The Hoa Phat Group generated gross revenues of over VND1 trillion (nearly US$67 million) in the first quarter of the year, on course to achieve its targets for the year.
The group netted profits of VND104 billion ($6.5 million) during the period, reaching 31.5% of the year’s target.
Besides expanding its traditional operations, the company plans to diversify into such areas as real estate development, including high-rise office and condominium construction.
Construction began on the Hoa Phat Cement Plant in late April in the Thanh Liem District of the northern province of Ha Nam. With a design capacity of two million tonnes per year, the plant promised to be a profitable new line of business.
The group also plans to make its IPO on the HCM City stock exchange in the third quarter of this year.
Group executives predicted turnover this year may reach VND5 trillion ($310 million), exceeding previous targets by about 10%, while net profits were predicted to reach VND330 billion ($20.7 million) and dividends 25%.
Source: VNS
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