Masan’s revenue for Q3 2024 reached VND 21,487 billion, a 6.6% increase from VND 20,155 billion in Q3 2023, driven by sustainable growth in its consumer and retail businesses.
As a result, for the first nine months of 2024, Masan recorded a total revenue of VND 60,476 billion, equivalent to a daily revenue of VND 220 billion. The company reported completing 130% of its after-tax profit plan for the base-case scenario and is aiming for a positive scenario in Q4 2024.
MASAN CONSUMER MAINTAINS STRONG DOUBLE-DIGIT GROWTH, AIMING FOR IPO IN 2025
Masan’s branded consumer goods division, Masan Consumer (Stock code: MCH), continued its positive performance in the third quarter. MCH’s Q3 2024 revenue increased by 10.4% year-on-year to VND 7,987 billion. This positive result was contributed by the premiumization strategy implemented in the Convenience Food and Spices categories, achieving 11% and 6.7% growth compared to the same period last year, respectively. Additionally, innovation in the Beverages and Home and Personal Care categories led to impressive growth of 18.8% and 12.4%, respectively. The company maintained a high gross profit margin of 46.8% in Q3 2024.
MCH’s IPO process has also seen positive developments. On October 2, MCH announced its plan to transfer its stock listing from UPCoM to HoSE. Additionally, the company disclosed its plan to offer 326.8 million shares to existing shareholders at a ratio of 100:45.1 (shareholders owning 1,000 shares are entitled to buy 451 new shares at VND 10,000 per share). This move is likely in preparation for listing MCH shares on the Ho Chi Minh City Stock Exchange (HoSE). According to the company, Masan aims to complete the listing process on HoSE by 2025.
WINCOMMERCE ACHIEVES BACK-TO-BACK QUARTERS OF POSITIVE AFTER-TAX PROFIT
Masan’s consumer and retail business, WinCommerce (WCM), recorded a 9.1% year-on-year growth in revenue for Q3 2024, reaching VND 8,603 billion across its network. This performance was mainly driven by the new WIN store model, catering to urban shoppers, and WinMart+ Rural, serving rural communities. Notably, WCM achieved a positive after-tax profit of VND 20 billion in Q3 2024, the first time since the Covid period. This indicates a clear path toward sustainable profitability in the future.
As of September 2024, WCM operates 3,733 stores, with a net addition of 60 new stores since Q2 2024. The company has resumed its store expansion strategy. WinMart supermarkets achieved positive operating profit (EBIT) while maintaining revenue growth, mainly due to improved shrinkage rates.
WCM’s strategic focus for the last quarter of 2024 is to continue achieving positive net profit, boost same-store sales growth, and accelerate store openings to reach approximately 100 new stores per quarter. WCM will further solidify its position in rural areas with the successful WinMart+ Rural model.
MASAN MEATLIFE RECORDS THIRD CONSECUTIVE QUARTER OF POSITIVE PROFITABILITY
In Q2 2024, Masan’s branded meat division, Masan MEATLife (“MML”), reported an operating profit (EBIT) increase of VND 43 billion year-on-year and a rise of VND 105 billion year-on-year in after-tax profit before minority interest allocation (NPAT Pre-MI) in Q3 2024. This marks the third consecutive quarter of positive EBIT and the first quarter of positive NPAT Pre-MI (VND 20 billion) since 2023. These positive results were driven by increased sales in the processed meat segment and benefited from higher market prices for chicken and pork.
MML continues its mission to revolutionize Vietnam’s growing processed meat market with delicious, healthy, and high-quality products under two “Love brands,” Ponnie and Heo Cao Bồi. These brands have captured ~50% market share in the sterilized sausage category.
The restructuring of the farm segment is an effort by the company to mitigate risks in the volatile farm market while maintaining this segment at an appropriate scale to ensure uninterrupted supply of raw materials for domestic meat production.
Masan’s tea and coffee chain, Phúc Long Heritage (“PLH”), saw a 12.8% year-on-year increase in revenue to VND 425 billion in Q3 2024, mainly due to contributions from 21 new stores opened outside of WCM in the same quarter. PLH currently operates 174 stores nationwide.
“I believe Masan is on track to achieve its positive scenario after-tax profit plan of VND 2,000 billion. We have been focusing on integrating our entire consumer and retail platform, aiming for double-digit consolidated revenue and profit growth for 2025,” shared Dr. Nguyen Dang Quang, Chairman of Masan Group.
The promising performance of the consumer and retail business clearly reflects Masan’s strong recovery, as well as the resilience of the consumer market, in the first nine months of 2024. Heading into the last quarter of 2024, the company’s leadership is confident about approaching the positive scenario profit plan for the year.
The Heiress to Vietnam’s Masan Group Fortune: A Billionaire’s Daughter Bets Big on Her Legacy.
Assuming the current market price of Masan shares, Mr. Nguyen Dang Quang’s daughter would need to fork out a substantial 785 billion VND for this transaction.
The Billionaire’s Holdings: A Glimpse into Nguyễn Đăng Quang’s Masan Empire
As of Forbes’ latest calculations, Nguyen Dang Quang boasts a staggering net worth of $1.2 billion. This places him at an impressive 2561st on the global billionaire’s list and cements his position as Vietnam’s 6th richest individual.
“Long-Term Investment in Masan Group, SK Group Extends Put Option”
On September 4, 2024, Masan Group (HOSE: MSN) announced that it has agreed with SK Group to extend the put option timeline between the two parties by up to five additional years.
The Retail Giant: Generating $170 Million in Annual Tax Revenue
Masan Group is proud to be one of the largest taxpayers in the provinces where its factories operate, but its contribution to the community goes beyond that. The company provides employment opportunities for thousands of people, improving their livelihoods and positively impacting their lives. Additionally, Masan Group is committed to community development, allocating a portion of its profits to initiatives that make a lasting difference in the areas it serves.
