Phuc Long reported record profits since returning to Masan

According to the recent business situation report of Masan Group (MSN), subsidiary Phuc Long Heritage – the owner of the tea and coffee chain of the same name, recorded revenue in the fourth quarter of 2025 reaching 518 billion VND, an increase of more than 24% compared to the same period in 2024. Profit before tax, depreciation and interest (EBITDA) reached 100 billion VND, an improvement of more than 12%. Both of these indicators have reached record highs since this chain was merged by MSN in early 2022.

Cumulatively for the whole year 2025, Phuc Long has revenue of 1,891 billion VND, an increase of nearly 17% compared to the previous year. This is also the highest level since the information was announced. However, compared to the yearly revenue plan expected to reach 1,910-2,200 billion VND, they have not yet completed their target.

Profit after tax before minority shareholder interests (NPAT Pre-MI) was 1.6 times higher than the same period, reaching 195 billion VND. This is also Phuc Long’s largest number since returning to Masan. Net profit margin is over 10%, which means selling 10 VND, they make a profit of 1 VND.

Management attributed the improved business results to an increase in the number of delivery orders, a higher average invoice value from the food product group and an improvement in average daily revenue per store following a brand positioning campaign over the past year.

Phuc Long said revenue from the food product group, including bread, cakes, ice cream and yogurt, maintained strong growth momentum, up 39.5% over the same period in 2025. By the end of the year, the food group accounted for nearly 8% of retail revenue.

Revenue from the delivery channel was also 35% higher than the same period, contributing more than 31% of retail revenue. In 2025, Phuc Long will have 19 new stores, bringing the total number of independent selling points (outside the WinMart system) to 202 stores nationwide. Average daily revenue at the same store reached 22.8 million VND, up 6% over the same period.

Masan first invested capital into Phuc Long in May 2021. At that time, this business spent 15 million USD to hold a 20% stake, with a valuation of 75 million USD. Just one year later, Phuc Long’s valuation increased 6 times to nearly 450 million USD, after Masan spent more than 6,100 billion VND to buy an additional 65% of shares.

This group hopes to turn Phuc Long into the number one tea and coffee company in Vietnam thanks to the acceleration of opening new points of sale. To achieve their goal, their initial plan was to expand 1,000 kiosk models integrated into the Winmart system. However, this strategy was admitted by Masan in its 2022 annual report that it “did not meet initial expectations”. They closed hundreds of kiosks from the second half of 2022 and switched to focusing on brand representative stores (flagships).

From 2023, Phuc Long’s restructuring process has been considered by analysts as a point that could affect the business results of the consumer goods segment and the entire Masan Group. In addition, the chain is also affected by consumers’ tendency to cut spending.

In launching the new identity, Ms. Patricia Marques, General Director of Phuc Long Heritage, likened Phuc Long to a young person about 30 years old, active, and has experienced difficulties like everyone else. However, she believes the chain has overcome it and “became stronger, ready to accept new things”.

This year, Phuc Long aims to achieve a revenue increase of 22-32%, equivalent to 2,300-2,500 billion VND. EBITDA is expected to improve by 5-15% to about 370-418 billion VND.

This chain chooses to continue increasing the proportion of the food group to about 11% of revenue. At the same time, Phuc Long will also expand in Hanoi with 40-50 new stores, improving average daily revenue and payback time.