Maintaining growth momentum in the context of fluctuations
By the end of June 2025, Masan recorded after-tax profit before tax benefits of minority shareholders (NPAT Pre-MI) of VND 2,602 billion, nearly double the same period and completing more than 50% of the yearly plan. WinCommerce (WCM) plays an important role in overall growth, with revenue reaching VND17,915 billion (up 13.4%) and profit after Pre-MI tax reaching VND68 billion - marking the fourth consecutive quarter of profit.
WCM has opened a network of 318 stores, completed 80% of the new opening plan and is on the way to surpassing the high scenario, continuing to affirm its position as the largest modern retailer in the country. However, businesses are still under pressure from expansion costs and competition in the market.
On the contrary, in the FMCG - Masan Consumer (MCH) express consumer goods segment, it is affected in the short term by the GT channel interruption - which is affected by the new tax policy. Accordingly, many large and small traditional retailers have significantly reduced inventory, with inventory days reduced by about 8 days for large retailers and 3 days for small retailers. This led to an estimated revenue reduction of about VND600-800 billion for MCH in the quarter.
In the second quarter of 2025, MCH recorded revenue of VND 6,276 billion, down 15.1% over the same period, and EBITDA (pre-tax profit, interest, depreciation and allocation) reached VND 1,605 billion, down 12.9% over the same period.
To cope, MCH has implemented a series of strategic initiatives such as expanding its direct distribution model and developing new products. Specifically, key initiatives include: shifting to a direct coverage model, reducing dependence on large traditional retailers, and enhancing the ability to bring goods to the market.
In the first half of 2025, MCH has expanded its coverage of sales points in pilot areas to increase by 62% over the same period, and the average number of points of sale per month has at least 1 order per sales staff, increasing by 48% over the same period. These changes are expected to restore MCH's growth momentum in the following quarters.
In the meat segment - Masan MEATLife (MML) recorded strong growth, with revenue reaching VND 4,409 billion (up 25.6%) and profit after tax reaching VND 364 billion. The processed meat segment continues to play a key role as a driving force, while the value per pig farm unit is optimized thanks to product innovation and increased linkage with the WCM retail system.
Notably, this quarter's profit recorded infrequent, non-cash income worth VND196 billion. This clause is part of the benefits of renegotiating long-term trade contracts with suppliers.
Phuc Long Heritage (PLH) maintained its growth momentum with revenue increasing by 10.3% and profit increasing by 63.5%, thanks to delivery channels and the food industry. Meanwhile, Masan High-Tech Materials (MHT) benefited from sharp increases in commodity prices, especially APT and bismuth, contributing to helping the revenue in the second quarter of 2025 reach VND 1,614 billion (up 27.9%) and after-tax profit reach VND 6 billion, an improvement of VND 400 billion over the same period.
Overall, Masan's growth is mainly due to strong profit efficiency at WCM and MML, supported by reduced financial costs and a profit contribution from the divestment of H.C. Starck (HCS).
Driving from the macro and the platform of solid technology for consumption - sale
In the second quarter of 2025, Vietnam's GDP will increase by 8%, bringing the growth rate in the first 6 months of the year to the highest in nearly 20 years. This momentum comes from recovered consumption, accelerated public investment and restructured production and retail activities. This growth rate positively supports Masan's strategy, as the middle class expands and per capita income approaches the 5,000 USD mark, a level often associated with increased modern and more diverse consumer demand.
The FMCG market is witnessing a structural change, especially the shift from traditional retail channels to modern ones, where WinCommerce is expanding rapidly with nearly 4,150 stores. Taking advantage of this opportunity, Masan Consumer will also accelerate the distribution of products through modern retail channels in the same ecosystem.
Masan Group identifies technology as a key factor to create resonant value among member companies. Through the WiN member platform and digital supply chain management system, Masan promotes the connection between brand - retailer - consumer. This is a step to adapt to new consumer behavior, optimize efficiency and enhance customer experience.
With positive results in the first half of the year and improved financial indicators, Masan aims to continue expanding the WCM network, recovering growth for MCH, and increasing the contribution rate of the processed meat segment at MML. The combination of macro growth, market shift and focused management strategy is helping Masan gradually realize its long-term goal: becoming a leading consumer - retail - technology platform, serving more than 100 million Vietnamese consumers and creating sustainable value for shareholders.
