Masan High-Tech Materials announces record revenues in 2022, plans for future

April 26, 2023

Masan High-Tech Materials Group, headquartered in Ho Chi Minh City, Vietnam, has reported record revenues of VND 15,550 billion in 2022, an increase of 15% compared to FY2021. Tungsten trioxide revenue increased by 13%, with midstream products (tungsten carbides and powders) produced by HC Starck Tungsten Powders, accounting for 70% of that growth. EBITDA increased by 5%, reaching VND 3,203 billion – reportedly the second highest EBITDA ever achieved.

“Masan High-Tech Materials had a year of challenges, overcoming market fluctuations and impacts of various factors in the region and the world,” stated Craig Bradshaw, CEO. “Though Tungsten revenues and tungsten scrap recycling rates were significantly higher, contributing to delivering FY2022 record revenue”.

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Production from tungsten scrap recycling within HC Starck increased by 13%. MHT is working to increase the proportion of its production coming from secondary sources (scrap recycling), in keeping with the Company’s Reduce, Reuse, Recycle policy.

During 2022, Masan High-Tech Materials established a global innovation hub based on the company’s two R&D centres in Goslar, Germany, and Thai Nguyen, Vietnam. Leveraging technological advancements of HC Starck over the past 100 years, MHT continued to invest in innovation and process improvement in order to maintain its long-term growth trajectory.

The company has developed processes, solutions, and eco-friendly products to meet the global market’s unmet needs, earning ninety-five new patents worldwide and fifty patents that are still in the application stage. With extensive experience and potential in the field of supplying high-tech materials, as well as on-going research to evaluate the needs of critical industries, MHT has reported that it believes tungsten is the key to the innovation future of these industries.

Masan High-Tech Materials plans to implement the first and largest tungsten recycling plant project in Vietnam servicing the Asian region. The goal is to make Vietnam the leading tungsten and critical metals recycling technology development centre in the region.

In 2023, the company intends to further focus on developing a fully integrated circular economy model with a closed value chain that encompasses waste and scrap collection, processing, recycling of scraps, and raw material recovery. Accordingly, tungsten will be recovered from used batteries and industrial wastes, then recycled to be used as feed materials for new product development. The company expects net revenue in 2023 of VND 16,500 billion to VND 18,200 billion, an increase from 6% to 17% compared to previous period.

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