Masan Group (MSN) Q1 2023 earnings summary

Executive summary

• Q1 net sales rose to VND18,706,227 million from VND18,189,336 million, while net profit after tax fell to VND439,451 million from VND1,894,973 million.

• Lower associate earnings and higher financial expenses coincided with a decline in net operating profit to VND547,804 million from VND2,027,556 million.

Financial highlights

• Net sales VND18,706,227 million vs VND18,189,336 million; gross profit VND5,086,167 million vs VND5,089,107 million.

• Net profit before tax VND581,345 million vs VND2,073,766 million; net profit after tax VND439,451 million vs VND1,894,973 million.

• Profit attributable to equity holders VND214,915 million vs VND1,595,880 million; basic EPS VND151 vs VND1,127 restated.

• Financial expenses increased to VND1,989,427 million from VND1,296,138 million, including interest expenses of VND1,746,572 million vs VND1,061,667 million.

• Share of profit in associates was VND977,535 million vs VND1,193,860 million; selling expenses were VND3,316,244 million vs VND3,044,028 million.

Segment performance

• Branded consumer products revenue VND5,927,121 million vs VND6,147,129 million; segment results VND1,217,684 million vs VND1,218,170 million.

• MEATLife revenue VND1,254,966 million vs VND577,407 million; segment loss narrowed to VND104,592 million from VND122,032 million.

• High-tech materials revenue VND3,786,502 million vs VND3,929,826 million; segment results VND366,379 million vs VND402,989 million.

• Consumer retail revenue VND7,311,898 million vs VND7,267,793 million; segment loss widened to VND262,898 million from VND175,642 million.

• Others revenue VND425,740 million vs VND267,181 million; segment results VND731,439 million vs VND1,043,825 million.