Hoa Phat’s Profit Exceeds 2026 Target by 8% After Rising 104% in Nine Months

Key Facts

Vietnam’s Hoa Phat Group exceeded its full-year 2026 after-tax profit target by 8%, reporting VND 23,746 billion in the first nine months, up 104% from the same period in 2025. The company said in its disclosure that the profit achieved was equivalent to 108% of its annual target of VND 22,000 billion. The results came as revenue expanded and steel production and sales volumes increased. Revenue reached VND 171,539 billion, up 54% year over year. The figures show the company met its profit target before the end of the financial year, while it has yet to complete its annual revenue target.

In the third quarter, Hoa Phat posted after-tax net profit of VND 8,265 billion, up 106% from the same quarter of 2025. Quarterly revenue reached VND 62,669 billion, up 70% year over year. The company had set a 2026 annual revenue target of VND 210,000 billion and achieved 82% of that target in the first nine months. Its profit target, meanwhile, had already been exceeded, according to the company. The difference between progress on the revenue and profit targets provides a more detailed picture of performance during the period, since the revenue completion rate does not mean the annual target has been reached.

Growth in results was linked to expanded production and sales: crude steel output reached 10.7 million tonnes in the first nine months, up 35% from the same period last year. In the third quarter alone, the company produced 3.7 million tonnes, up 85% year over year and 3% from the second quarter. Hoa Phat said sales of hot-rolled coil, known as HRC, reached 5.47 million tonnes in the nine months, up 59% year over year and accounting for more than half of total steel sales. In the third quarter, sales of the product exceeded 2 million tonnes, up 8% from the previous quarter and 64% from the same quarter of 2025. The figures highlight faster production in the third quarter and growth in HRC sales within the company’s product mix.

Sales of the main steel products, including HRC, construction steel, high-quality steel wire and billet, reached 10.3 million tonnes in the first nine months, up 39% year over year. Sales of construction steel and high-quality steel wire exceeded 4 million tonnes, growing 15%. The company also recorded steel pipe sales of 681,000 tonnes, up 9%, while coated sheet sales exceeded 307,000 tonnes, down 4%. Sales of prestressed steel products topped 192,000 tonnes, up 66% year over year. The differences across products show that growth was not uniform across all steel categories disclosed by the company.

The steel segment remained the group’s largest, contributing 97% of revenue and 77% of profit in the first nine months. For industrial activity in the country, Vietnam’s Ministry of Industry and Trade said the industrial production index rose 12.3% during the period, the fastest nine-month growth in 10 years. The index’s growth accelerated from 11.2% in the second quarter to 14.8% in the third quarter. As part of its domestic contribution, Hoa Phat paid VND 12,038 billion to the state budget across 20 provinces and cities during the same period. These indicators cover the company’s performance and its industrial environment, while the steel segment’s share remains the group’s direct evidence of the weight of its core business in revenue and profit.

On its next expansion, the company said the Dung Quat plant project to produce railway rails and special steel, with planned annual capacity of 700,000 tonnes, was more than 80% complete in its disclosure published on October 29. Hoa Phat expects the plant to begin supplying railway rails to the market in the second quarter of 2027. It said the project is intended to serve infrastructure projects in Vietnam. The expected supply date marks an operational milestone after the nine-month results, which showed the annual profit target had already been exceeded. The start of supply in the second quarter of 2027 is the next development the company has announced for the project with a specific timetable.