Masan Group Corporation (HOSE: MSN) recorded revenue of more than VNĐ21.16 trillion (US$804.13 million) in the third quarter of 2025, up 9.7 per cent year-on-year on a like-for-like basis, according to its unaudited results.

Net profit after tax before minority interest (NPAT pre-MI) exceeded VNĐ1.86 trillion ($70.69 million), a 43.4 per cent year-on-year increase.

For the first nine months of the year, Masan’s revenue reached approximately VNĐ58.37 trillion ($2.21 billion), while NPAT pre-MI was VNĐ4.46 trillion ($169.54 million), representing growth of 8 per cent and 63.9 per cent year-on-year, respectively.

The group’s performance was driven by stronger profitability at WinCommerce (WCM), Masan MEATLife (MML) and Phúc Long Heritage (PLH), along with improved earnings from Techcombank (TCB) and the deconsolidation of H.C. Starck (HCS). These gains offset a slight rise in financial expenses and softer performance at Masan Consumer Corporation (MCH), which was temporarily impacted by the rollout of a new direct coverage sales model in the general trade channel but showed signs of recovery in Q3, providing momentum for a stronger rebound by Q4.

WCM posted third-quarter revenue of VNĐ10.54 trillion, up 22.6 per cent yoy, and NPAT pre-MI of VNĐ175 billion, 8.7 times higher than the same period last year, equivalent to a 1.7 per cent margin. The results were driven by strong like-for-like sales growth of 11 per cent for minimarts and 9.7 per cent for supermarkets. For the first nine months, WCM achieved revenue of VNĐ28.46 trillion, up 16.6 per cent yoy, and NPAT pre-MI of VNĐ243 billion.

Masan Consumer Corporation (MCH) reported Q3 revenue of VNĐ7.52 trillion, down 5.9 per cent year-on-year, with an EBIT margin of 24.2 per cent. For the nine-month period, revenue was VNĐ21.28 trillion and NPAT VNĐ4.66 trillion, down 3.1 and 16.1 per cent, respectively, due to the nationwide implementation of the direct coverage model. However, performance improved month by month in Q3, signalling momentum for the coming quarters.

MML delivered revenue of VNĐ2.38 trillion in Q3, up 23.2 per cent year-on-year, with EBIT rising 3.2 times to VNĐ144 billion and NPAT increasing 5.2 times to VNĐ101 billion. For the nine months, MML’s revenue reached VNĐ6.79 trillion, up 24.7 per cent, and NPAT rose to VNĐ466 billion. Growth was driven by higher sales volumes across farm, fresh, and processed meat segments, operational efficiencies, and improved synergies with WinCommerce.

Consumers shop for Masan Consumer products. — Photo courtesy of Masan

PLH posted revenue of VNĐ516 billion in Q3, up 21.2 per cent, and NPAT of VNĐ55 billion, up 2.1 times yoy. Nine-month NPAT reached VNĐ141 billion, up 80 per cent, supported by stronger delivery volumes, larger bills from food items, and higher sales after a rebranding campaign.

Masan High-Tech Materials (MHT) recorded revenue of VNĐ2.04 trillion in Q3, up 33.4 per cent yoy on a like-for-like basis, and NPAT of VNĐ5 billion, a turnaround from a loss last year. For the first nine months, revenue rose 25.1 per cent to VNĐ5.05 trillion, and NPAT improved by VNĐ1.16 trillion to negative VNĐ211 billion, thanks to higher commodity prices, lower production costs, and the H.C. Starck deconsolidation.

TCB contributed VNĐ1.24 trillion to MSN’s profit in Q3, up 9.4 per cent yoy.

Dr Nguyễn Đăng Quang, Chairman of Masan Group, said: “Our Q3 results mark Masan's next phase - modernising Việt Nam's consumer-retail sector, profitably. We expect massive synergies by building a unified digital membership programme that connects WinCommerce's modern trade and Masan Consumer's direct to general trade platform. Our endgame has always been to connect brands, retailers to each and every consumer whether off or online. This will deliver sustainable growth and shareholder value creation.”

Subject to customary corporate approvals, macroeconomic conditions, and a recovery in consumer demand, Masan forecasts its FY2025 consolidated net revenue at between VNĐ80 trillion ($3.04 billion) and VNĐ85.5 trillion ($3.25 billion), equivalent to 7–14 per cent year-on-year growth on a like-for-like basis after adjusting for the deconsolidation of HCS.

Excluding MHT, total consolidated revenue is expected to reach VNĐ74–78 trillion, up 8–13 per cent year-on-year. NPAT pre-MI is projected at VNĐ4.87–6.5 trillion, representing strong growth of 14–52 per cent compared to VNĐ4.27 trillion in FY2024. — VNS

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