Masan High-Tech Materials earns record revenue in 2022

By Phong Van   April 21, 2023 | 12:30 am PT
Masan High-Tech Materials, a subsidiary of Masan, reported record revenues of $662 million for 2022, a 15% increase over the 2021 fiscal year, mainly from tungsten products.

The recent annual general meeting of the company set a net revenue target of $775 million in 2023.

Company CEO Craig Richard Bradshaw said: "Masan High-Tech Materials (MHT) had a year of challenges including market fluctuations and regional issues. However, tungsten revenues and tungsten scrap recycling rates were significant contributors to fiscal year 2022 record revenue."

Accordingly, tungsten revenue increased by 13%, with midstream products including tungsten carbides and powders produced by H.C. Starck Tungsten Powders, a Germany headquartered subsidiary accounting for 70% of the revenue growth.

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 5% to VND3.2 trillion, the second highest level ever.

"MHT believes that tungsten is the key to the innovation future of these industries," Bradshaw said.

Chief Executive Officer of MHT, Craig Richard Bradshaw

CEO Craig Richard Bradshaw speaks at the annual general meeting on April 18, 2023. Photo by Masan

As a result of drilling at Nui Phao throughout 2020 and 2021, the company's mineral resources and ore reserves increased significantly in comparison to 2019, which left 44.1 million tons of ore to be mined and processed with a mine-life of at least 12 more years.

H.C. Starck's tungsten scrap recycling production grew by 13%. MHT is working on enhancing the proportion of its production derived from secondary sources (scrap recycling) to align with the "Reduce, Reuse, Recycle" policy.

In 2022, MHT established a global innovation hub based on its two R&D centers in Goslar, Germany and Thai Nguyen, Vietnam. The company has developed innovative solutions and eco-friendly products to meet the global market's needs, earning 95 new patents worldwide and 50 patents that are still in the application stage.

In 2022, MHT executed definitive agreements to invest $56 million into Nyobolt Limited, a U.K.-based Lithium-ion fast-charging battery solutions company, to promote the application of advanced tungsten materials in the development and manufacturing of high-performance batteries.

Tungsten-containing batteries can charge to more than 90% in only five minutes with higher heat resistance, 10 times greater power density and durability, resulting in cost savings and more safety for users.

On February 20, H.C. Starck officially launched new advanced tungsten powders under its trademarked "starck2charge", used specifically in manufacturing safe and fast-charging Li-ion batteries.

This type of battery is expected to help solve new problems and establish a comprehensive clean energy ecosystem, playing an important role in global electro-mobility.

At the end of March 2023, H.C. Starck continued to launch the trademark "starck2print" special tungsten powders and complementary innovation services for 3D printing with high chemical purity and stability.

MHT plans to implement the first and largest tungsten recycling plant project in Vietnam. In 2023, the company will focus on developing a fully integrated circular economy model with a closed value chain that encompasses waste and scrap collection, processing, recycling of scraps, and raw material recovery.

The company is a global provider of advanced tungsten materials used in key industries such as electronics, chemical, autos, aviation and aerospace, energy and pharmaceuticals with production facilities in Vietnam, Germany, Canada and China.

It has two research and development centers, in Germany and Vietnam.

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