Masan Group reports nearly VND 1,900 trillion in profits in 2023, sets plan for 2024 to double growth

Consumer business remains the core pillar of Masan Group in 2023, demonstrating sustainable growth.


Masan Group (stock code: MSN) has announced its business results for 2023. The company’s net revenue reached VND 78,252 billion, a 2.7% increase compared to 2022. The revenue for the fourth quarter of 2023 was VND 20,782 billion, a slight increase of 0.7% compared to the same period.

As a result, the company generated nearly VND 1,900 billion in net profit after tax attributable to parent company shareholders. Masan Group’s strong financial position is reflected in its significant improvement in free cash flow (“FCF”) to VND 7,454 billion in 2023, a substantial increase from VND 887 billion in 2022.

Nguyen Dang Quang, Chairman of Masan Group, shared: “WinCommerce is on track to achieve sustainable profitability in 2024. Masan Consumer Holdings is returning to a growth trajectory. Masan’s global FMCG platform has shown positive results with CHIN-SU soy sauce being among the top 8 best-selling products on Amazon. MEATDeli is gaining traction with consumers on a large scale. The digitalization process of the Vietnamese consumer market is accelerating with 8 million consumers participating in the WIN membership program. Masan will continue to ‘keep going’ and create value for Vietnam, consumers, shareholders, and Masaners!”

Masan’s core consumer business continued to achieve a 40.1% growth in operating profit (“EBIT”) in 2023 compared to the same period, thanks to the record profits of Masan Consumer Holdings and the resilient profitability of WinCommerce despite the impact of microeconomic and macroeconomic conditions on consumer demand.

WinCommerce continued its growth in EBIT and achieved positive net profit for the grocery segment in the fourth quarter of 2023, a significant milestone in the journey to achieve annual breakeven net profit for WCM. WCM recorded revenues of VND 30,054 billion and VND 7,653 billion in 2023 and the fourth quarter of 2023, representing an increase of 2.3% and 3.0% respectively compared to the same period last year, thanks to the positive impact of new store openings, strong growth of converted stores, and successful store model upgrades.

Since January 2023, Masan Group has successfully implemented the WIN membership program nationwide, providing many benefits to consumers when shopping within the Masan ecosystem. The program has attracted 8 million members, contributing significantly to 55% of WinCommerce’s total revenue. The WIN membership program is a gateway for MSN to directly connect with consumers and better understand their daily needs. The monthly spending of each member shows stable growth, reaching VND 581,000 in December 2023, compared to VND 486,000 in March 2023.

Masan Consumer Holdings recorded a net revenue of VND 29,066 billion and EBITDA of VND 7,431 billion in 2023. Revenue increased by 3.4% compared to the same period in 2023 and the fourth quarter of 2023. On an LFL basis, MCH’s revenue increased by 9.0% in 2023 and 5.4% in the fourth quarter of 2023 compared to the same period last year while maintaining a healthy inventory level.

In 2023, the “Go Global” strategy with a focus on the CHIN-SU brand delivered positive results. Export revenue increased to VND 1,005 billion in 2023, a 13.6% increase compared to the same period last year. In particular, in the US market, CHIN-SU soy sauce maintained its position among the top 8 best-selling products on Amazon. As a result, the total export revenue achieved a strong compound annual growth rate (CAGR) of 31% from 2020 to 2023.

For Masan MEATLife, it delivered sustainable revenue and EBITDA growth for most product segments (except for poultry) thanks to strong sales. On an LFL basis, the brand’s revenue reached VND 6,984 billion in 2023, a 10.9% increase compared to the same period last year. Revenue increased in all segments except for poultry. Based on reported revenue, there was a 46.0% increase compared to the same period last year in 2023. In 2023, Masan MeatLife continues to achieve higher sales and usage rates through a competitive pricing strategy, helping to narrow the price gap between MEATDeli products and traditional market meat.

Lastly, Phuc Long achieved revenue of VND 1,535 billion. The company has improved profitability by optimizing the number of kiosks, achieving VND 255 billion in EBITDA, representing a 30.6% growth in 2023 compared to the same period.

For the 2024 plan, Masan Group expects consolidated net revenue to be in the range of VND 84,000 to 90,000 billion, representing growth rates ranging from 7% to 15% compared to the same period. These projected business results correspond to different scenarios based on macroeconomic conditions, and the estimated net profit is expected to be in the range of VND 2,290 to 4,020 billion. In a positive scenario, Masan aims to achieve double-digit growth compared to VND 1,950 billion in 2023. In addition, the company will continue to reduce leverage to improve its financial balance sheet, reduce non-core business benefits while maintaining a tightly allocated capital strategy.

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