Top steelmaker Hoa Sen's 2022 profit drops 94% to $11 mln

By Trang Nguyen
Mon, February 6, 2023 | 5:40 pm GMT+7

Hoa Sen Group, Vietnam's leading steel sheet producer, reported after-tax profit of VND251 billion ($10.7 million) in the fiscal year 2021-2022 from October 1, 2021 to September 30, 2022, down 94% year-on-year and fullfilling 10% of its target.

The group's net revenue reached VND49,710 billion ($2.12 billion), up 2% and fullfilling 16.7% of the target, according to its consolidated financial statement.

Hoa Sen Group's corrugated iron products. Photo courtesy of the group.

Hoa Sen Group's corrugated iron products. Photo courtesy of the group.

In the fourth quarter of the fiscal year 2021-2022, Hoa Sen recorded net revenue of VND7,939 billion ($338.04 million), down 49.7%, and a loss of nearly VND887 billion ($37.77 million), while it posted a profit of VND940 billion ($40.02 million) in the same period last year.

As of December 31, 2022, Hoa Sen's total assets decreased by 6.2% compared to the beginning of the year to VND15,964 billion ($679.73 million). Of this, inventory hit VND5,981 billion ($254.65 million), accounting for 37.5%.

The group's total short-term and long-term loans were VND2,694 billion ($114.69 million), down 35.7% compared to the beginning of the year, accounting for 16.9% of total capital.

In the first quarter of fiscal year 2022-2023, Hoa Sen posted net revenue of VND7,917 billion ($337.12 million), down 53.2% year-on-year and a loss of VND680.2 billion ($28.96 million), while the same period last year saw a profit of VND638.3 billion ($27.18 million).

Hoa Sen explained that it recorded a loss in Q1 of the fiscal year 2022-2023 due to the decrease in gross profit margin.

On the Ho Chi Minh Stock Exchange, the HSG share price hit VND14,550 ($0.862) at Monday's closing session.

On December 22, 2022, the group issued a notice on extending the time for holding the annual general meeting of shareholders of financial year 2022-2023 latest on March 31, 2023.

The group believes that the current socio-economic and market situations are complicated and unpredictable. Therefore, its business plan of the financial year 2022-2023 and the orientation and strategy for the subsequent financial years must be outlined to fit such contexts.

Meanwhile, Hoa Phat Group, the largest Vietnamese steelmaker, recorded a post-tax profit of VND8.4 trillion ($358 million) in 2022, down 76% year-on-year. The group, listed on the Ho Chi Minh Stock Exchange (HoSE) as HPG, posted a revenue of VND142 trillion ($6.06 billion), falling 5% year-on-year, after recording a Q4 revenue of VND26 trillion ($1.11 billion), down 42%.

Nam Kim Steel, a major steelmaker in Vietnam, made a loss of VND66.7 billion ($2.84 million) in 2022, its first loss in 10 years, with net revenue reaching VND23,071 billion ($983.8 million), down 19% year-on-year.

Vietnam Steel Corporation (Vnsteel), Vietnam's leading steelmaker, reported a loss of VND822 billion ($35 million) in 2022, while its profit hit VND859 billion ($36.63 million) in the previous year. The company recorded revenue of VND38,732 billion ($1.65 billion), down 5% year-on-year.

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