The Group's profit increased sharply in the context of little impact on counterpart tax policies
At the end of the first quarter of 2025, Masan Group (HOSE: MSN) achieved profit after tax after allocating minority shareholders (NPAT Post-MI) reached 394 billion VND, up 278.8%. This shows the clear roadmap of the company in completing the whole year plan. This result comes from an increase of approximately 440 billion dong compared to the same period in the consumer - retail segment and the reduction of influence from non -core business segments.
Masan expects the US tariffs to have a negligible direct impact on the company's operations. The US market contributes less than 1% of Masan Consumer (MCH)'s revenue, Masan High-Tech Materials (MHT)' key products are not currently subject to tax. Masan is closely following developments and proactively implementing a flexible price strategy, closely following the actual situation and the appropriate product portfolio structure to minimize any impact on consumer psychology.
In the scenario of rising tariffs, although exports and FDI may be under pressure, domestic stimulus measures will play a supporting role. core industries such as essential consumer goods and food retail for daily needs are expected to maintain good resilience.
In addition, outside of home consumption may be pressured when consumers prioritize meals at home and cut down on unnecessary spending. In this context, retailers with profits, strong cash flow and focus on essential needs such as WCM have the advantage of holding market share.
The application of technology and focused trade strategies will help take advantage of scale to increase consumer value, while improving competitiveness. In addition, input material prices such as wheat, coffee and palm oil are decreasing, helping to reduce cost pressure and creating room for MCH to reinvest and expand market share.
double-digit growth in core business segments
For the consumer goods business segment, MCH recorded revenue in the first quarter of 2025 of VND 7,489 billion, up 13.8% over the same period. Positive results come from consistent growth in the following industries: Spices (up 15.9%), beverages (up 8.7%), Coffee (up 39.8%), Personal and family care products (up 13.0%) and international revenue increased by 73.2% over the same period. China, Japan, South Korea and Southeast Asia continue to be the main markets contributing to MCH's international revenue. Currently, the US market accounts for less than 1% of Masan Consumer's revenue.
For the retail segment, WCM recorded NPAT Pre-MI reaching VND58 billion in the first quarter of 2025, an increase of VND132 billion compared to the first quarter of 2024. This is the third consecutive quarter that WCM has made a profit, while accelerating the expansion of the store network according to the 5-year roadmap.
WCM's revenue growth comes from strong customer traffic, showing consumer attraction and room to expand the network. Rural areas - which account for more than 60% of Vietnam's population - will be a potential market in the future. Accordingly, the average daily revenue of the WinMart+ Rural model reached 94% compared to the WinMart+ Urban model (up from 87% in the same period last year).
For the business segment of Masan MEATLife (MML), the revenue was VND 2,070 billion in the first quarter of 2025, up 20.4%, NPAT Pre-MI reached VND 116 billion in the first quarter of 2025, up VND 163 billion over the same period and the third consecutive quarter with positive profits.
Implementing strategic focuses, Masan expects the net consolidated revenue in 2025 to be in the range of VND 80,000 billion to VND 85,500 billion, corresponding to LFL growth of 7% to 14% over the same period (after adjustment for HCS separation and consolidation). Develop and apply technology throughout to promote operational efficiency and enhance the integration in Masan's consumer - retail platform.
