Masan profits double in Q1
Masan profits double in Q1
Masan Group Corporation (MSN, Masan) has announced that its consolidated net revenues in the first quarter increased by 69.7 per cent year-on-year to VNĐ18.855 trillion (US$743.85 million) and doubled from the previous quarter.
Nguyễn Đăng Quang, chairman of Masan, speaks at a recent event in HCM City. — Photo courtesy of Masan |
The revenues benefited from notable growth in its consumer-retail business units and Techcombank, its associated company.
It posted an impressive EBITDA (Earnings before interest, taxes, depreciation, and amortisation) margin of 25.3 per cent, according its financial results for Q1.
Techcombank contributed VNĐ1,229 trillion to EBITDA, up 27.9 per cent year-on-year.
Masan Consumer Holdings saw a 7.4 per cent increase in net revenues to VNĐ6.727 trillion, with distributor stock levels returning to normal at 16 days.
WinCommerce reported an 8.5 per cent increase in revenues, driven by 5.7 per cent like-for-like sales growth across its store network.
The revenue of Masan MEATLife increased by 7.5 per cent, driven by branded pork products and higher pork and poultry prices.
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Customers shop at a WinMart store, owned by Masan, in HCM City. — Photo courtesy of Masan |
The recently launched BupNon Tea365 has received positive market feedback and fetched VNĐ106 billion in revenues with a promising retailer repurchase rate of nearly 60 per cent.
Nguyễn Đăng Quang, chairman of the group, said Masan is committed to enhancing the profits of its core businesses like WinCommerce, Masan MEATLife and Phúc Long.
“Profits will be a key focus in the coming months to create value for shareholders.”
On April 22 Masan’s financial position was strengthened with a $250 million equity investment by US private investment firm Bain Capital.
Its cash balance increased by VNĐ6.228 trillion during the first quarter.
To manage risk effectively, Masan has hedged 100 per cent of its long-term US dollar debt exposure on favourable terms.
The recent appreciation of the USD is not expected to significantly impact the group's profitability, according to the release.
Masan Group and its subsidiaries are leaders in consumer goods, retail, financial services, and telecommunications in Việt Nam.
