Sabeco’s newly released financial report showed that the brewer had net revenue of VND7.184 trillion in the first quarter of 2024, up 12.6 percent over the same period last year, and made a consolidated profit of VND2.1 trillion, up 10 percent.

Sabeco’s post-tax profit was VND1.024 trillion, up 2 percent over the same period last year and 6 percent over the fourth quarter of 2023. Though post-tax profit increased slightly, it was enough to stop the five-quarter succession of negative growth of the big brewer.

At the 2024 shareholders’ meeting held on April 25, Sabeco submitted its 2024 business plan with the goals of obtaining a 12.9 percent growth rate in revenue to VND34.397 trillion and 7.6 percent growth rate in post-tax profit to VND4.58 trillion.

With the publicized business results for the first quarter, the brewer gained 21 percent of targeted revenue and 22 percent of targeted profit.

Sabeco said 2023 was a tough year for the brewer with net revenue down by 13 percent to VND30.461 trillion, and profit down by 23 percent. This was blamed on weak purchasing power, partially caused by the state management agencies’ move to strictly punish drunken drivers.

However, according to Sabeco, demand saw considerable improvement in the first quarter, though Decree 100 on punishment of drunken drivers is still strictly observed.

In addition to output increase, revenue in the first quarter increased also partially because of price increases, which offset decreases in deposit interest and profits from affiliated companies.

Sabeco’s subsidiaries also saw positive profits in the first quarter. Sai Gon – Mien Trung Beer JSC (SMB) reported profit of VND23 billion, up 53 percent, while Western Saigon Beer JSC (WSB) made a profit of VND19 billion.

Sabeco said it can see obstacles that hinder the development of the beer industry, including tightened control over blood alcohol concentration, high production and transportation costs, and less public spending.

Sabeco said it can see big obstacles that hinder the development of the beer industry, including the tightened control over the blood alcohol concentration, high production and transportation costs, and people’s spending cuts.

Habeco has reported unsatisfactory business results with the minus post-tax profit. Though its revenue reached VND1.308 trillion, up 12 percent, it suffered a loss of VND21 billion, higher than VND3.7 billion of the same period last year. 

After three quarter of recovery, Habeco has reported the biggest quarterly loss in the last four years.

The interest rates reductions made the company’s revenue from financial investments dropped by 16 percent to VND38 billion. 

Tuan Nguyen