Saigon Beer's revenue increased at the end of the year, with nearly 23,000 billion in the bank

Saigon Beer's beer sales revenue in the fourth quarter of 2024 increased by 5% compared to the same period last year. By the end of 2024, they had nearly 22,400 billion VND in the bank earning interest.

Saigon Beer has just acquired another beer company, expanding its scale and increasing its production capacity - Photo: QUANG DINH

Saigon Beer, Alcohol and Beverage Corporation ( Sabeco - SAB) has just announced its consolidated financial report for the fourth quarter of 2024, showing higher results compared to the same period last year.

The report indicates that Sabeco's net revenue for this period reached VND 9,048 billion, an increase of over 5% compared to Q4 2024. However, the cost of goods sold increased by more than 6%, reaching VND 6,433 billion. As a result, gross profit reached VND 2,499 billion, an increase of less than 2%.

Furthermore, revenue from financial activities (primarily interest on bank deposits) decreased by nearly 23% year-on-year, reaching only 268 billion VND in the fourth quarter.

Selling and administrative expenses also increased. On the other hand, the profit from Sabeco's associated companies and jointly controlled businesses increased from VND 32.8 billion in Q4 2023 to VND 130 billion in Q4 2024.

As a result, Saigon Beer Company still reported a net profit of 990 billion VND, an increase of less than 3% compared to the fourth quarter of 2023.

For the entire last year, the domestic beer company with the largest market share in Vietnam brought in 32,164 billion VND, an increase of nearly 5% compared to 2023.

Of that total, beer sales contributed the largest share at 28,082 billion VND, an increase of 4.3%. Meanwhile, revenue from the sale of spirits and alcohol decreased from 51.6 billion VND to 42.1 billion VND.

At the end of 2024, Sabeco's financial report showed that it had nearly 22,400 billion VND deposited in banks to earn interest.

With deposit interest rates at record lows, Sabeco is facing a headache as its bank deposit interest income declines. Throughout 2024, the beer company only earned 1,044 billion VND in bank deposit interest, compared to nearly 1,400 billion VND the previous year, a decrease of almost 400 billion VND.

Ultimately, Saigon Beer's after-tax profit for the whole of last year reached VND 4,494 billion, an increase of 5.6% compared to 2023.

Mr. Tan Teck Chuan Lester, General Director of Sabeco, said that the higher net revenue was mainly due to better demand from the improving economy , even though Decree 100 on tightening alcohol concentration limits is still being strictly enforced.

Saigon Beer has just acquired another beer company.

Recently, Sabeco successfully purchased over 37.8 million SBB shares of Saigon Beer - Binh Tay Group (Sabibeco) from 276 investors.

The total reported value of the deal is nearly VND832 billion, which Sabeco took from equity and other legal sources of capital.

According toFPT Securities Company (FPTS), the merger and acquisition (M&A) of Saigon - Binh Tay Beer will help increase Sabeco's total capacity to 3.01 billion liters/year, an increase of 25.4% compared to the current capacity.

Currently, Saigon - Binh Tay has 6 breweries with a total capacity of 0.61 billion liters/year. After completing the M&A, Sabeco will become the beer enterprise with the largest production scale in Vietnam.

Regarding Sabeco, the company's current shareholder structure is quite concentrated with two major shareholders, Vietnam Beverage Company Limited (Thailand) and the Corporation, with ownership ratios of 53.6% and 36.0%, respectively.

Vietnam Beverage Co., Ltd. is a subsidiary of ThaiBev Group, the largest beer company in Thailand. Therefore, ThaiBev Group holds controlling interest in SAB's business operations.

Source: https://tuoitre.vn/doanh-thu-bia-sai-gon-tang-cuoi-nam-co-gan-23-000-ti-gui-ngan-hang-20250125100554251.htm