Masan records over $1.57B revenues in first half

According to group’s business report, its consolidated revenue in the second quarter reached more than VND18,600 billion, up 4.3% over the same period last year.

Masan's business results were reflected in member companies such as The Crown X (TCX), WinCommerce (VCM), Masan Consumer (MCH), and Masan MEATLife (MML)...

The Crown X's revenue reached more than VND26,800 billion in the first 6 months, up 7.6% over the same period last year thanks to the stable foundation of the consumer goods business

Consumers shop at WinMart system.. Photo courtesy of Masan

WinCommerce's net revenue reached more than VND14,500 billion, up 1.5% over the same period last year. This business opened 152 more WinMart+ stores and two new WinMart supermarkets in the first 6 months, bringing the total number of points of sale to more than 3,500 locations nationwide for both mini-marts and supermarkets.

In June, this unit's EBITDA margin reached 3.6%, showing improved profitability despite increased store openings and weaker consumer demand.

With Masan Consumer (MCH), first half revenue reached VND12,940 billion, up 4.7% year-on-year. Spices, convenience foods, and personal and home care products (HPC) all recorded high growth in the first 6 months compared to the same period last year.

MCH's gross profit margin continuously expanded and reached 45% in the second quarter; EBITDA margin increased to 25% (up about 150 basis points from 23.5% in the second quarter of last year.

Consumers shop at MEATDeli. Photo courtesy of Masan

Meanwhile, driven by higher sales across all product segments and a boost in the processed meat business, Masan MEATLife (MML) revenue grew more than 70% in the first half of 2023 to over VND3,300 billion. The company has narrowed the price gap with the traditional market through the WIN price program for branded meat products.

According to Nguyen Dang Quang, Chairman of Masan Group, meeting the needs of consumers is the guideline for the actions of businesses.

Based on H1 performance and current growth momentum, Masan expects revenue of VND83,500-90,000 billion, and VND3,000-4,000 billion net profit before minority allocation (NPAT Pre- MI) this year. These estimates are lower than the forecast at the beginning of the year, however, the company's positive performance momentum in the second quarter of 2023 and the positive initial results of strategic initiatives have given management confidence on Masan's growth in the last 6 months.