Retailer Masan posts surging growth from core businesses

By Dat Nguyen January 30, 2024 | 03:22 pm PT

A customer talks to an employee at a WinMart outlet operated by Masan Group. Photo courtesy of the company

Masan Group saw profits from its core consumer goods businesses rising double digits last year.

Masan Consumer Holdings posted earnings before interest, taxes, depreciation, and amortization (EBITDA) of VND7.4 trillion (US$302.91 million), up 13% from 2022.

It saw a 13.6% surge in exports revenues to VND1 trillion as the company sought to bring more Vietnamese products to global consumers.

Fresh meat seller Masan Meatlife posted an EBITDA growth of nearly 80% to VND266 billion, partly contributed by its competitive prices compared to traditional markets.

Beverage chain Phuc Long Heritage saw EBITDA rising 30.6% to VND255 billion as it shut down ineffective kiosks which had been integrated within WinCommerce retail outlets.

It opened 28 new Phuc Long stores, bringing the total to 156.

Its retail chain WinCommerce, however, saw EBITDA dropping 13.7% to VND694 billion. It had 3,633 stores by the end of the year, including just over 300 new WinMart+ stores.

In total, Masan Group saw its EBITDA falling 7.6% to VND14.44 trillion, due to declines in WinCommerce, Masan High-Tech Materials and contribution from Techcombank.

Its revenues grew 3% to VND78.25 trillion, and it eyes to bring this figure to at least VND84 trillion this year, up 7.3%.