Masan Group (MSN) Q4 2024 earnings summary

Executive summary

• FY24 net sales rose to VND83,178bn from VND78,252bn; net profit after tax reached VND4,272bn versus VND1,870bn. Q4 net profit after tax was VND1,547bn versus VND517bn.

• Cash and cash equivalents increased to VND18,618bn at 31 Dec 2024 from VND10,125bn at 1 Jan 2024; total assets were VND147,585bn.

Financial highlights

• Q4 net sales were VND22,702bn versus VND20,782bn YoY; gross profit was VND7,063bn versus VND5,768bn.

• Q4 net profit before tax was VND2,657bn versus VND948bn; net profit after tax was VND1,547bn versus VND517bn.

• FY24 gross profit was VND24,656bn versus VND22,121bn; operating profit was VND6,761bn versus VND2,350bn.

• FY24 financial income was VND4,044bn versus VND2,405bn, including VND1,403bn gain from subsidiary disposal; financial expenses were VND7,900bn versus VND8,130bn.

Outlook and guidance

• Branded consumer products and consumer retail typically see higher Q4 revenue ahead of Tet; production and advertising and promotional activity also typically increase in Q4.