Customers buy vegetables at a WinMart supermarket. — Photo courtesy of Masan

HCM CITY — Masan Group Corporation (HOSE: MSN), the owner of WinMart supermarkets, released its unaudited management accounts for the fourth quarter of 2024 and the full year 2024, with full-year profit achieving approximately 200 per cent of the base-case guidance.

Net revenues for the quarter and full year reached VNĐ22.7 trillion (US$905.1 million) and VNĐ83.2 trillion ($3.28 billion), up by 9.1 per cent and 6.3 per cent year-on-year, respectively. The topline growth was supported by sustained momentum from consumer-retail businesses and during Masan High-Tech Materials (MHT)’s fulfilled contractual obligation, offset by Masan MEATLife (MML)’s strategic direction to rationalise chicken farm footprints.

Net profit after tax post-minority interest (post -MI) grew by 1,282 per cent in Q4 and 377.5 per cent over the full year to VNĐ691 billion ($27.5 million) and approximately VNĐ2 trillion ($79.7 million), respectively. This was driven by strong profitability momentum across the consumer-retail businesses, VNĐ365 billion lower in debt-incurring net financial expenses and VNĐ89 billion in one-off gains from sale of HCS, offset by one-off expenses during MHT’s transformation period and income from wholesale discount for feed input from MML’s farm business.

Furthermore, MSN also recorded VNĐ100 billion in one-off charitable donation expense and reduced profit by VNĐ288 billion as Techcombank (TCB) recorded a one-off expense of ceasing the contract with Manulife.

WinCommerce (WCM) and Masan MEATLife achieved profitability in 2024, contributing VNĐ993 billion in post-MI profit uplift. These businesses have transitioned to become key profit drivers for the company moving forward.

Masan Consumer Corporation (MCH) reported Q4 and FY2024 revenues of VNĐ8.9 trillion and VNĐ30.9 trillion, respectively, reflecting 5.3 per cent and 9.4 per cent year-on-year growth. Healthy full-year performance was driven by convenience foods and seasonings, innovations in beverages and a strong 22.4 per cent increase in revenue from international markets.

WinCommerce recorded revenues of VNĐ8.6 trillion in Q4 and VNĐ32.9 trillion in 2024, up by 11.8 per cent and 9.7 per cent year-on-year, respectively. Q4 performance continued to be driven by new store formats of WIN (catering to urban shoppers) and WinMart+ Rural (supplying rural shoppers), posting 10.4 per cent and 12.5 per cent like-for-like yearly growth.

WCM reported positive NPAT Pre-MI of VNĐ209 billion in Q4, marking the second consecutive quarter with positive profit.

Management will now focus on re-expanding the store network to be in line with its five-year network guidance presented at Masan’s 2024 Annual Shareholder Meeting.

MML achieved NPAT Pre-MI of VNĐ85 billion in Q4 and VNĐ25 billion in the entire year. This marked the second consecutive quarter of delivering positive NPAT Pre-MI.

Phúc Long Heritage (PLH)’s net revenue grew by 11.5 per cent and 5.6 per cent year-on-year to VNĐ417 billion and VNĐ1.6 trillion in Q4 and FY2024, respectively. Main growth drivers were the opening of 33 new stores and successful store renovations.

Its net profit after tax Pre-MI saw a more than quadruple improvement in 2024, with VNĐ28 billion uplift in Q4 and accumulation of VNĐ97 billion for the full year. Net margin achieved 7.6 per cent for the full year.

Masan is divesting from HCS and focuses on consumer retail business. —Photo courtesy of Masan

MHT’s revenues saw an increase by 21.3 per cent and 1.7 per cent, amounting to VNĐ3,9 trillion and VNĐ14.3 trillion in Q4 and FY2024, respectively.

Double digit plans for 2025

Subject to customary corporate approvals, macroeconomic conditions and consumer market recovery, Masan forecasts that net revenue for 2025 will range between VNĐ80 trillion (over $3.1 billion) and VNĐ85.5 trillion ($34 billion), representing a seven to 14 per cent growth year-on-year, after adjusting for the deconsolidation of HCS.

Total consolidated revenue, excluding MHT, is expected to be within the range of VNĐ74 trillion ($2.9 billion) and VNĐ78 trillion ($3.1 billion), representing year on growth of between eight and 13 per cent.

NPAT Pre-MI is projected to be VNĐ4.8 trillion ($191.4 million) to VNĐ6.5 trillion ($259 million), reflecting a robust growth of 14 per cent to 52 per cent compared to VNĐ4.3 trillion in FY2024.

Chairman of Masan Group Dr Nguyễn Đăng Quang said: "In 2024, we prioritised developing a profitable, sustainable groupwide business model, that is now complete as WinCommerce and Masan MEATLife.

"The focus now is to increase our share of the consumer wallet by maximising the synergies between our brand, retail and technology platform. Creating a one-tech and one-consumer (Win Membership) platform will lead to each business platform growing double digits in 2025 and beyond.” — VNS