AsemconnectVietnam - Masan Group Corporation (HOSE: MSN) has just announced its financial report for the second quarter of 2025 and the first 6 months of 2025.

Specifically, Masan Group's net revenue in the second quarter of 2025 reached VND18,315 billion. EBITDA reached VND3,748 billion.
NPAT Pre-MI (Profit after tax before allocation to minority shareholders) in the second quarter and the first 6 months of 2025 of Masan Group reached VND1,619 billion and VND 2,602 billion, respectively, nearly double compared to the same period, and completed more than 50% of the annual plan.
Growth was mainly driven by strong profit performance at WinCommerce WCM and Masan MEATLife (MML), supported by profit contribution from the divestment of H.C. Starck (HCS).
Of which, the consumer and retail business segment contributed approximately VND472 billion to the EBIT increase in the first 6 months of 2025, led by an improvement of VND319 billion at WCM and VND156 billion at MML compared to the same period.
Specifically, for WinCommerce (WCM) in the second quarter of 2025, revenue reached VND9,130 billion, up 16.4% over the same period. NPAT Pre-MI reached VND10 billion, up VND159 billion over the same period. This is the fourth consecutive quarter of profit for WCM, thanks to outstanding operations and an effective network expansion strategy.
In the first half of 2025, WCM's revenue reached VND17,915 billion, up 13.4% YoY. NPAT Pre-MI reached VND68 billion, up VND292 billion YoY. This positive result was driven by revenue growth and network expansion in rural areas.
As of the end of the second quarter, with 318 new stores opened, WCM had completed 80% of its base target for new openings in the year and was on track to exceed its high-scenario target by year-end, firmly consolidating its position as the number one modern retailer in Vietnam by point of sale, with 4,146 stores nationwide.
For Masan Consumer Corporation (UpCOM: MCH), revenue reached VND6,276 billion, down 15.1% YoY, and EBITDA (Earnings before interest, taxes, depreciation and amortization) reached VND1,605 billion, down 12.9% YoY.
However, revenue in the first 6 months of 2025 decreased by only 1.5% YoY, thanks to positive results in the first quarter. The decline in revenue was due to reduced inventory levels in channels and cautious sales activities.
In the second quarter of 2025, MCH faced short-term challenges stemming from structural changes in the Vietnamese retail industry. The application of new tax regulations for individual businesses has temporarily disrupted the traditional sales channel (GT) - a channel in which MCH has a large presence.
As a result, many large and small traditional retailers have reduced inventory significantly, with inventory days reduced by about 8 days for large retailers and 3 days for small retailers. This leads to an estimated revenue reduction of about VND600–800 billion for MCH in the quarter.
Meanwhile, Masan MEATLife (MML) recorded revenue of VND2,340 billion, up 30.7% YoY, driven by strong double-digit growth in both segments: Livestock (up 66.4% YoY) and Meat (up 20.5% YoY).
NPAT Pre-MI reached VND249 billion in 2Q25, improving by VND281 billion YoY, continuing to maintain profit growth momentum. EBIT margin reached 4.5%, up 420 basis points YoY thanks to increasingly efficient scale of operations.
For Phuc Long Heritage (PLH) in the second quarter of 2025, revenue reached VND 434 billion, up 10.8% year-on-year, profit after tax reached VND43 billion, up 38.8% year-on-year.
Accumulated in the first half of 2025, revenue reached VND858 billion, up 10.3% year-on-year, profit after tax reached VND86 billion, up 63.5% year-on-year. Business activities improved thanks to a strong increase in delivery channels and increased revenue from the food segment.
As for Masan High-Tech Materials (MHT) in the second quarter of 2025, revenue reached VND 1,614 billion, up 27.9% year-on-year on a like-for-like basis, profit after tax reached VND 6 billion, up VND 400 billion year-on-year). In the first half of 2025, revenue reached VND3,007 billion, up 20% year-on-year, profit after tax recorded -VND212 billion, up VND885 billion year-on-year. Business performance improved thanks to rising commodity prices, lower unit production costs and the divestment of H.C. Starck (HCS).
Finally, Techcombank (TCB) with MSN's profit from TCB in the second quarter of 2025 reaching VND1,216 billion, down slightly by 1.6% year-on-year, mainly due to the dilution effect from TCB's ESOP program.
N.Nga
Source: VITIC/Tinnhanhchungkhoan