung Quat. The project is more than 80pct complete and is expected to begin supplying rails in the second quarter of 2027, targeting major infrastructure projects in Vietnam.

Hoa Phat Group is one of Vietnam's leading industrial manufacturers, with steel as its core business. By the end of 2026, its crude steel production capacity is expected to reach 16 mln tons per year, ranking first in Southeast Asia and placing it among the top steelmakers globally.

1 USD / 25,802 VND