"Last year, we prioritised developing a profitable, sustainable groupwide business model, that is now complete as WinCommerce (WCM) and Masan MEATLife (MML) turned profitable. The focus now is on increasing our share of the consumer wallet by maximising the synergies between our brand, retail, and technology platform. Creating a one-tech and one-consumer (Win Membership) platform for general trade and modern trade will lead to each business platform growing double digits in 2025 and beyond," said Nguyen Dang Quang, chairman of Masan Group.

In Q4 and FY2024, Masan Group’s net revenue reached VND22.7 trillion ($905.3 million) and VND83.2 trillion ($3.3 billion), respectively. The topline growth was supported by sustained topline momentum from consumer-retail businesses and Masan High-Tech Materials (MHT)'s fulfilled contractual obligation by counterparty, offset by MML’s strategic direction to rationalise chicken farm footprints.

Earnings before interest, taxes, depreciation, and amortisation reached VND4.58 trillion ($182.6 million) and VND15.9 trillion ($634 million), increasing by 44.6 per cent on-year and 19.3 per cent on-year in Q4 and FY2024 respectively. This uplift was driven by positive earnings growth momentum of all consumer-retail businesses.

Net profit after tax post minority interest of VND691 billion ($27.5 million) and VND1.99 trillion ($79.4 million) in Q4 and FY2024 grew by 1,282 per cent on-year and 377.5 per cent on-year, respectively. This was driven by strong profitability momentum across its consumer-retail businesses, a reduction of VND365 billion ($14.5 million) in debt-incurring net financial expenses, and VND89 billion ($3.55 million) in one-off gains from the sale of HC Starck Holding (Germany) GmbH (HCS).

Furthermore, Masan also recorded VND100 billion ($3.98 million) in one-off charitable donation expense and reduced profit by VND288 billion ($11.5 million) as Techcombank recorded a one-off expense of ceasing the contract with Manulife. The momentum of core businesses since the beginning of the year gave management confidence in the transformation of Masan’s consumer-retail platform.

Masan's Q4 earnings grew by nearly 14 times on-year to VND691 billion ($27.5 million), with full-year profit achieving approximately 200 per cent of the base-case guidance. Among them, WinCommerce and Masan MEATLife achieved profitability in FY2024, contributing VND993 billion ($39.6 million) in post-MI profit uplift. These businesses have transitioned to become key profit drivers for the company moving forward.

Masan Consumer Corporation reported Q4 and FY2024 revenue of VND8.9 trillion ($355 million) and VND30.8 trillion ($1.22 billion), reflecting on-year growth of 5.3 per cent and 9.4 per cent, respectively. The healthy full-year performance was driven by premiumisation in convenience foods, up 8.4 per cent, and seasoning, up 7.2 per cent, innovations in beverages, up 14.2 per cent, and a solid 22.4 per cent increase in revenue from international markets.

WinCommerce reported Q4 revenue growth of 11.8 per cent and 9.7 per cent for the year to hit revenues of VND8.6 trillion ($342.9 million) and VND32.96 trillion ($1.3 billion), respectively. The Q4 performance was driven by new store formats of WIN (catering to urban shoppers) and WinMart+ Rural (catering to rural shoppers), posting 10.4 per cent and 12.5 per cent like-for-like, on-year growth. WCM reported positive NPAT Pre-MI of VND209 billion ($8.3 million) in Q4, marking the second consecutive quarter with positive profit. As of the end of 2024, WinCommerce operated 3,828 WinCommerce stores, a net opening of 95 stores since Q3.

Phuc Long Heritage’s (PLH) net revenue grew by 11.5 per cent and 5.6 per cent to VND417 billion ($16.6 million) and VND1.62 trillion ($64.6 million) in Q4 and FY2024, respectively. The main growth drivers were the opening of 33 new stores and successful store renovations. In FY2024, a cluster of 11 renovated stores saw a 13.4 per cent improvement in dine-in average daily sales, compared to flat growth in similar but non-renovated stores. This represents PLH's latest effort to uphold its commitment to identifying the winning strategy.

Masan MEATLife delivered increases of VND192 billion ($7.7 million) and VND565 billion ($22.5 million) to achieve NPAT Pre-MI of VND85 billion ($3.4 million) and VND25 billion ($997,000) in Q4 and FY2024, respectively. This marked the second consecutive quarter of delivering positive NPAT Pre-MI. Meanwhile, Masan High-Tech Materials' revenue saw a Q4 increase of 21.3 per cent and 1.7 per cent for the full year, amounting to VND3.87 trillion ($154.4 million) and VND14.34 trillion ($572 million), respectively.

Masan forecasts FY2025 consolidated net revenue to range between VND80 trillion ($3.2 billion) and VND85.5 trillion ($3.4 billion), representing 7 per cent to 14 per cent on-year like-for-like growth after adjusting for the deconsolidation of HCS.

Total consolidated revenue for 2025, excluding MHT, is expected to be within the range of VND74 trillion ($2.9 billion) and VND78 trillion ($3.11 billion), representing between 8 per cent to 13 per cent on-year growth. NPAT Pre-MI is projected to be VND4.88 trillion ($194.7 million) to VND6.5 trillion ($259.3 million), reflecting a robust growth of 14 per cent to 52 per cent compared to VND4.27 trillion ($170.4 million) in FY2024.

For its Go Global strategy, Masan aims to deliver over 20 per cent growth by focusing on key markets such as the US, South Korea, Japan and the EU with its seasoning, convenience food, and instant coffee portfolio.