Masan Group Corporation (HOSE:MSN)

Masan Group Income Statement

Financials in millions VND. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Jan 1, 2024	Jan 1, 2023	Jan 1, 2022	Jan 1, 2021
Revenue	81,077,035	83,177,720	78,251,619	76,189,225	88,628,767	77,217,808
Revenue Growth (YoY)	-0.22%	6.30%	2.71%	-14.04%	14.78%	106.72%
Cost of Revenue	55,689,322	58,521,982	56,130,507	55,154,201	66,493,966	59,329,111
Gross Profit	25,387,713	24,655,738	22,121,112	21,035,024	22,134,801	17,888,697
Selling, General & Admin	17,713,164	18,482,349	17,942,357	16,365,853	15,851,307	16,206,983
Operating Expenses	17,713,164	18,482,349	17,942,357	16,365,853	15,851,307	16,206,983
Operating Income	7,674,549	6,173,389	4,178,755	4,669,171	6,283,494	1,681,714
Interest Expense	-6,232,012	-6,911,415	-7,422,409	-5,345,947	-5,259,697	-4,008,435
Interest & Investment Income	1,658,464	1,879,095	1,733,905	878,418	629,639	754,154
Earnings From Equity Investments	4,459,487	4,443,769	3,895,982	4,339,650	3,896,641	2,640,068
Currency Exchange Gain (Loss)	-317,605	-70,287	-36,570	-287,046	208,162	-47,308
Other Non Operating Income (Expenses)	-132,135	-344,854	-120,880	290,939	-33,601	117,604
EBT Excluding Unusual Items	7,110,748	5,169,697	2,228,783	4,545,185	5,724,638	1,137,797
Gain (Loss) on Sale of Investments	-9,123	110,698	233,526	642,110	5,699,147	-
Gain (Loss) on Sale of Assets	775,718	744,408	-16,442	-82,865	-22,327	-154,591
Other Unusual Items	-	-	117,107	-	-	1,341,633
Pretax Income	7,877,343	6,024,803	2,562,974	5,147,150	11,488,784	2,324,839
Income Tax Expense	1,862,617	1,752,419	693,047	392,766	1,387,403	929,826
Earnings From Continuing Operations	6,014,726	4,272,384	1,869,927	4,754,384	10,101,381	1,395,013
Minority Interest in Earnings	-2,689,324	-2,273,325	-1,451,232	-1,187,388	-1,538,499	-161,031
Net Income	3,325,402	1,999,059	418,695	3,566,996	8,562,882	1,233,982
Net Income to Common	3,325,402	1,999,059	418,695	3,566,996	8,562,882	1,233,982
Net Income Growth	144.85%	377.45%	-88.26%	-58.34%	593.92%	-77.80%
Shares Outstanding (Basic)	1,514	1,487	1,426	1,420	1,414	1,405
Shares Outstanding (Diluted)	1,514	1,487	1,426	1,420	1,414	1,405
Shares Change (YoY)	3.29%	4.25%	0.39%	0.48%	0.59%	0.42%
EPS (Basic)	2196.02	1344.68	293.62	2511.22	6057.41	878.10
EPS (Diluted)	2196.02	1344.68	293.62	2511.22	6057.41	878.10
EPS Growth	137.06%	357.97%	-88.31%	-58.54%	589.83%	-77.89%
Free Cash Flow	4,128,082	6,426,162	-1,728,334	-7,954,173	-1,661,514	-2,326,863
Free Cash Flow Per Share	2726.09	4322.61	-1212.03	-5599.85	-1175.36	-1655.80
Dividend Per Share	-	-	-	-	1000.000	-
Gross Margin	31.31%	29.64%	28.27%	27.61%	24.98%	23.17%
Operating Margin	9.47%	7.42%	5.34%	6.13%	7.09%	2.18%
Profit Margin	4.10%	2.40%	0.53%	4.68%	9.66%	1.60%
Free Cash Flow Margin	5.09%	7.73%	-2.21%	-10.44%	-1.88%	-3.01%
EBITDA	11,106,934	10,216,557	8,302,418	9,075,694	10,915,173	6,265,703
EBITDA Margin	13.70%	12.28%	10.61%	11.91%	12.32%	8.11%
D&A For EBITDA	3,432,385	4,043,168	4,123,663	4,406,523	4,631,679	4,583,989
EBIT	7,674,549	6,173,389	4,178,755	4,669,171	6,283,494	1,681,714
EBIT Margin	9.47%	7.42%	5.34%	6.13%	7.09%	2.18%
Effective Tax Rate	23.64%	29.09%	27.04%	7.63%	12.08%	40.00%
Revenue as Reported	81,077,035	83,177,720	78,251,619	76,189,225	88,628,767	77,217,808
Advertising Expenses	-	5,251,886	4,492,698	2,940,360	3,308,859	3,071,506

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.