HPG - Q4 2021 PAT up strongly YoY but down 29% QoQ - Earnings Flash
  • 2022-01-27T00:00:00
  • Company Research

HPG released preliminary Q4 2021 results with revenue of VND45.0tn (USD2.0bn; +73% YoY) and PAT of VND7.4tn (USD321.7mn; +59% YoY). Strong sales volume and elevated steel prices supported Q4 2021 earnings growth YoY. Nevertheless, HPG’s preliminary Q4 2021 PAT dropped 29% QoQ from the company’s record quarterly high PAT in Q3 2021 of VND10.4tn (USD450.0mn). We believe this result was mainly due to a lower spread between input material prices (including iron ore and coking coal) and finished steel selling prices across HPG’s product portfolio as steel-related commodity prices corrected in Q4 2021.


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