Featured information about Masan Group and Market

January 30, 2024

In 2023, Masan generated 78,252 billion VND in net revenue and targets a profit doubling in 2024

Ho Chi Minh City, 30 January 2024 – Masan Group Corporation (HOSE: MSN, “Masan” or the “Company”), today released its unaudited management accounts for the fourth quarter (“4Q2023”) and the financial year FY2023 (“FY2023”).

Masan's net revenue for FY2023 reached VND78,252 billion, reflecting a 2.7% increase compared to VND76,189 billion in FY2022. Revenue for 4Q2023 reached VND20,782 billion, a slight increase of 0.7% YoY. Free cash flow (“FCF”) improved to VND7,454 billion in FY2023, a significant increase from VND887 billion in FY2022.

The CrownX (“TCX”), Masan’s integrated consumer-retail platform that consolidates WinCommerce ("WCM") and Masan Consumer Holdings ("MCH"), recorded top-line growth of 2.6% YoY, delivering revenue of VND57,684 billion in FY2023, despite a challenging environment due to consumer’s low confidence.

MSN successfully launched the WIN membership program nationwide in January 2023, offering benefits to consumers shopping within the Masan ecosystem. The program has reached 8 million members, contributing a substantial 55% to WCM’s total revenue. WIN Membership enables MSN to establish direct connections with consumers, fostering a deeper understanding of their daily needs and facilitating personalized communication and offerings. Notably, monthly total spending per member shows consistent improvement, reaching VND581,000 by December FY2023, compared to the initial VND486,000 in March.

In FY2023, the introduction of the “Go Global” strategy yielded positive results, focusing on the Chin-su brand. Export revenue surged to VND1,005 billion in FY2023, up 13.6% YoY. Notably, the Chin-su chili sauce brand secured top 8 best sellers on Amazon. These achievements resulted in a robust 31% compound annual growth rate (CAGR) from FY2020 to FY2023 in total export revenue. 

“WinCommerce is moving to sustainable profitability in 2024. Masan Consumer Holdings is back to growth phase. Global FMCG platform is starting to become clear as Chin-su chili sauce is now top 8 on Amazon. MEATDeli is starting to win consumers at scale. Digitalizing Vietnam’s consumer infrastructures is accelerating as WIN Membership reaches 8 million members. Keep going, Masan team!” said Dr. Nguyen Dang Quang, Chairman of Masan Group.

Masan's financial forecasts for FY2024 expect a consolidated net revenue ranging between VND84,000 billion and VND90,000 billion. This signifies a growth of 7% to 15% YoY, respectively, reflecting different scenarios for the macro conditions. The projected Core NPAT Pre-MI is expected to fall within the range of VND2,290 billion and VND4,020 billion, reflecting a strong growth rate compared to VND1,950 billion in FY2023. Also, Masan continues to deleverage to improve the balance sheet, and reduce interest in non-core businesses while maintaining a stringent capital allocation strategy.

In light of the current volatile capital market, Masan’s solid cash flow generative consumer-focused businesses has been able to access the local and international debt markets on very favorable terms. The non-cyclical nature of Masan’s businesses gives management confidence in the ability to further advantageously manage the Company’s liquidity in the upcoming months.

Masan believes the consumer market in Vietnam to experience slight growth in 1H2024 and an accelerating recovery in 2H2024. However, amidst the uncertainty of the global economic outlook which may impact Vietnam’s path to recovery, Masan projects and plans for both a slower-than-expected market recovery scenario and accelerated growth scenario in FY2024.

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