Phuc Long Heritage, the direct owner of the Phuc Long tea and coffee chain, achieved net revenue of VND1,203 billion in the first 9 months of 2024, a slight increase over the same period last year.
Phuc Long Heritage, the direct owner of the Phuc Long tea and coffee chain, achieved net revenue of VND1,203 billion in the first 9 months of 2024, a slight increase over the same period last year.
The business results report recently announced by Masan Group (stock code MSN) shows that Phuc Long Heritage's net revenue reached VND425 billion in the third quarter of 2024, up nearly 13% over the same period thanks to the contribution from 21 new stores other than WinCommerce opened in the same quarter. This result contributed about 2% to the Group's total revenue of VND21,487 billion.
Phuc Long Heritage's gross profit in this period reached VND270 billion, up 10% compared to VND246 billion in the same period last year. Gross profit margin accordingly reached 63.5%, slightly fluctuating compared to 65% in the same period. EBITDA (profit before tax, interest, depreciation and amortization) reached VND69 billion, down 11% compared to VND78 billion achieved in the same period in 2023.
In the first 9 months, Masan said that Phuc Long tea and coffee chain brought in VND1,203 billion in revenue and VND779 billion in gross profit, both up 4% over the same period last year. Gross profit margin in the first 3 quarters of the year reached 65%, an insignificant difference compared to the level achieved in the same period. EBITDA decreased by more than 2% compared to the same period in 2023, down to VND201 billion.
In the document submitted to the annual general meeting of shareholders this year, Phuc Long Heritage expects to record revenue of VND1,790-2,170 billion, corresponding to a growth rate of 17% to 41% over the same period. Thus, Phuc Long Heritage has completed about 55%-67% of the revenue plan after half a year.
Masan’s management said Phuc Long’s goal this year is to differentiate itself through its “high quality at affordable prices” strategy, offering high-quality products while reaching new consumers . The stores currently focus on tea products to capitalize on the brand’s strengths, but are also planning to increase coffee products to increase customer purchase frequency.
The chain plans to open 30 to 60 new stores outside the WinCommerce system, concentrated in Hanoi and Ho Chi Minh City. In addition, the chain also plans to integrate the loyalty program into the group's Win membership to benefit customers and diversify revenue sources for the chain.
“Phuc Long will increase sales productivity through local store marketing projects , nationwide promotion programs and seasonal programs to attract new young customers,” the business plan report said.
In the second quarter of 2024, Phuc Long tea and coffee chain recorded net revenue of VND391 billion in the second quarter of 2024, up 5% over the same period last year. Gross profit reached VND263 billion, up 10% over the same period of VND238 billion. EBITDA reached VND71 billion, up 12% over the same period last year.
Phuc Long currently has 174 stores nationwide. Revenue from stores outside WinCommerce maintained a steady growth rate, up 2% compared to the second quarter of 2024.
Source: https://baodautu.vn/chuoi-tra-va-ca-phe-phuc-long-thu-hon-1203-ty-dong-d228243.html
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