Hoa Phat (HPG) Q3 Profit Jumps 106% as 9-Month Earnings Beat Full-Year Plan

Overview

Hoa Phat Group (HPG), listed on HOSE, reported third-quarter net profit of VND8,265 billion, up 106% year-on-year, on revenue of VND62,669 billion, a 70% increase. Nine-month net profit reached VND23,746 billion, up 104% year-on-year and already 8% above the company’s VND22,000 billion full-year plan, according to the company’s quarterly results reported on 30 October.

Key Facts

• Q3 net profit after tax: VND8,265 billion, up 106% year-on-year.
• Q3 revenue: VND62,669 billion, up 70% year-on-year.
• Q3 crude steel output: 3.7 million tonnes, up 85% year-on-year.
• Nine-month net profit after tax: VND23,746 billion, up 104% year-on-year.
• Nine-month profit exceeds the full-year plan of VND22,000 billion by 8%.
• HPG closed at VND21,200 on 29 October 2026 on HOSE.
• The same session saw the VN-Index fall 0.62% to 1,755.61 points.

What Happened

Hoa Phat Group published third-quarter results showing net profit after tax of VND8,265 billion, more than double the VND figure from the same period a year earlier. Revenue for the quarter reached VND62,669 billion, up 70% year-on-year. The group produced 3.7 million tonnes of crude steel in the quarter, an 85% increase from the prior-year period, indicating that volume growth alongside pricing supported the top line.

For the first nine months, Hoa Phat recorded net profit after tax of VND23,746 billion, up 104% year-on-year. That cumulative figure already exceeds the company’s full-year target of VND22,000 billion by 8%, leaving the fourth quarter as upside to the annual plan rather than a period of catch-up. The results were reported in the company’s quarterly earnings disclosure and summarised in Vietnamese market news coverage on 30 October.

Market Context

HPG shares closed at VND21,200 on 29 October 2026 on HOSE, the session before the results were widely circulated. The broader market was soft: the VN-Index fell 11.04 points, or 0.62%, to 1,755.61 points, and the VN30 index dropped 0.69% to 1,877.18 points. Securities firms cited in the coverage, including Thien Viet Securities (TVS) and Bao Viet Securities (BVSC), noted that persistent foreign net selling and lower short-term highs have capped the index below the 1,780-1,800 resistance band, with accumulation expected around 1,740-1,750. HPG’s earnings come against that consolidating backdrop, in a steel sector sensitive to construction demand and input costs.

Strategic Significance

A 106% profit increase with nine-month earnings already past the annual plan shifts the debate on HPG from cyclical recovery to earnings durability. Crude steel output of 3.7 million tonnes in a single quarter, up 85%, points to operating leverage from the group’s integrated production base, including the Dung Quat complex, as utilisation rises. For long-term holders, the key question is whether this margin and volume profile persists once domestic construction demand normalises and regional steel supply, particularly Chinese exports, pressures prices. Beating the full-year plan by 8% after nine months gives management room to absorb a softer fourth quarter without missing guidance, a buffer that did not exist in weaker years.

What to Watch

• Q4 2026 production and sales volumes, particularly crude steel output versus the 3.7 million tonne Q3 base.
• Domestic construction steel demand indicators and any recovery in residential property starts.
• Regional steel price trends, including Chinese export prices and HRC spreads.
• Foreign investor net buying or selling in HPG on HOSE in the sessions following the results.
• Any company disclosure on Dung Quat expansion phases and capex funding.