Masan aims to double its profits in 2024.

Masan đặt mục tiêu gấp đôi lợi nhuận trong 2024- Ảnh 1. — Customers were busy shopping at WinMart supermarket on the weekend.

Accordingly, Masan 's net revenue in 2023 reached VND 78,252 billion, an increase of 2.7% compared to VND 76,189 billion in 2022. Revenue in the fourth quarter of 2023 reached VND 20,782 billion, a slight increase of 0.7% compared to the same period. With strong finances, Masan's free cash flow improved to VND 7,454 billion in 2023, a significant increase compared to VND 887 billion in 2022.

Notably, The CrownX – Masan's integrated retail consumer platform, encompassing WCM and MCH – recorded a 2.6% year-on-year revenue growth, generating VND 57,684 billion in revenue in 2023 despite the weakening consumer spending.

Since January 2023, Masan has successfully implemented the WIN Membership program nationwide, bringing many benefits to consumers when shopping within the company's ecosystem. The program has attracted 8 million members, contributing significantly to WinCommerce's total revenue, accounting for 55%. The WIN membership program is considered a gateway that helps MSN connect directly with consumers and better understand their daily needs. Accordingly, the total monthly spending of each member shows stable growth, reaching VND 581,000 in December 2023, compared to VND 486,000 in March 2023.

Furthermore, in 2023, the "Go Global" strategy, with a focus on the CHIN-SU brand, yielded many positive results for the company. Export revenue increased to VND 1,005 billion in 2023, a 13.6% increase compared to the previous year. Notably, in the US market, CHIN-SU chili sauce maintained its position in the top 8 best-selling products on Amazon. Accordingly, from 2020 to 2023, total export revenue achieved a strong compound annual growth rate of 31%.

Masan đặt mục tiêu gấp đôi lợi nhuận trong 2024- Ảnh 2. — WinCommerce warehouse staff inspect the automated goods sorting system at the Supra warehouse.

Regarding the above business results, Mr. Nguyen Dang Quang, Chairman of Masan Group, shared: "WinCommerce is on track to achieve sustainable profits in 2024. Masan Consumer Holdings is returning to a growth trajectory. Masan's global FMCG platform has shown positive results, with CHIN-SU chili sauce ranking among the top 8 best-selling products on Amazon. MEATDeli is beginning to attract consumers on a large scale. The digitalization of the Vietnamese consumer market is accelerating, with the WIN membership program reaching 8 million participating consumers. Masan will continue to 'keep going,' constantly creating value for Vietnam, consumers, shareholders, and Masaners!"

Looking ahead to 2024, Masan projects consolidated net revenue to be between VND 84,000 and VND 90,000 billion, representing growth of 7% to 15% year-on-year. These projected business results are based on various macroeconomic scenarios. Core after-tax profit before allocation to minority shareholders is expected to be between VND 2,290 and VND 4,020 billion, a significant increase from VND 1,950 billion in 2023. Furthermore, Masan will continue to reduce leverage to improve its balance sheet, decrease its stake in non-core businesses, while maintaining a tight capital allocation strategy.

"In the context of a volatile capital market, businesses with consumer-focused segments that generate solid cash flow, like Masan, have significant advantages in accessing domestic and international capital markets under very favorable conditions. Masan's non-cyclical business operations give management confidence in the favorable conditions ahead in increasing the company's liquidity in the coming months. We believe that the consumer market in Vietnam will experience slight growth in the first half of 2024 and recover quickly in the second half. However, the less-than-optimistic global economic outlook may affect Vietnam's recovery trajectory. Therefore, we will plan for both a slow market recovery scenario and a rapid growth scenario in 2024," - a Masan representative stated.

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