“In Q3/2024, WinCommerce and Masan MEATLife achieved positive profit after tax and are key drivers in maximizing shareholder value. This trend will accelerate further as we continue to execute on our strategic initiatives in the medium term. Masan Consumer continues to grow double-digit revenue and profit and is entering an acceleration phase as trends in premiumization, product innovation and out-of-home consumption increase. With this momentum, I believe Masan will move closer to its positive scenario profit after tax plan of VND2,000 billion. We have been focusing on integrating our entire retail consumer platform, aiming for double-digit consolidated revenue and profit growth by 2025,” shared Dr. Nguyen Dang Quang, Chairman of Masan Group. In recent years, the organization of the Buon Ma Thuot Coffee Festival has not only brought great brand experiences to the people of the Central Highlands and tourists, but also brought us many interesting stories about the brand. related to coffee trees, but this is also an opportunity to enhance the position of Vietnamese coffee beans, honoring the silent contributions of coffee growers. That is the emphasis of the Central Party Executive Committee member, Minister, Chairman of the Ethnic Committee Hau A Lenh at the 4th Congress of Ethnic Minorities of Thai Nguyen province - 2024, with the theme "Ethnic groups of Thai Nguyen province unite, innovate, promote advantages, potential, integrate and develop sustainably", on October 24, 2024, in the city. Thai Nguyen. On the morning of October 24, local time, within the framework of the working trip to attend the 2024 BRICS Leaders' Meeting, held in Kazan, Russian Federation, Prime Minister Pham Minh Chinh received Mr. Alexey Likhachev, General Director of the Russian Federation State Atomic Energy Corporation (Rosatom). On the morning of October 24, the Department of Culture, Sports and Tourism of Binh Thuan province organized the opening of the Fair to display and promote tourism products, cuisine, regional specialties, OCOP products of Binh Thuan and provinces and cities nationwide, taking place from October 24-27 at the Bikini Beach NovaWorld Phan Thiet Square (Tien Thanh commune, Phan Thiet city), bringing rich experiences of culture, art, and cuisine. On the morning of October 24, in Hanoi, the Vietnam Federation of Commerce and Industry (VCCI) coordinated with the Ministry of Information and Communications, the Central Propaganda Department and Vietnam Journalists Association organized the Forum "Press and Enterprises Together for a Prosperous and Happy Vietnam", for the second time, in 2024. "In the third quarter of 2024, WinCommerce and Masan MEATLife achieved positive profit after tax and are key drivers in maximizing shareholder value. This trend will accelerate further as we continue to execute on our strategic initiatives in the medium term. Masan Consumer continues to grow double-digit revenue and profit and is entering an acceleration phase as trends in premiumization, product innovation and out-of-home consumption increase. With this momentum, I believe Masan will move closer to its positive scenario profit after tax plan of VND2,000 billion. We have been focusing on integrating our entire retail consumer platform, aiming for double-digit consolidated revenue and profit growth for 2025", shared Dr. Nguyen Dang Quang, Chairman of Masan Group. Words always go hand in hand with work, in recent years, prestigious people in ethnic minorities in Ninh Thuan province have become shining examples in the community. The contributions of prestigious people have made an important contribution to building and consolidating the great national unity bloc. The summary news of the Ethnic and Development Newspaper, on October 23, has the following notable information: Prime Minister Pham Minh Chinh is the Head of the Central Steering Committee to implement the elimination of temporary and dilapidated houses. Unfinished resettlement projects in Muong Lat. Spreading the movement "Clans, villages, hamlets without poor households". Restoring the worship ceremony of the Ruc ethnic group of the Chut ethnic group. Along with other current news in ethnic minority and mountainous areas. In recent years, Ninh Thuan province has focused on fully and effectively implementing ethnic programs and policies to help the ethnic minority and mountainous areas of the province have significant changes. In particular, since the implementation of the National Target Program for Socio-Economic Development of Ethnic Minorities and Mountainous Areas (National Target Program 1719), it has been considered a lever to shorten the gap between mountainous areas and lowland areas. Reporters of the Ethnic and Development Newspaper had an interview with Ms. Pi Nang Thi Thuy, Head of the Ethnic Minorities Committee of Ninh Thuan province, about the implementation of the National Target Program 1719 in the locality. Ninh Binh Tourism Association coordinated with the provincial Department of Tourism and the Vietnam Culinary Culture Association to organize the Seminar "Developing Ninh Binh Culinary Culture and Tourism" on October 23. The national power grid infrastructure is not yet available, for decades, nearly 100 ethnic minority households in Lak district, Dak Lak province have had to pull their own electricity to use. The self-pulled power lines are temporarily stretched over bamboo trees, trees across fields, ponds and lakes, posing a potential safety risk, especially in the rainy season. Recently, voters in Lak district directly reported this issue to the National Assembly Delegation at the Voters' Meeting. Recently, many children have shown signs of fatigue, nausea and headaches. Parents thought their children were just sick due to the change of seasons, but when their children cried out in pain, they rushed them to the hospital and were diagnosed with viral meningitis. In the past month, the National Children's Hospital recorded about 200 cases. On October 24, in Bac Giang City, the Women's Union of Bac Giang province organized a program to exchange and share experiences of the 2024 Leaders of Change Club. This is one of the activities within the content of Project 8 "Implementing gender equality and solving urgent problems for women and children" in 2024.
WinCommerce and Masan MEATLife have achieved positive net profit after tax in Q3/2024 and are key drivers in maximizing shareholder value. This trend will accelerate further as we continue to execute on our strategic initiatives over the medium term. Masan Consumer continues to deliver double-digit revenue and profit growth and is entering a phase of acceleration as trends in premiumization, product innovation and out-of-home consumption increase.
"With this momentum, I believe that Masan will move closer to its positive scenario profit after tax plan of VND2,000 billion. We have been focusing on integrating our entire retail consumer platform, aiming for double-digit consolidated revenue and profit growth by 2025.", Dr. Nguyen Dang Quang, Chairman of Masan Group shared.
In Q3/2024, Masan Group's net revenue will reach VND21,487 billion, up 6.6% compared to VND20,155 billion in Q3/2023, thanks to sustainable growth from retail consumer businesses that helps offset the restructuring of MML's farm chicken segment and the temporary disruption of MHT's business operations.
EBITDA reached VND4,233 billion in Q3/2024, up 13.2% year-on-year. This significant increase was driven by positive profit growth momentum across all retail consumer business segments.
Post-MI NPAT reached VND701 billion in Q3/2024, up 1,349.2% year-on-year. This positive result was the result of strong profitability across the consumer retail business segments, and VND788 billion improved due to lower net interest expenses and no foreign exchange fluctuation costs.
Masan has hedged 100% of its long-term USD loans since the beginning of the year, which has helped Masan maintain its business results (P&L) against the negative impacts of exchange rate fluctuations, helping its NPAT after distribution to minority shareholders (NPAT Post-MI) increase by VND511 billion compared to the same period last year.
Net interest expense improved by VND277 billion year-on-year in Q3/2024 thanks to cash flow from operating activities and additional capital during the period.
Consumption - retail maintains positive growth momentum in both revenue and profit
Masan Consumer Corporation (UpCOM: MCH) achieved a revenue growth of 10.4% year-on-year in Q3/2024, reaching VND7,987 billion. This positive figure was contributed by the premiumization strategy implemented in the Convenience Food and Seasonings sectors, helping to achieve growth of 11% and 6.7% year-on-year, respectively; and innovation activities in the Beverage and Home & Personal Care sectors, helping to achieve growth of 18.8% and 12.4% year-on-year, respectively.
MCH continued to maintain a high gross profit margin of 46.8%, 20 basis points higher than Q3/2023, thanks to the implementation of a premiumization strategy in the Seasonings and Convenience Foods segment through a combination of high-margin products and appropriate pricing strategies in key sub-categories, while material and packaging costs increased.
WinCommerce (“WCM”) recorded a 9.1% YoY revenue growth in Q3/2024, reaching VND8,603 billion across the network, mainly contributed by the new store models WIN (serving urban shoppers) and WinMart+ Rural (serving rural shoppers), achieving LFL growth of 12.5% and 11.5% YoY, respectively. The traditional store model achieved 8% YoY growth. WCM's net profit after tax reached a positive figure of VND20 billion in Q3/2024, the first time since the COVID period. This is a clear sign of a sustainable profit-making path in the coming time.
As of September 2024, WCM operates 3,733 WCM stores, with a net opening of 60 new stores since Q2/2024. New store openings have been accelerating again. LFL growth continues to improve, new store formats with differentiated and superior customer value give WCM more flexibility in choosing store locations.
Masan MEATLife (“MML”) recorded a year-on-year increase in EBIT of VND43 billion and a year-on-year increase in NPAT before minority interest distribution (NPAT Pre-MI) of VND105 billion in 3Q24. This is the third consecutive quarter that MML has reported positive EBIT and the first quarter with positive NPAT Pre-MI (VND20 billion) since 2023. This positive result was driven by increased sales of processed meat segment and benefited from higher market prices for chicken and pork.
In Q3/2024, meat revenue including fresh pork, chicken and processed meat increased by 13.6% YoY while farm revenue decreased by 28.2% YoY in Q3/2024 as MML implemented a restructuring strategy for the farm chicken segment and focused more on the downstream value chain. As a result, MML's revenue increased slightly by 1.7% YoY to VND1,936 billion in Q3/2024.
MML continues its mission to revolutionize Vietnam’s growing processed meat market with delicious, healthy, high-quality products, under its two strong brands, Ponnie and Heo Cao Boi. These two brands have achieved ~50% market share in the sterilized sausage product market.
Phuc Long Heritage ’s (“PLH”) net revenue increased by 12.8% year-on-year to VND425 billion in Q3/2024, mainly due to the contribution from 21 new stores outside WCM opened in the same quarter. PLH currently operates 174 stores nationwide. Daily LFL revenue of PLH stores outside WCM maintained stable growth in Q3/2024, up 2% compared to Q2/2024.
Q4 is closer to positive profit plan for 2024
With VND2,726 billion in NPAT Pre-MI and VND1,308 billion in NPAT Post-MI in the first 9 months of 2024, MSN has completed 130.8% of the base case NPAT plan approved by shareholders at the beginning of the year. Management will continue to improve business results in Q4/2024 with the expectation of getting closer to the positive scenario profit plan for 2024.
Focus on Q4, continue to focus on profit growth with a focus on core retail consumer business. Masan will optimize the WIN Membership program to create value for the business and Masan's partner brands; Further reduce debt to improve the balance sheet and reduce financing costs; Reduce ownership in non-core businesses while maintaining a tight capital allocation strategy.
MCH's consumer goods segment will accelerate revenue growth in Q4/2024 by continuing to implement the premiumization strategy in the Spices and Convenience Foods categories, implementing innovations in the Beverages, Home & Personal Care and Instant Coffee categories, and streamlining underperforming SKUs to optimize profitability.
WCM Retail continues to achieve positive NPAT, accelerating LFL growth while accelerating store openings to ~100 new stores per quarter. WCM will continue to strengthen its position in rural areas with its proven WinMart+ Rural model.
MML's meat division further invests in long-term profits from processed meat to achieve sustainable profitability.
Phuc Long tea and coffee chain under PLH focuses on improving LFL growth and integrating into the WIN Membership program to optimize profit margins.
Finally, MHT completed the sale of HCS to reduce financial leverage, sell copper inventory, optimize costs and improve operating efficiency.
Source: https://baodantoc.vn/masan-group-hoan-thanh-130-ke-hoach-loi-nhuan-nam-2024-nho-tang-truong-manh-tieu-dung-ban-le-1729754862895.htm
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