WinCommerce, the retail arm of Vietnamese conglomerate Masan Group, suffered a loss of over VND445 billion ($18.9 million) in 2022, tripling the 2021 figure and marking a third consecutive year of losses.
The retailer's net revenue dropped by 5% year-on-year to nearly VND29.37 trillion ($1.25 billion), according to its 2022 financial report.
Its WinMart supermarket and WinMart+ convenience store chains failed to end their losing streaks since they were acquired from Vietnam's Vingroup by Masan at the end of 2019.
WinCommerce recorded losses of nearly VND3.22 trillion ($136.9 million) and VND524.4 billion ($22.3 million) in 2020 and 2019, respectively.
As of December 31, 2022, its total assets stood at more than VND18.3 trillion ($778.22 million), a slight increase of 1.05% year-on-year. In terms of capital structure. WinCommerce's equity and liabilities rose to VND3.98 trillion ($169.25 million) and VND14.3 trillion ($606.12 million), respectively.
The firm’s outstanding bond debts were over VND4.45 trillion ($189.24 million). According to data from the Hanoi Stock Exchange (HNX), from May 15, 2020 to December 28, 2020, WinCommerce mobilized a total of VND4.5 trillion ($191.37 million) from five-year bonds at coupon rates of 9.2-9.9% per year.
WinCommerce also revealed that last year, it paid nearly VND442.5 billion ($18.8 million) in bond coupons.
According to Masan's annual report, WinCommerce had 3,268 WinMart+ stores and 130 Winmart supermarkets in 2022, up 730 and eight, respectively, compared to 2021.
WinCommerce said this year it will continue to coordinate with suppliers to invest in consumer products and services, ensure competitive prices and enhance the WIN membership card program, with a view to raising like-for-like (LFL) sales of stores opened before 2021 by 5-10%.
Masan Group in late 2019 acquired VinCommerce and VinEco from Vingroup to create The CrownX, a retail and consumer platform. Then, VinCommerce was renamed WinCommerce, which includes WinMart and WinMart+.