Business

Masan Group’s 1H net income jumps over 163% to VND2,577 billion

Vietnamese private conglomerate reported VND2,577 billion in the first half of 2022, up 163.3% from a year earlier, according to the company’s earning report.

Published

8 months ago

July 29, 2022

TienphongNews

them-nhieu-cua-hang-da-tien-ich-trong-chien-luoc-point-of-life-du-kien-ra-mat-vao-quy-3-2022-1

Masan’s consolidated net revenue reached VND36,023 billion in the reviewed period, down 12.5% versus VND41,196 billion in the first half of 2021, mainly due to the deconsolidation of the feed segment.

The CrownX, Masan’s integrated consumer-retail ecosystem that consolidates WinCommerce and Masan Consumer Holdings, grew net revenue year-over-year by 2.2% to VND26,029 billion in the period.

Despite the effect of pandemic, inflationary environment, CrownX delivered VND3,178 billion in EBITDA, up 11.7% year-over-year, and VND1,146 billion in after-tax profit, up 68.7%.

WinCommerce, an arm of The CrownX, expanded store count year-to-date, opening 5 supermarkets and 301 WinMart+ in the first half, making a total retail network of 127 WinMart and 2,873 WinMart+ locations.

Six-month revenue of WinCommerce reached VND14,305 billion, down 1.1% from a year ago. In the reported period, WinMart+ recorded VND9,528 billion in revenue, almost unchanged from a year ago. WinMart’s revenue reached VND4,708 billion, down 3.4% year-on-year.

Over 60% of WinMart+ stores opened in 2022 achieved positive store level EBITDA in the second quarter. This reflects management’s improving new store opening capabilities and provides momentum for first-half earnings uplift as new stores fully ramp up.

Masan Consumer Holdings achieved VND12,355 billion in net revenue, up 7.7% year-over-year.

MEATDeli is processed according to European standard cool meat technology. Photo: Masan

“We believe that technology will disrupt the entire consumer market and at Masan we are prioritizing technology as a strategic pillar. The only difference is we do not view technology as a standalone business model, but rather as a powerful tool to personalize our product offerings and consumer experience. Leveraging technology to solve big consumer unmet needs is how we can deliver growth and profit, and more importantly, uplift our consumers’ daily lives” said Dr. Nguyen Dang Quang, Chairman of Masan Group.

Masan’s cash and cash equivalents balance reached VND10,361 billion as of the end of 1H2022, lower compared to end of FY2021, mainly due to the increase the Masan’s ownership in TCX and PLH, and capital expenditures in 1H2022.

At the end of 1H2022, Masan’s consolidated gross debt reached VND56,872 billion, a decrease of VND1,306 billion compared to the end of FY2021.

Net debt was VND46,511 billion at the end 1H2022, compared to VND35,540 billion at the end of FY2021, mainly due to lower cash balance. Capital expenditures in 1H2022 reached VND2,136 billion, compared to VND1,311 billion in same period last year.

Masan is currently reviewing its fiscal year 2022 guidance to reflect Vietnam’s weaker consumer sentiment and aims to provide a more detailed update in the following quarters. To deliver the most optimal financial results in light of the current consumer environment while still advancing its consumer-tech strategy, it will focus on expanding business and R&D.

WinCommerce will open more than 800 new stores in the second half of 2022. Among the new stores to be opened, 100 targeted be franchised stores. Continue to optimize total commercial margin, product assortment, promotion schemes, and operating costs to protect profitability.

New mini mall store concept underpinned by Masan’s Point of Life strategy to be launched in 3Q2022. New concept to integrate Masan’s various offerings and capabilities (existing and soon to be announced) to set foundation for new growth engine.

Masan Consumer will focus R&D efforts on a few key categories such as seasonings, convenience foods, and processed meat to generate big wins. Continue building on current momentum in beverage, coffee, and beer.

Source: https://e.nhipcaudautu.vn/companies/masan-groups-1h-net-income-jumps-over-163-to-vnd2577-billion-3346991/

Business

Two hotels in Nha Trang fined for fake grading

Published

57 mins ago

March 27, 2023

TienphongNews

Two hotels in Nha Trang City, Khanh Hoa Province, south-central Vietnam were fined VND10 million (US$424) each for improperly upgrading their hotel star ratings to promote their services on online travel websites and social media, local authorities said on Monday.

The two hotels are Areca on Phuong Cau Street in Van Thanh Ward and B&N on Nguyen Thi Minh Khai Street in Loc Tho Ward.

Areca declared itself as a four-star hotel and B&N stated the same on its Facebook page.

Both also listed themselves as four-star hotels on travel and accommodation booking platform Booking.com.

However, the result of an inspection by the Khanh Hoa Department of Information and Communications showed that Areca has not yet been recognized by any state agency and B&N was rated only three-star by authorities.

As a result, the owners of the two hotels were fined VND10 million each and were required to remove the false declarations.

A leader of the Khanh Hoa Department of Information and Communications said that it is difficult to handle fake grading on accommodation booking platforms, such as Booking.com and Agoda.com, given their physical absence in Vietnam and overseas server locations.

Owners of hotels that are detected with incorrect star ratings often shift the responsibility to the foreign platforms.

As of early 2023, Khanh Hoa has had 1,148 tourist accommodation establishments, including 102 rated 3- to 5-star, accounting for nearly 50 percent of the total number of hotel rooms in the coastal tourist province.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

The two hotels are Areca on Phuong Cau Street in Van Thanh Ward and B&N on Nguyen Thi Minh Khai Street in Loc Tho Ward.

Areca declared itself as a four-star hotel and B&N stated the same on its Facebook page.

Both also listed themselves as four-star hotels on travel and accommodation booking platform Booking.com.

As a result, the owners of the two hotels were fined VND10 million each and were required to remove the false declarations.

Owners of hotels that are detected with incorrect star ratings often shift the responsibility to the foreign platforms.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Source: https://tuoitrenews.vn/news/business/20230321/two-hotels-in-nha-trang-fined-for-fake-grading/72188.html

Business

Travel giant Saigontourist expects $146 mln gross profit in 2023

Saigontourist Group, Vietnam’s leading travel company, is targeting a gross profit of VND3.43 trillion ($145.69 million), up 22.5% year-on-year.

Published

7 hours ago

March 27, 2023

TienphongNews

saigontourist-1648745253-1035_24111881-1

The corporation is aiming for a revenue of VND14 trillion ($594 million) in 2023, up 22% year-on-year, according to data released at its business review meeting on Tuesday.

In 2023, Saigontourist Group expects to welcome 1.68 million visitors, up 62.3% compared to 2022.

Truong Duc Hung, deputy CEO of Saigontourist, said that in order to achieve those targets, the group will focus on synchronously and flexibly deploying solutions to recover domestic and international markets.

“We will build a synchronous and unique ecosystem of products through its strengths in accommodation, travel, cuisine, entertainment, conferences, and seminars,” he said.

In 2022, Saigontourist served 1.12 million visitors, up 199% year-on-year and up 13% compared to the target.

The group’s revenue reached VND12.2 trillion ($518.2 million), up 104.8% year-on-year and up 17.3% compared to the target. Its gross profit hit VND3 trillion ($127.43 million), up 368.7% and 48.1%, respectively.

Established in 1975, Saigontourist is managing more than 100 hotels, resorts, restaurants, tour operators, amusement parks, tourism training schools, exhibition areas, conference and seminar centers, golf courses, and cable TV etc.

Source: The Investor

Source: https://e.nhipcaudautu.vn/companies/travel-giant-saigontourist-expects-146-mln-gross-profit-in-2023-3351468/

Business

Vietnam Airlines restarts air services between Hanoi and Beijing

Published

9 hours ago

March 27, 2023

TienphongNews

Vietnam’s national flag carrier Vietnam Airlines has resumed its regular flights linking Hanoi and Beijing after a three-year pause due to the COVID-19 pandemic.

The airline’s flight VN513 departed from Beijing at 3:30 pm and landed in Hanoi at 5.55 pm on Sunday.

Before the resumption of the Beijing-Hanoi flight, Vietnam Airlines held a welcoming ceremony for the passengers on board at Beijing International Airport, with the participation of Vietnam and China’s competent agencies and enterprises and over 100 passengers.

The air carrier is operating the Hanoi-Beijing air route with a frequency of three round-trip flights a week.

The airline will start increasing its frequency from mid-2023, while planning to open an air route connecting with Beijing’s Daxing International Airport.

China is one of Vietnam Airlines’ biggest international source markets. The air carrier has reopened most of its air routes linking Vietnam to China, said a representative of the airline.

The airline will resume four air routes connecting Da Nang in Vietnam’s central region with China’s Guangzhou, Shanghai and Chengdu, and between Hanoi and Chengdu in the coming months.

Vietnam Airlines is set to use wide-body Airbus A350 and Boeing 787 aircraft for its routes with China.

The resumption of air services between the two countries will contribute to speeding up the post-pandemic tourism recovery and driving up bilateral trading activities, apart from helping fulfill Vietnam’s target of attracting international tourists in 2023.

Vietnam looks to serve 110 million tourists in 2023, with some eight million from abroad and 102 million domestic visitors. The country is also expected to earn about VND650 trillion (US$27.5 billion) in tourism revenue this year.

In 2022, over 3.66 million international tourists traveled to Vietnam, a year-on-year surge of 23.3-fold, according to data from the General Statistics Office of Vietnam.

Over 89 percent of the total arrived in Vietnam by air, up 29.5-fold against 2021, local media reported.

After China added Vietnam to its list of approved countries for group tours on March 15, Vietnamese airlines are racing to transport passengers between the two destinations.