Masan Group’s H1 profit rockets 123%

Masan Group’s after-tax profit in the first half of this year grew 122.7% year-on-year to VND3,110 billion ($133.3 million), the Vietnamese conglomerate said Friday.

Masan said its January-June consolidated net revenues reached VND36,023 billion ($1.54 billion), down 12.5% year-on-year, mainly due to deconsolidation of the animal feed segment.

The CrownX, the group’s integrated consumer-retail ecosystem, grew its net revenue year-on-year by 2.2% to VND26,029 billion ($1.12 billion) in the first six months. Masan Group in late 2019 merged VinCommerce and VinEco into Masan Consumer to form The CrownX.

The group’s Phuc Long tea and coffee chain achieved VND820 billion (over $35 million) in revenue, up 38.5% .

However, Masan MEATLife, due to deconsolidation of the feed business, reported an 81% fall in H1 revenue to VND1,941 billion (over $83 million).

Masan High-Tech Materials, driven by rising commodity prices and strong demand, delivered net revenues of VND8,123 billion ($348 million), up 33%.

H.C. Starck Tungsten Powders, a subsidiary of Masan High-Tech Materials, invested $53.34 million in UK-based fast-charging Li-ion battery solutions Nyobolt earlier this July. With the investment, H.C. Starck owns 15% of Nyobolt on a fully diluted basis and is its largest shareholder.

The investment aims to cement the company’s strategy of becoming a high-tech value-added business and creating a circular economy for tungsten and battery materials,

Between January and June, domestic lender Techcombank, a Masan associate, recorded VND14,106 billion ($604.4 million) in pre-tax profits, up 22.3% year-on-year.