Hoa Phat Group (HPG) Q4 2023 earnings summary

Executive summary

• Q4 2023 net revenue was VND 34,383,804,927,755; net profit after tax was VND 2,968,970,782,885, versus a VND 1,998,767,302,134 loss in Q4 2022.

• FY 2023 net revenue was VND 118,953,027,893,654 and net profit after tax was VND 6,800,388,315,081.

Financial highlights

• Q4 gross profit reached VND 4,471,610,043,389, compared with a VND 885,249,943,203 gross loss in Q4 2022; net operating profit was VND 3,315,647,348,962 versus a VND 2,091,449,212,981 loss.

• Q4 profit before tax was VND 3,384,568,877,748; current income tax expense was VND 356,399,560,815 and deferred tax expense was VND 59,198,534,048.

• FY 2023 gross profit was VND 12,937,840,695,572 and profit before tax was VND 7,792,728,743,173, compared with VND 16,763,426,239,552 and VND 9,922,941,127,284, respectively, in FY 2022.

Segment performance

• Q4 steel segment external revenue was VND 32,538,936,063,363; agriculture generated VND 1,565,961,212,598 and real estate VND 278,907,651,794.

• Q4 steel segment net operating profit was VND 3,780,520,695,316, agriculture VND 95,586,296,817 and real estate VND 234,807,788,575, before VND 795,378,542,857 in eliminations.