(PLO)- According to the management of Masan Company, despite the challenging macro environment, in general, Masan’s business results are still positive.
On April 28, Masan Group Joint Stock Company announced its unaudited financial statements for the first quarter of 2023.
Specifically, in the first quarter, Masan’s net revenue reached VND 18,706 billion, up 2.8% compared to the first quarter of 2022; gross profit reached 5,086 billion dong.
According to Masan’s management, despite the challenging macro environment, in general, Masan’s business results are still positive.
Management will focus on improving profitability with the expectation that in the second half of 2023, the banking sector will be bright, interest rates will decrease, thereby improving the overall profitability of the Company.
Accordingly, The CrownX (TCX), the unified consumer retailing platform WinCommerce (WCM) and Masan Consumer Holdings (MCH) recorded revenue of VND 13,300 billion, down 1.1% over the same period last year.
BILLIONIn the first quarter, Phuc Long Heritage’s revenue grew by 6.2% over the same period last year
WCM’s net revenue recorded VND 7,335 billion, up 0.5% over the same period. WCM opened 55 more WinMart+ and 1 WinMart in the first quarter with a total of 3,442 locations nationwide for both minimarts and supermarkets.
MCH revenue increased slightly on an LFL basis, excluding processed meat. Due to the transfer of processed meat to Masan MeatLife (MML), MCH’s net revenue reached VND 6,265 billion, down 2.8% yoy.
On a similar basis, excluding processed meat sales, net sales increased 2.6%. Spices, Home Care and Personal Care (HPC), coffee recorded year-on-year growth of 12.6%, 26.6%, and 21.9%, respectively.
Notably, in Q1 MML’s revenue reached VND 1,600 billion, up 71.8% compared to the first quarter of 2022 thanks to higher revenue across all product segments and MCH’s push into the processed meat business.
Meanwhile, Phuc Long Heritage (PLH) achieved revenue growth of 6.2% over the same period last year.
Flagship store revenue recorded VND311 billion, up 11.8% y/y, however EBITDA margin decreased due to lower store revenue.
In addition, PLH closed the kiosks that were inefficient. Currently, PLH is testing a “Hub-and-spoke” model for kiosks with some positive initial results.
In 2023, Masan sets a revenue target of VND 100,000 billion
(PLO)- Masan’s growth roadmap for the period of 2023 – 2025 continues to focus on three core drivers of network growth, membership size and spending market share growth.