Hoa Sen Group has reported a notable financial performance, exceeding profit forecasts for the fiscal year 2024 - 2025.
The company announced that its profit after tax reached VNĐ567 billion (US$217.4 million), surpassing its target by 13 per cent. This achievement comes even as the US government recently raised import tariffs on steel and aluminium products.
On June 3, the US announced a significant increase in import duties on steel and aluminium, from 25 per cent to 50 per cent, citing Section 232 of the Trade Expansion Act of 1962.
Despite these changes, Hoa Sen Group has asserted that the new tariff regime will not adversely affect its operations. The company has strategically positioned itself to mitigate potential impacts stemming from these regulatory shifts.
Since September 2024, the company has paused its exports of galvanised steel to the US market due to an ongoing anti-dumping and countervailing duty investigation initiated by the US Department of Commerce.
This cautious approach has not hindered the company’s overall performance, as evidenced by its positive results in the first eight months of the fiscal year.
Currently, Hoa Sen operates over 400 retail locations nationwide, including 120 Hoa Sen Home supermarkets and eight major warehouses, creating a robust distribution network that supports its resilience amid market fluctuations.
The company’s ability to adapt to changing conditions highlights its operational strength and strategic foresight.
Looking ahead, Hoa Sen Group remains committed to achieving its production and revenue goals while enhancing profit after tax to maximise shareholder value.
The company’s solid financial health and adaptability underscore its pivotal role in Việt Nam’s steel market, positioning it well to navigate future challenges and opportunities. — BIZHUB/VNS
Read original article here