Maintaining growth momentum amid volatility
As of the end of June, Masan recorded a profit after tax before minority interests (NPAT Pre-MI) of VND2,602 billion, nearly doubling compared to the same period last year and completing more than 50% of the annual plan. WinCommerce (WCM) played an important role in the overall growth, with revenue reaching VND17,915 billion (up 13.4%) and Pre-MI profit after tax reaching VND68 billion, marking the fourth consecutive profitable quarter.
WCM opened a net 318 stores, completing 80% of its new opening plan and is on track to exceed its high-end scenario, continuing to affirm its position as the largest modern retailer in the country. However, the company is still under pressure from expansion costs and market competition.
Consumers are very interested in promotions for essential goods (Photo: MSN).
In contrast, in the FMCG segment, Masan Consumer (MCH) was affected in the short term by the disruption of the GT channel, which was affected by the new tax policy. Accordingly, many large and small traditional retailers have reduced inventory sharply, with inventory days reduced by about 8 days for large retailers and 3 days for small retailers. This led to an estimated revenue decrease of about VND600-800 billion for MCH in the quarter.
In the second quarter, MCH recorded revenue of VND6,276 billion, down 15.1% year-on-year, and EBITDA (earnings before tax, interest, depreciation and amortization) of VND1,605 billion, down 12.9% year-on-year.
In response, MCH has implemented a series of strategic initiatives such as expanding its direct distribution model and developing new products. Specifically, key initiatives include: shifting to a direct coverage model, reducing dependence on large traditional retailers, and enhancing its go-to-market capabilities.
In the first half of 2025, MCH expanded its point of sale coverage in pilot areas by 62% year-on-year, and the average number of points of sale with at least 1 order served by each sales person per month increased by 48% year-on-year. These changes are expected to restore MCH's growth momentum in the following quarters.
In the meat segment, Masan MEATLife (MML) recorded strong growth, with revenue reaching VND4,409 billion (up 25.6%) and profit after tax reaching VND364 billion. The processed meat segment continued to be the main driving force, while the value per pig unit was optimized thanks to product innovation and enhanced linkages with the WCM retail system. This quarter's profit recorded non-recurring, non-cash income worth VND196 billion. This amount was partly the benefit from renegotiating long-term commercial contracts with suppliers.
Chilled meat is produced using European technology at the MEATDeli chilled meat processing factory complex (Photo: MSN).
Phuc Long Heritage (PLH) maintained its growth momentum with revenue increasing by 10.3% and profit increasing by 63.5%, thanks to the delivery channel and food industry.
Meanwhile, Masan High-Tech Materials (MHT) benefited from strong increases in commodity prices, especially APT and bismuth, contributing to second-quarter revenue reaching VND1,614 billion (up 27.9%) and after-tax profit reaching VND6 billion, an improvement of VND400 billion over the same period.
Overall, Masan's growth was mainly driven by strong profit performance at WCM and MML, supported by lower net finance costs and profit contribution from the divestment of HC Starck (HCS).
Macro-driven momentum and solid consumer-retail-technology foundation
Vietnam’s GDP grew by 8% in the second quarter, the highest growth rate in the first half of the year in nearly 20 years. This momentum comes from recovering consumption, accelerating public investment and restructuring manufacturing and retail activities. This growth positively supports Masan’s strategy, as the middle class expands and per capita income approaches the $5,000 mark, a level often associated with increased demand for more modern and diversified consumption.
The FMCG market is witnessing a structural change with the trend of shifting from traditional to modern retail channels, where WinCommerce is expanding rapidly with nearly 4,150 stores. Taking advantage of this opportunity, Masan Consumer will also accelerate product distribution through modern retail channels within the same ecosystem.
Masan Group identifies technology as a key factor in creating synergy between member companies. Through the WiN membership platform and digital supply chain management system, Masan strengthens the connection between brands - retailers - consumers. This is a step to adapt to new consumer behavior, optimize efficiency and enhance customer experience.
The new Candy & Snack area model launched at WinMart Tinh Gia (Photo: MSN).
With positive results in the first half of the year and improved financial indicators, Masan aims to continue expanding the WCM network, restoring growth for MCH, and increasing the contribution rate of the processed meat segment at MML. The combination of macro growth, market transformation and a focused operating strategy is helping Masan gradually realize its long-term goal: to become a leading consumer - retail - technology platform, serving more than 100 million Vietnamese consumers and creating sustainable value for shareholders.
Source: https://dantri.com.vn/kinh-doanh/chuoi-gia-tri-tich-hop-gop-phan-ho-tro-masan-tang-truong-trong-quy-ii-20250730184523536.htm
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