The Saigon Alcohol, Beer and Beverages Corporation (Sabeco), a leading brewer in Vietnam, will step up selling the State capital in this firm in 2017 as ordered by the Government and the Ministry of Industry and Trade.

A worker inspects glass bottles inside Sabeco’s glass manufacturing factory in Ba Ria-Vung Tau province

Vo Thanh Ha, Chairman of Sabeco’s board of directors, made the statement at the annual meeting of the firm’s shareholders in Ho Chi Minh City on April 18.

Sabeco officially became listed on the HCM Stock Exchange in December 2016 with more than 641.28 million shares under the stock code SAB and an initial referential price of 110,000 VND (4.92 USD) per share.

At present, the company’s shares are among the most valued in the stock market, increasing to 207,000 VND (9.27 USD) as of April 18.

Sabeco recorded total revenue of over 31.75 trillion VND (1.42 billion USD) in 2016, exceeding its set goal by 11 percent. Meanwhile, pre-tax profit was more than 5.7 trillion VND (255.3 million USD), surpassing the 2016 goal by 28 percent.

That marks 2016 as one of Sabeco’s most profitable year since its establishment, according to the firm’s financial report.

Regarding this year’s business plan, Sabeco plans to sell over 1.7 billion litres of beer, up 3.4 percent from 2016. It targets 34.47 trillion VND (1.54 billion USD) in consolidated revenue and 4.7 trillion VND (210.5 million USD) in post-tax profit.

VNA