Masan Group (MSN) Q3 2023 earnings summary

Executive summary

• 9M 2023 net sales were VND57,469,699 million, up from VND55,546,444 million YoY; net profit after tax fell to VND1,353,151 million from VND3,950,830 million.

• Q3 net sales were VND20,154,911 million versus VND19,523,055 million YoY; net profit after tax was VND484,513 million versus VND840,984 million.

Financial highlights

• 9M gross profit rose to VND16,353,279 million from VND15,480,855 million; net operating profit declined to VND1,457,364 million from VND4,260,433 million.

• 9M financial expenses increased to VND6,514,891 million from VND4,538,905 million, including interest expenses of VND5,277,046 million versus VND3,361,396 million.

• Operating cash flow was VND2,375,137 million, versus an outflow of VND2,295,415 million in 9M 2022; period-end cash and equivalents were VND9,477,078 million.

Outlook and guidance

• Branded consumer products and consumer retail typically see higher Q4 revenue ahead of Tet; production, advertising and promotions are typically increased in Q4 for the festive season.