TIẾNG VIỆT Masan’s 1Q after-tax profit jumps over five folds to $82.3 mln
WinCommerce opened 109 new locations in the previous quarter. Photo: Masan
Net income in the reviewed period was estimated at VND1,596 billion ($69 million), up 753.5% from VND187 billion ($8 million) in first quarter 2021, according to the company’s statement.
Profit grew sharply despite Masan’s consolidated net revenue dropped 8.9 percent to VND18,189 ($790 million) in the previous quarter, mainly due to deconsolidation of the feed segment.
The CrownX, Masan’s integrated consumer-retail platform that consolidates WinCommerce and Masan Consumer Holdings, reported net revenue at VND13,450 billion, up 7.3 percent from a year earlier in the quarter.
The growth was driven by strong revenue growth in Masan Consumer and new store additions at WinCommerce. The retail chain has opened 109 new locations in the reported quarter. The chain plans to open 300 new stores in second quarter.
Masan Consumer delivered net revenue growth of 17.4 percent in the quarter, reaching VND6,448 billion, driven by double-digit growth in nearly all categories. Based on accelerating product launches and growth in existing categories, the firm is on track to deliver 30% growth in topline for the second quarter.
As a result of deconsolidation of feed business, revenue of Masan MEATLife declined by 80.2 percent to VND931 billion in the first quarter of 2022, comprising entirely of sales of meat products. Driven by rising commodity prices and strong demand, Masan High-Tech Materials delivered net revenue of VND3,930 billion in the reported quarter, up 32.6 percent year-on-year.
Expectations for revenue growth in second quarter are more than 30 percent, driven by higher commodity prices. Management is working on initiatives to go further downstream to improve profitability and unlock further value.
For the 2022 financial budget proposed to shareholders, Masan expects consolidated net revenue to be between VND90 trillion ($3.9 billion) and VND100 trillion ($4.3 billion), representing a growth of 22 percent and 36 percent, compared to VND74.2 trillion in 2021.
 |
| In 2022, Reddit aims to attract 500,000 – 1,000,000 subscribers. Photo: Masan |
In 2021, revenue contribution from only consumer businesses was 68 percent, which is expected to improve to 85 percent in FY2022. After-tax profit is expected to be within the range of VND6.9 trillion and VND8.5 trillion, a growth of 82 percent to 124 percent compared to VND3.8 trillion in FY2021.
The Crown X expects to deliver net revenue within the range of VND68 trillion and VND76 trillion in 2022, up 17 percent to 31 percent compared to 2021. WinCommerce is expected to deliver net revenue within range of VND38 and 40 trillion in 2022, up 23 percent to 29 percent, driven by revenue growth in existing stores and expansion of store count.
Phuc Long’s revenue expected to reach between VND2.5 and 3 trillion in 2022, driven by expansion of network through own stores and WCM kiosks, and product portfolio expansion in tea and coffee categories.
_41635620.png)
