“Not everyone understands the Masan way and how we are building the next version of our consumer platform. I implore you to listen to our CEO's presentation at our AGM as it clearly lays out what we are doing to become the consumer platform of choice,” said Dr. Nguyen Dang Quang, chairman of Masan Group.

Masan (MSN) released its unaudited management accounts for Q1/2023 on April 28. Operating results remained resilient despite a challenging macro environment, while management are set to focus on improving the bottom line across the portfolio and expects the second half of this year to enhance overall profitability with expected declining interest rates.

The CrownX (TCX), Masan’s integrated consumer-retail platform that consolidates WinCommerce (WCM) and Masan Consumer Holdings (MCH), recorded a slight top-line decline and weakened consumer sentiment, delivering revenue of VND13.3 trillion ($566.8 million) in Q1, down 1.1 per cent on-year.

WCM recorded net revenue of VND7.3 trillion ($311.1 million), up a half of one per cent on-year, as it opened 55 new WinMart+ and 1 new WinMart in the period. WCM now hold 3,442 locations nationwide for both mini-marts and supermarkets.

MCH net revenue decreased by 2.8 per cent to VND6.26 trillion ($266.7 million) in Q1, compared to VND6.45 trillion ($274.8 million) for the same period last year.

Phuc Long Heritage posted 6.2 per cent revenue growth on-year with its flagship coffee stores recording revenue of VND311 billion ($13.2 billion) in Q1, an 11.8 per cent on-year increase.

Masan MeatLife (MML) increased its revenue by 71.8 per cent on-year in Q1 thanks to the performance of the processed meat business of Masan Consumer Holdings (MCH).

Masan High-Tech Materials Q1 revenue decreased 3.6 per cent on-year due to a negative impact from lower-grade feed impacting Nui Phao Mining Company's production volumes and H.C.Starck building inventory in early 2022.

Tungsten prices in Q1 averaged at $335 per metric tonne unit, 2 per cent higher than Q1/2022 at $328 per metric tonne unit. Copper revenue increased thanks to the sales of 6,000 tonnes delivered to domestic customers.

Techcombank (TCB), Masan’s associated company, contributed VND961 billion ($40.9 million) in EBITDA in Q1/2023, representing a decline of 18.4 per cent year-om-year.