Masan Group Corporation (MSN) recorded revenue of VND37,315 billion, up 3.6% over the same period last year.
According to the newly released business results report of Masan Group, the company's consolidated revenue in the second quarter reached more than VND 18,600 billion, an increase of 4.3% over the same period last year. In the first 6 months of the year, the group recorded net revenue of more than VND 37,315 billion, an increase of 3.6% over the same period in 2022.
Masan's business results are reflected through member companies such as The Crown X (TCX), WinCommerce (VCM), Masan Consummer (MCH), Masan MEATLife (MML)...
The Crown X's revenue reached more than VND26,800 billion in the first 6 months of the year, up 7.6% over the same period last year thanks to the stable foundation of the consumer goods business segment.
Consumers shop at the WinMart system. Photo: Masan
WinCommerce's net revenue reached more than VND14,500 billion, up 1.5% over the same period last year. The company opened 152 new WinMart+ stores and two new WinMart supermarkets in the first 6 months of the year, bringing the total number of points of sale to more than 3,500 nationwide for both mini-supermarkets and supermarkets.
Notably, in June, the unit's EBITDA margin reached 3.6%, showing improved profitability despite increased store openings and weaker consumer demand.
For Masan Consumer (MCH), net revenue in the first half of the year reached VND12,940 billion, up 4.7% year-on-year. The spices, convenience foods, and personal and home care products (HPC) sectors all recorded high growth in the first 6 months of the year compared to the same period.
MCH's gross profit margin expanded steadily to 45% in Q2; EBITDA margin increased to 25% (up about 150 basis points from 23.5% in Q2 last year.
Consumers shop for MEATDeli chilled meat. Photo: Masan
Meanwhile, thanks to higher revenue across all product segments and a boost in the processed meat business, Masan MEATLife (MML) revenue increased by more than 70% in the first half of 2023. MML revenue increased to more than VND 3,300 billion (up 70%) in the first 6 months of 2023 compared to the same period last year. The system has narrowed the price gap with traditional markets through the WIN price program for branded meat products.
According to Dr. Nguyen Dang Quang - Chairman of Masan Group, meeting consumer needs is the guiding principle for business actions.
"I believe that the 'tailwinds' of the second half of this year will be a solid foundation, bringing breakthrough growth for 2024," Mr. Quang emphasized.
Based on the 1H2020 performance and current growth momentum, Masan expects to achieve VND83.5-90.0 trillion in revenue and VND3.0-4.0 trillion in NPAT Pre-MI this year. This estimate is lower than the forecast at the beginning of the year, however, the company’s recent positive momentum in 2Q2023 and the initial positive results of strategic initiatives have given management confidence in Masan’s growth momentum in the second half of the year.
The Dan
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