Beer industry giant's profits drop nearly 1,500 billion VND

According to the consolidated financial report for the fourth quarter of 2023, Saigon Beer, Alcohol and Beverage Corporation ( Sabeco ) achieved revenue of VND 8,520 billion, a decrease of 15% compared to the same period in 2022. The company's net profit was VND 947 billion, a decrease of 9% compared to the fourth quarter of 2022, and this is the lowest quarterly profit since the fourth quarter of 2021.

Sabeco's profit decreased by nearly 1,500 billion VND compared to 2022.

For the full year 2023, Sabeco achieved total net revenue of VND 30,461 billion, a decrease of approximately 13%, and pre-tax profit of over VND 5,370 billion, a decrease of more than 21% compared to 2022, nearly VND 1,500 billion. According to the company's explanation, the lower net revenue compared to 2022 was due to fierce competition, declining consumer demand driven by the domestic economy , and the strict implementation of Decree 100 on alcohol consumption. In addition, input costs and business management costs were also higher than the same period. However, the company reduced advertising and promotional expenses by 8% to VND 2,813 billion...

Recently, Sabeco finalized the list of shareholders eligible for an interim dividend payment for 2023 in cash at a rate of 15%, meaning shareholders will receive 1,500 VND per share. It is estimated that Sabeco will spend approximately 1,920 billion VND to pay its shareholders. The payment is expected to be made on February 7th (the 28th day of the Lunar New Year).

Not only Sabeco, but also Hanoi Beer, Alcohol and Beverage Corporation ( Habeco ) reported declining business results, with net revenue in 2023 reaching VND 7,757 billion, down 8%, and pre-tax profit reaching VND 465.7 billion, down 27% compared to 2022. Habeco's net profit in 2023 reached its lowest level in 15 years.

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