Masan net profits top $152.5 million in 2022

Masan Group Corporation earned revenues of nearly VND76.2 trillion (US$3.2 billion) last year, up 2.6 per cent (excluding the 2021 feed business due to its deconsolidation), according to its unaudited accounts released on January 30.

Net profit after tax post minority interest (NPAT Post-MI) declined by 58.3 per cent to nearly VND3.6 trillion ($152.5 million) due to the deconsolidation in 2021 and lower earnings by Masan MEATLife and Masan High-Tech Materials.

The CrownX, Masan’s integrated consumer-retail platform that consolidates WinCommerce and Masan Consumer Holdings, reported revenues of VND56.2 trillion ($2.3 billion), down 3.1 per cent.

WinCommerce’s revenues fell by 5 per cent to VND29.36 trillion though it opened 730 new WinMart+ stores during the year to take the number to 3,268.

Masan Consumer Holdings achieved VND28.1 trillion in net revenues and VND6.56 trillion in earnings before interest, taxes, depreciation, and amortisation (EBITDA), a decrease of 2.3 per cent and 4.1 per cent.

In 2021, due to COVID-19 which resulted in consumer stockpiling and wet market closures, there was an abnormal surge in demand for products and services of WinCommerce and Masan Consumer Holdings.

In 2022 Phuc Long achieved nearly VND1.6 trillion in revenue and VND195 billion in EBITDA, primarily due to the strong performance of flagship stores.

On a like-for-like basis, Masan MEATLife’s revenues increased by 6.7 per cent to VND4.78 trillion driven by greater sales of chilled meat.

Masan High-Tech Materials delivered net revenues of VND15.5 trillion, up 14.6 per cent up from 2021 due to higher APT prices.

Targets for 2023

Masan’s 2023 financial forecasts expect a base case consolidated net revenue of VND90 -100 trillion ($3.8 - 4.2 billion), representing 18 - 31 per cent growth from 2022.

The CrownX is expected to remain the key driver of revenue growth and contribute more than 70 per cent to net revenues.

Core net profit after tax pre-minority interest (excluding one-off) is expected to be VND4 - VND5 trillion ($169.4 - 212.1 million), representing a growth rate of 4 - 30 per cent.

If macro conditions are tougher than expected and negative consumer sentiment persists, the management projects the top line to grow by 10-15 per cent.

Dr Nguyen Dang Quang, chairman of Masan Group, said: “I am proud of how we have and are innovating our way out of a volatile macro and micro backdrop.

“In 2022 we solidified our integrated consumer-retail platform with the WIN store innovation.

“Digitising our entire consumer infrastructure, from product manufacturing to the end consumer, and developing an integrated MT-GT platform are Masan’s next defining innovations for 2023 and beyond.” — VNS