Masan Group (MSN) Q2 2023 earnings summary

Executive summary

• Q2 net sales rose to VND18,608,561 million from VND17,834,053 million YoY, while net profit after tax fell to VND429,187 million from VND1,214,873 million.

• H1 net sales increased to VND37,314,788 million from VND36,023,389 million, but net profit after tax declined to VND868,638 million from VND3,109,846 million.

Financial highlights

• Q2 gross profit was VND5,327,477 million versus VND4,967,440 million YoY; H1 gross profit was VND10,413,644 million versus VND10,056,547 million.

• H1 operating profit fell to VND1,014,376 million from VND3,297,064 million; pretax profit declined to VND1,032,236 million from VND3,334,953 million.

• H1 financial expenses rose to VND4,128,708 million from VND2,872,263 million, including interest expenses of VND3,532,525 million versus VND2,235,155 million.

• H1 financial income included a VND516,370 million gain from revaluation of a pre-existing investment; total financial income was VND1,339,817 million.

Segment performance

• H1 branded consumer products revenue rose to VND12,223,479 million from VND11,713,990 million; segment results increased to VND2,785,851 million from VND2,351,291 million.

• H1 MEATLife revenue increased to VND2,452,965 million from VND1,243,642 million; segment loss narrowed to VND199,628 million from VND249,247 million.

• H1 high-tech materials revenue declined to VND7,315,311 million from VND8,123,495 million; segment results fell to VND331,779 million from VND878,814 million.

• H1 consumer retail revenue was VND14,483,309 million versus VND14,230,221 million; segment loss narrowed to VND438,521 million from VND454,665 million.

• H1 Others segment revenue was VND839,724 million versus VND712,041 million; segment results declined to VND1,380,369 million from VND2,206,707 million.