HPG released official Q2 2022 results that are consistent with the preliminary results announced on July 26 with revenue of VND37.4tn (USD1.6bn; +7% YoY and -15% QoQ) and NPAT-MI of VND4.0tn (USD173.1mn; -59% YoY and -51% QoQ).
- Despite the upbeat sales volume, HPG’s Q2 2022 earnings were dragged by the narrowing input and output price spread as 1) average selling prices (ASP) across steel products decreased throughout Q2 2022 and 2) input (i.e., coal) prices remained high.
- HPG's H1 2022 results included VND81.5tn in revenue (USD3.5bn; +23% YoY) and VND12.2tn in NPAT-MI (USD525.7mn; -27% YoY), fulfilling 53% and 41% of our respective full-year forecasts.