WinCommerce opened 730 minimarkets in 2022 when the rest of the consumer industry retrenched. — Photo courtesy of Masan

HCM CITY — Masan Group Corporation earned revenues of nearly VNĐ76.2 trillion (US$3.2 billion) last year, up 2.6 per cent (excluding the 2021 feed business due to its deconsolidation), according to its unaudited accounts released on January 30.

Net profit after tax post minority interest (NPAT Post-MI) declined by 58.3 per cent to nearly VNĐ3.6 trillion ($152.5 million) due to the deconsolidation in 2021 and lower earnings by Masan MEATLife and Masan High-Tech Materials.

The CrownX, Masan’s integrated consumer-retail platform that consolidates WinCommerce and Masan Consumer Holdings, reported revenues of VNĐ56.2 trillion ($2.3 billion), down 3.1 per cent.

WinCommerce’s revenues fell by 5 per cent to VNĐ29.36 trillion though it opened 730 new WinMart+ stores during the year to take the number to 3,268.

Consumers buy Masan Consumer Holdings’ products at a WinMart supermarket.  — Photo courtesy of Masan

Masan Consumer Holdings achieved VNĐ28.1 trillion in net revenues and VNĐ6.56 trillion in earnings before interest, taxes, depreciation, and amortisation (EBITDA), a decrease of 2.3 per cent and 4.1 per cent.

In 2021, due to COVID-19 which resulted in consumer stockpiling and wet market closures, there was an abnormal surge in demand for products and services of WinCommerce and Masan Consumer Holdings.

In 2022 Phúc Long achieved nearly VNĐ1.6 trillion in revenue and VNĐ195 billion in EBITDA, primarily due to the strong performance of flagship stores.

On a like-for-like basis, Masan MEATLife’s revenues increased by 6.7 per cent to VNĐ4.78 trillion driven by greater sales of chilled meat.

Masan High-Tech Materials delivered net revenues of VNĐ15.5 trillion, up 14.6 per cent up from 2021 due to higher APT prices.

Targets for 2023

Masan’s 2023 financial forecasts expect a base case consolidated net revenue of VNĐ90 -100 trillion ($3.8 - 4.2 billion), representing 18 - 31 per cent growth from 2022.

The CrownX is expected to remain the key driver of revenue growth and contribute more than 70 per cent to net revenues.

Core net profit after tax pre-minority interest (excluding one-off) is expected to be VNĐ4 - VNĐ5 trillion ($169.4 - 212.1 million), representing a growth rate of 4 - 30 per cent.

If macro conditions are tougher than expected and negative consumer sentiment persists, the management projects the top line to grow by 10-15 per cent.

Dr Nguyễn Đăng Quang, chairman of Masan Group, said: “I am proud of how we have and are innovating our way out of a volatile macro and micro backdrop.

“In 2022 we solidified our integrated consumer-retail platform with the WIN store innovation.

“Digitising our entire consumer infrastructure, from product manufacturing to the end consumer, and developing an integrated MT-GT platform are Masan’s next defining innovations for 2023 and beyond.” — VNS