Masan Group Joint Stock Company (MSN) recorded revenue of VND 37,315 billion, up 3.6% over the same period last year.

According to the newly announced business results report of Masan Group, the second quarter's consolidated revenue reached more than VND 18,600 billion, up 4.3% over the same period last year. In the first 6 months of the year, the group recorded net revenue of more than VND 37,315 billion, up 3.6% over the same period in 2022.

Masan's business results are reflected in member businesses such as The Crown X (TCX), WinCommerce (VCM), Masan Consumer (MCH), Masan MEATLife (MML)...

Crown X's revenue reached more than VND 26,800 billion in the first 6 months, up 7.6% over the same period last year, thanks to the stable foundation of the consumer goods business.

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WinCommerce's net revenue reached more than VND 14,500 billion, up 1.5% over the same period last year. This business opened 152 more WinMart+ stores and two new WinMart supermarkets in the first 6 months, bringing the total number of points of sale to more than 3,500 locations nationwide for both mini-marts and supermarkets.

Notably, this unit's EBITDA margin reached 3.6% in June, showing improved profitability despite increased store openings and weaker consumer demand.

With Masan Consummer (MCH), first half net revenue reached 12,940 billion dongs, up 4.7% yoy. Spices, convenience foods, and personal and home care products (HPC) all recorded high growth in the first 6 months compared to last year.

MCH's gross profit margin continuously expanded and reached 45% in the second quarter; the EBITDA margin increased to 25% (up about 150 basis points from 23.5% in the second quarter of last year.
Meanwhile, driven by higher sales across all product segments and a boost in the processed meat business, Masan MEATLife (MML) revenue grew more than 70% in the first half of 2023. MML revenue grew to over 3,300 billion VND (up 70%) in the first 6 months of 2023 compared to last year. The system has narrowed the price gap with the traditional market through the WIN price program for branded meat products.

According to Dr. Nguyen Dang Quang - Chairman of Masan Group, meeting the needs of consumers is the guideline for the actions of businesses.

"I believe that the 'favorable winds' of the second half of this year will be a solid foundation, bringing breakthrough growth for 2024," Quang emphasized.

Based on H1 performance and current growth momentum, Masan expects revenue of VND83,500-90,000 billion and VND3,000-4,000 billion net profit before minority allocation (NPAT Pre- MI) this year. This estimate is lower than the forecast at the beginning of the year; however, the company's recent positive performance momentum in the second quarter of 2023 and the positive initial results of strategic initiatives have given management confidence in Masan's growth engine in the last 6 months.

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