Masan’s consolidated net revenues reached $3.9 billion in the financial year 2021, a growth of 14.8 per cent versus $3.4 billion in the previous year, driven by strong on-year growth across nearly all businesses. The net revenues in the fourth quarter amounted to $1.04 billion, up 10.3 per cent on-year. Excluding December 2020 feed revenues for a like-for-like comparison, Masan’s net revenues grew by 16.6 and 17.0 per cent in 2021 and Q4/2021 on-year, respectively.
The CrownX (TCX), Masan’s integrated consumer-retail platform that consolidates WinCommerce (WCM) and Masan Consumer Holdings (MCH), grew in net revenues by 6.9 per cent to $2.55 billion on-year. WCM's net revenues amounted to $1.36 billion, relatively flat on-year despite starting 2021 with 618 fewer locations than 2020. While COVID-19 limited store expansion, WCM was able to open 388 new WinMart+ minimarkets in 2021, with 284 new stores opened in the fourth quarter alone, giving WCM confidence in its store expansion plans and revenue growth profile for 2022.
MCH’s net revenues grew 20.0 and 32.3 per cent in 2021 and Q4/2021, respectively, reaching $1.26 billion and $443 million, respectively. Meanwhile, Masan MEATLife (MML) grew its net revenue by 17.2 per cent on-year, or by 26.9 per cent, if taking into account only the first 11 months of feed sales in 2020. Notably, MML’s meat franchise grew 71.0 per cent on-year in 2021. Masan High-Tech Materials (MHT) delivered $596 million in net revenues in 2021, up 86.0 per cent on-year.
Masan’s consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew by 57.7 per cent on-year to $716 million. Among them, TCX’s EBITDA was $343.4 million, up 73.1 per cent. WCM’s EBITDA improved by $102.5 million to $48.43 million, versus an EBITDA loss of $54.15 million in FY2020. Continuous EBITDA improvement throughout the year also led to break-even net profits after tax in the second half of the year and gave greater confidence in this year's earnings outlook.
MCH delivered $301.56 million in EBITDA, an on-year growth of 19.1 per cent. MML's EBITDA declined by 2.8 per cent, mainly due to lower feed margins, partially offset by improved integrated pork margins. MHT’s EBITDA grew by 111.6 per cent to reach $132 million with strong year-end profitability momentum.
Reported net profits after tax post-minority interest (NPAT Post-MI) grew by 593.8 per cent to $376.84 million. Core NPAT Post-MI, which excludes one-time gains/losses and amortisations of fair value adjustments and goodwill impact, grew by 256.3 per cent on-year to $193.7 million.
Masan's balance sheet shows that the net debt to EBITDA ratio was 2.2 times at the end of the financial year, compared to 5.2 at the end of the previous one, driven by 57.7 per cent on-year EBITDA growth and an ending cash and cash equivalent balance of $994.9 million.
Masan noted that financial numbers herein are based on management and unaudited figures, and subject to change. The final and full unaudited financial accounts will be publicly available on or before January 28, with detailed earnings providing more strategic commentary details for MSN’s quarterly Community Day.
Source: Vietnam Investment Review