Masan’s beverage chain Phuc Long books nearly 64% profit growth on strong food sales

Phuc Long Heritage JSC, a beverage subsidiary of retail giant Masan Group (HoSE: MSN), posted a net profit of VND86 billion ($3.28 million) in the first half of this year, up 63.5% year-on-year, according to its parent firm’s financial statement.

During the six-month period, Phuc Long earned VND858 billion ($32.72 million) in net revenue, up 10.3% year-on-year.

In the second quarter, the firm posted VND434 billion (16.5 million) in revenue and VND43 billion ($1.64 million) in net profit, up 10.8% and 38.8% from the same period last year, respectively.

The firm attributed this growth to higher delivery sales and food segment expansion.

The strong performance reflects the results of Phuc Long’s multi-year business model restructuring. Previously reliant on the rapid expansion of kiosks within Masan-operated WinMart/WinMart+ stores, the company has shifted its focus to standalone flagship outlets.

Despite phasing out its kiosk network, Phuc Long posted net revenue of VND1.62 trillion ($61.8 million) in 2024, up 6% from 2023.

In addition, the company has pursued new revenue streams, particularly in the food segment. Earnings from food items, including bread, pastries, and ice cream, rose 43.4% year-on-year to VND35.5 billion ($1.35 million) in Q2/2025.

Phuc Long expanded its store count from 158 in 2024 to 237 as of mid-2025, including 184 flagship locations.

For 2025, the company targets between VND1.91 trillion ($72.8 million) and VND2.2 trillion ($75–83.9 million) in revenue, up 18-36% from 2024, respectively. In H2, the company plans to further strengthen its food segment, open additional stores, and improve average daily sales in Hanoi.

Looking ahead, the company aims to operate 500 stores across Vietnam, although it currently has no plans for domestic franchising. However, it is moving forward with its international franchising strategy, with two stores already operating in California, U.S.