Masan’s performance remained resilient with strong momentum, according to its unaudited management accounts for the first quarter released Friday.
The CrownX (TCX), Masan’s integrated consumer-retail platform that consolidates WinCommerce (WCM) and Masan Consumer Holdings (MCH), recorded a slight top-line decline in a challenging macro environment. This also weakened consumer sentiment, delivering revenue of VND13.3 trillion ($566.8 million) in the first quarter, down 1.1% year-on-year.
Masan Consumer Holdings also increased top line slightly on a LFL (like for like) basis, which excludes processed meat.
Due to the transfer and deconsolidation of processed meat to Masan MeatLife (MML), MCH’s net revenue decreased by 2.8% to VND6.265 trillion, compared to VND6.448 trillion year-on-year. It has maintained healthy stock levels across different categories, achieving VND1.3 trillion by end of the 2023’s first quarter.
WinCommerce’s net revenue was recorded at VND7.335 trillion, up 0.5% year-on-year. 55 new WinMart+ and one new WinMart stores were opened during the first quarter, totaling 3,442 locations nationwide for both minimarts and supermarkets.
WCM increases the number of buyers and customers, boosting sales. Photo by Masan
TPay alongside TCB were rolled out nationwide and achieved a run-rate of 9,000 new accounts per day as of Friday. This demonstrates a strong traction to turn WCM’s outlets into financial products and services distribution points.
Phuc Long Heritage posted 6.2% year-on-year revenue growth. Flagship revenue recorded VND311 billion, an increased year-on-year of 11.8%.
MML increased revenue by 71.8% year-on-year thanks to higher topline across all segments and the injection of the processed meat business from MCH. Its revenue increased to VND1.6 trillion in 2023’s first quarter, up 71.8% from VND931 billion in the same period last year.
On a LFL basis which includes processed meat in 2022, revenue increased by 25.6% from VND1.272 trillion in 2022’s first quarter, thanks to higher sales across all segments of MML, especially processed meat.
MHT revenue decreased 3.6% year-on-year due to the negative impact of lower feed grade impacting NPMC production volumes. H.C.Starck’s higher base effect which saw customer building inventory in early 2022 post pandemic.
Tungsten prices averaged $335 per mtu, 2% higher than last year. Copper revenue increased thanks to the sales of 6,000 tons delivered to domestic customers.
Techcombank, Masan’s associated company, contributed VND961 billion in EBITDA in this year’s first quarter, representing a decline of 18.4% year-on-year.
Management will focus on improving the bottom line across the business portfolio in the second half of 2023, when declining interest rates are expected to enhance overall profitability.
Masan Group’s member companies and associates are industry leaders in branded fast moving consumer goods, branded meat, modern retail, F&B retail, financial services, telecommunications, and value-added chemical processing, altogether representing segments of Vietnam’s economy that are experiencing the most transformational growth.
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