Hoa Phat Group (HPG) Q1 2024 earnings summary

Executive summary

• Q1 net profit after tax was VND 2,869,182,602,472, up 649% YoY; higher sales volume and lower steel-segment costs drove the improvement.

• Total assets were VND 201,940,225,528,507 at 31 Mar 2024, versus VND 187,782,586,563,801 at 1 Jan 2024.

Financial highlights

• Revenue from sales and services was VND 31,092,569,628,223, versus VND 26,865,449,158,810 in Q1 2023; net revenue was VND 30,852,359,591,717, up from VND 26,588,751,786,987.

• Gross profit was VND 4,153,982,960,597, versus VND 1,676,437,100,329; operating profit was VND 2,887,667,766,458, versus VND 491,893,455,391.

• Profit before tax was VND 3,261,215,356,873, versus VND 532,042,789,767; net profit after tax was VND 2,869,182,602,472, versus VND 383,229,608,071.

Segment performance

• Steel production and trading generated net external revenue of VND 28,636,595,381,045; agriculture generated VND 1,516,940,420,145; real estate generated VND 698,823,790,527.

• Segment operating profit was VND 3,312,363,448,134 for steel, VND 200,963,594,222 for agriculture, and VND 347,989,535,572 for real estate, before eliminations of VND 973,648,811,470.