Vietnamese products make up over 90 percent of the offerings at WinMart.
The company aims to further approach its VND2 trillion ($78.75 million) profit goal in the final quarter of the year.
In Q3 2024, Masan’s net revenue reached VND21.487 trillion ($846.1 million), a 6.6-percent increase from VND20.155 trillion ($793.65 million) in Q3 2023, driven by sustainable growth in its consumer retail businesses.
By the end of January-September, Masan recorded a total net revenue of VND60.476 trillion ($2.38 billion), averaging VND220 billion ($8.66 million) per day.
The company reported having achieved 130 percent of its base-case profit after-tax plan and is optimistic about a positive scenario in Q4 2024.
Masan Consumer maintains double-digit growth momentum, plans IPO for 2025
Masan’s branded consumer goods segment, Masan Consumer (Stock code: MCH), continued to show positive results in Q3 this year.
Q3 revenue for Masan Consumer increased by 10.4 percent year-on-year, reaching VND7.987 trillion ($314.5 million).
This growth was driven by the premiumization strategy in the Convenience Food and Seasonings segments, which saw year-on-year increases of 11 percent and 6.7 percent, respectively.
Additionally, innovative efforts in the Beverages and Home & Personal Care segments achieved growth of 18.8 percent and 12.4 percent, respectively.
The company maintained a strong gross profit margin of 46.8 percent in Q3 2024.
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| A customer browses discounted seasoning products at WinMart supermarket. |
Recent developments in Masan Consumer’s IPO process have also been positive.
On October 2, the company announced plans to transfer MCH shares from Unlisted Public Company Market (UPCoM) to the Ho Chi Minh City Stock Exchange (HoSE).
Furthermore, it plans to offer 326.8 million shares to existing shareholders at a ratio of 100:45.1, or allowing shareholders with 1,000 shares to purchase 451 new shares at VND10,000 ($0.39) each.
This move may be a step toward preparing for the listing of MCH shares on HoSE, with the company aiming to complete the listing by 2025.
WinCommerce achieves positive profit after tax for Q3
Masan’s consumer retail business reported a ‘double’ increase in profit after tax.
In Q3 2024, Masan’s retail segment, WinCommerce (WCM), achieved a 9.1-percent year-on-year revenue growth, reaching VND8.603 trillion ($338.76 million) across its entire network.
This growth was primarily driven by the new store models, WIN (targeting urban shoppers) and WinMart+ Rural (serving rural shoppers).
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| Customers shop at WinMart Royal City in Hanoi, September 7, 2024. |
WCM’s NPAT reached VND20 billion ($787,541) in Q3 2024, marking its first positive profit since the COVID-19 period, indicating a clear path toward sustainable profitability.
As of September 2024, WCM operates 3,733 stores, with a net addition of 60 new locations since Q2 2024.
The pace of new store openings is being accelerated once again.
Winmart supermarkets have delivered positive EBIT despite flat top-line growth, mainly driven by improvement in shrinkage.
According to the report, WCM’s strategic focus for the last quarter of 2024 is to continue achieving positive net profit after tax (NPAT), accelerate like-for-like (LFL) growth, and open approximately 100 new stores per quarter.
WCM will also strengthen its presence in rural areas with the successful WinMart+ Rural model.
Masan MEATLife records positive profits for 3 consecutive quarters
In Q2 2024, Masan’s branded meat segment, Masan MEATLife (MML), reported a year-on-year increase of VND43 billion ($1.7 million) in EBIT and a VND105 billion ($4.13 million) rise in NPAT before minority interest (NPAT Pre-MI) in Q3 2024.
This marks the third consecutive quarter of positive EBIT for MML and the first quarter with positive NPAT Pre-MI (VND20 billion) since 2023.
The strong performance was driven by increased sales of processed meat and higher market prices for chicken and pork.
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| European-standard chilled meat production line at the MEATDeli processing complex in Ha Nam Province, northern Vietnam. |
MML continues its mission to transform Vietnam’s growing processed meat market with delicious, healthy, and high-quality products, notably through its “Love brands,” Ponnie and Heo Cao Boi, which together hold about 50 percent market share in the sterilized sausage product segment.
To mitigate risks in the volatile farm market, the company is restructuring its farm segment while maintaining an appropriate scale to ensure a steady supply of raw materials for domestic meat production.
Masan’s tea and coffee chain, Phuc Long Heritage (PLH), experienced a year-on-year growth of 12.8 percent, reaching VND425 billion ($16.73 million) in Q3 2024, primarily due to the addition of 21 new stores outside WCM during the same quarter.
PLH now operates 174 stores nationwide.
“I am confident we will approach our high-case NPAT target of VND2,000 billion, and now are focused on synergizing our entire consumer-retail platform to deliver consolidated double-digit top and bottom-line growth for 2025,” said Dr. Nguyen Dang Quang, chairman of Masan Group.
The positive results from the consumer retail business reflect Masan’s strong recovery and the overall resurgence of the consumer market in January-September.
Looking ahead to the final quarter of 2024, the management is confident that Masan will come closer to its profit plan under a positive scenario.
