Excluding the 2021 feed revenue for a like-for-like (LFL) comparison due to its deconsolidation, Masan’s net revenue reached $3.25 billion in 2022, an increase of 2.6 per cent from $3.16 billion in 2021. On a reported basis, revenue decreased by 14 per cent in 2022 and 13.4 per cent in Q4/2022.

On an LFL basis, the 2022 consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) reported a slight decline by 1.2 per cent on-year to $615.2 million as the margin only reached 18.9 per cent in 2022 versus 19.7 per cent in 2021 and the revenue was flat. As reported, consolidated EBITDA decreased by 11.8 per cent in 2022 and 28.1 per cent in Q4/2022.

Net profit after taxes after minority interests (NPAT Post-MI) declined by 58.3 per cent to $152 million in 2022 primarily due to one-off financial income gains from the deconsolidation of the feed business in Q4/2021 and lowered NPAT for Masan MEATLife (MML) and Masan High-Tech Materials (MHT) in 2022. However, on an LFL Core NPAT Pre-MI basis, MSN recorded $164 million in 2022, up 1.1 per cent on-year. NPAT Pre-MI posted $202.4 million, down 52.9 per cent on a reported basis. This decline is primarily due to the loss of the feed business NPAT.

Among them, The CrownX (TCX), Masan’s integrated consumer-retail platform that consolidates WinCommerse (WCM) and Masan Consumer Holdings (MCH), recorded a slight top-line decline in a challenging macro environment with weakened consumer sentiment, delivering revenue of $2.4 billion in 2022 – down 3.1 per cent on-year – and $659.9 million in Q4/2022 – down 6.5 per cent. On a normalised basis, TCX revenue was up 5.2 per cent in 2022 and down 2.1 per cent in Q4/2022.

WCM successfully opened 730 minimarkets in a year when the rest of the industry retrenched. The aggressive store rollout is a testament to the profitable unit economics model that WCM has built.

MCH improved profitability in Q4/2022, but the top line was negatively impacted by weakened consumer demand. It achieved $1.19 billion in net revenue and $279.5 million in EBITDA. When normalising for the effect of consumer stockpiling in Q3 and Q4/2021, revenue decreased by 11.8 per cent and then increased by 2.4 per cent in Q4/2022 and FY2022 respectively. The Q4/2022 top-line decline was driven mainly by stricter demand planning to ensure a healthy and sustainable level of inventory at distributors, positioning MCH well for 2023.

In 2022, Phuc Long achieved $67.3 million in revenue and $8.35 million in EBITDA, primarily due to the strong performance of its flagship stores which delivered $48.9 million in revenue and $14.14 million in EBITDA. The flagship stores are entering 2023 with strong momentum as it opened a record number of 23 new flagships and 2 mini stores in Q4/2022, totalling 111 and 21 by the end of 2022 respectively.

On an LFL basis, MML's revenue increased by 34.3 per cent on-year in Q4/2022 and 6.7 per cent on-year in FY2022, driven by a greater volume of chilled meat sales. This was thanks to MML’s strategy to reduce the price gap between MEATDeli products and the wet market’s warm meat from 40 per cent at the beginning of 2022 to only around 20 per cent since May. As a result, the H2/2022 chilled meat volume increased by 30 per cent compared to the same period in the previous year.

Meanwhile, MHT delivered net revenue of $662.5 million in FY2022, up 14.6 per cent on-year due to a higher APT price, but decreased by 1.6 per cent in Q4/2022 on-year due to the negative impacts from lower feed grade that impacted Nui Phao Mining Company and the Russia-Ukraine conflict and zero-COVID Policy in China that led to reduced demand for H.C. Starck. EBITDA increased by 4.3 per cent in 2022.