HCM CITY — Masan Group Corporation’s Q1 net profit after tax pre-minority interest (NPAT Pre-MI) was VNĐ1.97 trillion (US$74.9 million), double that of the same period last year.

Consumer-retail earnings before interest and taxes reached VNĐ2.45 trillion, up 23.6 per cent year-on-year.

MSN’s subsidiaries recorded strong growth. WinCommerce (WCM) is regarded as a profitable growth engine, with NPAT Pre-MI of VNĐ204 billion, up 3.5 times year-on-year, driven by higher store traffic, store expansion and improved operations.

Masan Consumer’s (MCH) Q1 NPAT Pre-MI was VNĐ1.8 trillion, up 11.5 per cent, thanks in part to its Retail Supreme initiative, in which Masan works closely with around 500,000 traditional mom-and-pop retail stores, helping them improve their daily operations and product displays.

Masan High-Tech Materials (MSR) delivered a Q1 NPAT of VNĐ537 billion as against losses of VNĐ222 billion in Q1 2025, supported by stronger commodity pricing, improved operating performance, and lower net interest expenses.

Masan also plans to migrate MSR to the HOSE mainboard, hoping to enhance value recognition, broaden the shareholder base, improve liquidity, and support strategic investor engagement.

Masan MEATLife and Phuc Long Heritage also saw strong growth.

Building on the positive quarterly performance, Masan’s first-half revenues and NPAT Pre-MI are estimated at VNĐ51.5 trillion and VNĐ4.6 trillion, up 38 per cent and 76 per cent.

Strong growth is expected across the board for the half.

For instance, WCM is expected to deliver 27 per cent revenue growth on the back of like-for-like growth and 700 new stores, while MCH is expected to deliver 21 per cent revenue growth, supported by Retail Supreme, core relaunches, and disciplined revenue management.

MSR should remain a meaningful contributor to consolidated profitability and deleveraging. Based on its April performance, its Q2 profitability is estimated at approximately VNĐ690 billion, a slight increase over Q1.

Throughput is expected to recover in Q2 and rise further in Q3 following the amendment of its 28-million-tonne mining licence, with full-year ore processed projected to exceed that of 2025, driving up profit contribution.

MSN expects stronger operating cash flow generation in the first half of the year to approximately VNĐ6.2 trillion, up 60 per cent, supported by higher subsidiary-level profitability and continued working capital discipline.

This reinforces MSN’s ability to reinvest behind high-ROI consumer-retail growth, reduce leverage, and create greater flexibility to evaluate capital return options, including dividends, in line with balance-sheet priorities. — VNS