Conglomerate Masan Group, parent company of beverage chain Phuc Long Heritage, said the chain’s profits of VND195 billion ($8.26 million) last year topped the Vietnamese bubble tea market.
Phuc Long, which opened 25 new stores in the last quarter of 2022, bringing its total to 132, raked in revenues of roughly VND1.58 trillion ($66.95 million), a contribution of 2% of the parent company’s revenue. The enterprise also made up 1.3% of Masan’s total profits.
According to Masan management, Phuc Long’s revenues were number one and two in the Vietnamese bubble tea industry in terms of profit margins and revenues, respectively. Phuc Long expects net revenues of VND2.5-3.0 trillion this year, up 58-90% against last year, mainly thanks to the opening of some 90 new…