Vietnam's supermarket chains owner WinCommerce reports profit for first time since 2019

WinCommerce, the owner of the WinMart and WinMart+ supermarket chains, reported a net profit of VND5.74 billion ($222.9 million) in 2024, a positive result compared to a loss of nearly VND600 billion ($23.3 million) in 2023.

This was the first year that the supermarket chains had made a profit since they were acquired by conglomerate Masan in 2019, according to its freshly released financial statement for 2024.

However, by the end of 2024, the company still had a cumulative loss of VND3.95 trillion ($153.4 million).

WinCommerce’s total assets on December 31, 2024 reached VND19.36 trillion ($751.85 million), an increase of 6.4% from 2023.

In terms of capital structure, liabilities still accounted for the majority, with VND15.03 trillion ($583.7 million), a year-on-year rise of 8.7%. Of this, the bond debt balance was VND3 trillion.

WinCommerce targets a revenue of VND35.6-36.9 trillion ($1.43 billion) for 2025, up 8-14% compared to 2024, and a positive net profit.

To reach these goals, the company will accelerate the opening of new stores, with 400 to 700 mini supermarkets planned for 2025, along with a strategy focused on regional expansion.

The VinMart/VinMart+ supermarket chain (now WinMart/WinMart+) was acquired by Masan Group, listed on the Ho Chi Minh Stock Exchange (HoSE) as MSN, from Vietnam’s largest private conglomerate Vingroup (HoSE: VIC) at the end of 2019.

At that time, the 2019 financial statements showed a net loss of VND524.5 billion ($20.37 million).

As of December 2024, WinCommerce had operated 3,828 stores, with an increase of 95 stores since Q3/2024.