- NKG reported Q2 2023 revenue of VND5.5tn (USD233mn; -26% QoQ & -39% YoY) while its profit improved with NPAT-MI of VND125bn (USD5.3mn) vs a VND49bn (USD2.1mn) net loss in Q1 2023.

- The profit turnaround in Q2 2023 was driven by 1) galvanized steel sheet & steel pipe sales volume increasing by 22% QoQ to 236,600 tonnes (however, it still declined 6% YoY) and 2) gross margin expanding to 9.0% from 3.1% in Q1 2023 as high input material prices were already absorbed and reflected in H2 2022 – Q1 2023 results. 

- For H1 2023, NKG’s galvanized steel sheet & steel pipe sales volume was 430,700 tonnes (-17% YoY), which was in line with our expectation as it completed 49% of our full-year forecast.

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