Hoa Phat’s agricultural segment suffered a loss for the second quarter in a row
Hoa Phat Group recently announced its financial statements for the first quarter of 2022 with revenue of more than VND 44,000 billion and profit after tax of more than VND 8,200 billion. Compared to the same period last year, Hoa Phat’s revenue increased by 41% and profit increased by 17%.
Compared to the fourth quarter of 2021, Hoa Phat’s revenue decreased slightly by 1.5%, ending a series of 9 consecutive quarters of growth. In 2022, Hoa Phat sets a target of 160,000 billion VND in revenue and 25,000 billion VND in profit. Thus, the company fulfilled 27.5% of revenue target and 32.8% of profit target.
The detailed report of Hoa Phat said that the steel segment continued to be the mainstay when bringing in 42,381 billion VND of net revenue and 7,477 billion VND of profit after tax, contributing 96% and 91% of total revenue and profit respectively. .
Notably, Hoa Phat’s agricultural segment continued to report a loss for the second consecutive quarter, with a loss of 55.8 billion dong. Revenue from the agricultural segment reached VND 1,628 billion, down 27.5% over the same period last year.
Hoa Phat Company holds the No. 1 position in terms of market share of Australian beef in Vietnam, in addition, the company also has clean pork and chicken eggs products, which are also among the top of the market, with an output of 450,000 pigs and 270 million eggs. In 2021, agriculture contributes VND 718 billion to Hoa Phat’s profit.
Hoa Phat’s Board of Directors sets a target in the next 5 years to double the agricultural revenue in 2021. The feed capacity is expected to reach 1 million tons/year, 200,000 Australian cows, 300 million eggs, 750,000 finished pigs per year.
On May 24, Hoa Phat will hold its Annual General Meeting of Shareholders in 2022.
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