Masan reports soaring profits in Q3

October 24, Masan Group Corporation (stock code MSN) announced its financial report for the third quarter of 2024. Accordingly, Masan Group's net revenue reached VND 21,487 billion, up 6.6% compared to VND 20,155 billion in the third quarter of 2023, thanks to sustainable growth from retail consumer businesses.

The group's earnings before interest, taxes, depreciation and amortization (EBITDA) reached VND4,233 billion, up 13.2% year-on-year. Notably, profit after tax attributable to minority shareholders reached VND701 billion, up 1,349.2% year-on-year. This positive result was the result of strong profitability across all retail consumer businesses and reduced net interest expenses. In addition, the group did not incur costs due to exchange rate fluctuations as it has hedged 100% of its long-term USD loans since the beginning of the year.

Customers shopping at WinMart supermarket

Contributing to Masan's impressive business results is the retail consumer business segment. Specifically, Masan Consumer Joint Stock Company (Masan Consumer - MCH) had a revenue growth of 10.4% compared to the same period last year, reaching VND 7,987 billion thanks to the premiumization strategy implemented in the convenience food and seasoning industry as well as innovation in the beverage, home and personal care industries. Accordingly, the profit margin after tax after allocation to minority shareholders reached 25.9%, up 90 basis points compared to the same period last year....

WinCommerce also recorded a 9.1% year-on-year revenue growth of VND8,603 billion across the entire network, mainly contributed by the new store models WIN (serving urban shoppers) and WinMart+ Rural (serving rural shoppers). In particular, the traditional store model grew by 8% year-on-year. WinCommerce's after-tax profit reached VND20 billion in the third quarter of 2024, the first profit since the Covid-19 period. As of September, this unit operated 3,733 stores, opening 60 new stores since the second quarter of 2024. Another unit, Masan MEATLife, also recorded an increase of VND105 billion year-on-year in after-tax profit before minority shareholder distribution. This is the third consecutive quarter that Masan MEATLife has reported positive profits since 2023...

Dr. Nguyen Dang Quang, Chairman of Masan Group, shared: "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 for 2025".

Source: https://thanhnien.vn/masan-bao-lai-tang-vot-trong-quy-3-185241024101015278.htm