Doubling Profit Target in 2024, How is Masan Performing?

Despite the challenging macroeconomic environment, Masan's business operations continued to perform well in 2023, with a net revenue of VND 78,252 billion, representing a 2.7% increase compared to VND 76,189 billion in 2022...


Recently, Masan Group has announced its financial report for the fourth quarter of 2023 and the whole year 2023, maintaining its steady growth momentum. Masan’s consumer business segment, including WinCommerce (“WCM”), Masan Consumer Holdings (“MCH”), Masan MEATLife (“MML”), and Phuc Long Heritage (“PLH”), recorded a 40.1% increase in operating profit (“EBIT” or “earnings before interest, taxes, and depreciation”) in 2023 compared to the same period, thanks to the record profit of MCH and the sustainable profitability of WCM.


According to Masan’s financial report, the fourth quarter of 2023 continued to be a booming quarter for MCH. In 2023, MCH recorded VND 29,066 billion in net revenue and VND 7,431 billion in EBITDA (earnings before taxes, interest, and depreciation).

Based on LFL (like-for-like) basis, MCH’s revenue increased by 9.0% in 2023 and 5.4% compared to the same period last year while maintaining a healthy inventory level.

The gross profit margin reached a historical peak, growing strongly at 44.9% in 2023, significantly higher than the 40.1% in 2022 on an LFL basis, thanks to high-profit margin product structure, strong brand, low input material cost, and efficient production operation.

In 2023, the Family Healthcare, Personal Care, Seasonings, and Convenient Foods categories led the growth race, achieving growth rates of 39.4%, 18.2%, and 8.8% respectively compared to the same period. To ensure stable profit margins in 2024, MCH has locked in the majority of material prices for production until the second half of this year.

Hi-Beauty corner at WinMart Ha Long.

Over the past year, MCH’s continuous innovative strategies have achieved many positive numbers. For example, the introduction of new product launches on the WCM system and digital channels has helped drive innovation revenue in 2023 (revenue from new product launches such as self-boiling hot pot Omachi, instant noodles Kokomi, etc.) reached VND 1,284 billion, a 39% increase compared to the same period. In parallel, the “Go Global” strategy also brought in VND 1,005 billion in export revenue for MCH, achieving a compounded annual growth rate of 31% from 2020 to 2023.


According to Masan’s financial report, despite the challenging macro environment, after achieving EBIT break-even in the third quarter of 2023 (First time since the Covid-19 period), WCM continued to generate profits in the fourth quarter of 2023 with a slight increase in EBIT across the entire network and an improved EBITDA margin of 3.2%, continuously increasing for 4 consecutive quarters since the beginning of the year. The net profit margin (NPAT) of LFL convenience stores (stores opened before 2022 and still in operation) reached 3.7% in the fourth quarter of 2023.

WCM’s revenue reached VND 30,054 billion in 2023 and VND 7,653 billion in the fourth quarter of 2023, increasing by 2.3% and 3.0% respectively compared to the same period last year, thanks to the positive impact of new store openings, strong growth in converted stores, and successful store model upgrades.

In 2023, WCM focused on finding the appropriate model for consumers in both rural and urban areas (WIN and WinMart+ Rural stores). Prioritizing store renovations and upgrades over network expansion, WCM opened 312 new WinMart+ stores, including 67 new stores opened in the fourth quarter of 2023.

WinMart brings consumers a rich source of quality food products.

WCM ended the year with a total of 3,633 stores and supermarkets nationwide. With outstanding results from the WIN and WinMart+ Rural store models, WCM renovated 309 WIN stores and 1,100 Rural stores in the second half of 2023, exceeding the initial plan of 250 WIN stores and 676 Rural stores.

Throughout 2023, WCM upgraded a total of 1,615 stores, accounting for 46% of the convenience store network, demonstrating its recovery capability and superior efficiency. This instills confidence in the leadership regarding the continual growth momentum in 2024.

In 2023, WCM actively implemented consumer-centered strategies in a challenging economic context, with the WIN membership program being one of them. It is reported that the nationwide number of WIN members has reached 8 million and will continue to achieve new growth milestones this year.


According to Masan’s financial report, MML’s revenue and EBITDA growth remained steady in 2023, with stable EBIT in the fourth quarter of 2023. MML’s revenue increased by 46% in 2023, thanks to stronger sales in most product segments (except the farm-raised chicken segment).

Specifically, MML’s positive EBITDA transformation reached VND 266 billion, with an additional VND 157 billion from the processed meat segment and a significant improvement in the profit margin of branded pork products. On an LFL basis, MML achieved VND 6,984 billion in 2023, a 10.9% increase compared to the previous year.

Throughout the year, thanks to the combined implementation of strategies alongside the WIN membership program, MML has achieved many positive numbers. MML has narrowed price gaps with traditional markets through exclusive pricing for WIN members on branded meat products, helping achieve a sustainable 33% daily sales growth rate at each WCM sales point from January to the end of 2023. This is also one of the company’s efforts to support consumers in a challenging economic context.

In 2024, Masan expects its core Pre-MI (Minority Interest) after-tax profit to range from VND 2,290 to 4,020 billion. In the optimistic scenario, Masan’s profitability would double the VND 1,950 billion achieved in 2023.