Masan aims to double profits in 2024

Masan đặt mục tiêu gấp đôi lợi nhuận trong 2024- Ảnh 1. — Customers shop busily on weekends at WinMart supermarket

Accordingly, Masan's net revenue in 2023 will reach VND 78,252 billion, up 2.7% compared to VND 76,189 billion in 2022. Revenue in the fourth quarter of 2023 will reach VND 20,782 billion, up slightly by 0.7% over the same period. With strong finances, Masan's free cash flow will improve to VND 7,454 billion in 2023, up significantly from VND 887 billion in 2022.

Notably, The CrownX - Masan's integrated retail consumer platform, merging WCM and MCH, recorded a 2.6% year-on-year revenue growth, bringing in VND57,684 billion in revenue in 2023 despite the weakening of consumption.

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

In addition, in 2023, the "Go Global" strategy with the CHIN-SU brand as the highlight will bring many positive results for this enterprise. Export revenue increased to VND 1,005 billion in 2023, up 13.6% over the same period last 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 annual compound growth rate of 31%.

Masan đặt mục tiêu gấp đôi lợi nhuận trong 2024- Ảnh 2. — WinCommerce warehouse staff check 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 reap sustainable profits in 2024. Masan Consumer Holdings is returning to growth trajectory. Masan's global FMCG platform has shown positive results when CHIN-SU chili sauce is in the top 8 best-selling products on Amazon. MEATDeli is starting to attract consumers on a large scale. The digitalization of the Vietnamese consumer market is accelerating with the WIN membership program reaching 8 million consumers. Masan will continue to 'keep going', constantly creating value for Vietnam, consumers, shareholders and Masaners!".

Entering 2024, Masan expects consolidated net revenue to range from VND84,000 to VND90,000 billion, growing by 7% - 15% year-on-year. This is the expected business result corresponding to different scenarios of macroeconomic conditions. Core profit after tax before allocation to minority shareholders is expected to range from VND2,290 - 4,020 billion, a strong growth compared to VND1,950 billion in 2023. In addition, Masan will continue to reduce leverage to improve the balance sheet, reduce benefits in non-core business segments while maintaining a tight capital allocation strategy.

"In a volatile capital market, businesses with consumer-focused businesses that generate solid cash flows like Masan have many advantages in accessing domestic and international capital markets with very favorable conditions. Masan's non-cyclical business operations give the 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 grow slightly in the first half of 2024 and recover rapidly in the second half. However, the gloomy global economic outlook may affect Vietnam's recovery path. Therefore, we will plan for both a slow market recovery scenario and a rapid growth scenario in 2024," said a Masan representative.

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