According to the consolidated financial report for the fourth quarter of 2023, Saigon Beer - Alcohol - Beverage Corporation ( Sabeco ) achieved revenue of VND 8,520 billion, down 15% over the same period in 2022. The company's net profit was VND 947 billion, down 9% over 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
Accumulated for the whole year of 2023, Sabeco achieved total net revenue of VND 30,461 billion, down about 13% and pre-tax profit of more than VND 5,370 billion, down more than 21% compared to 2022, nearly VND 1,500 billion. According to the company's explanation, net revenue was lower than in 2022 due to fierce competition, declining consumer demand due to the domestic economy and strict implementation of Decree 100 on alcohol consumption. In addition, input costs and business management were also higher than the same period. However, the company reduced advertising and promotion costs by 8% to VND 2,813 billion...
Recently, Sabeco has finalized the list of shareholders to receive a 2023 cash dividend of 15%, equivalent to 1,500 VND for each share owned. It is estimated that Sabeco will spend about 1,920 billion VND to pay shareholders. The expected payment date is February 7 (ie 28th of Lunar New Year).
Not only Sabeco, Hanoi Beer - Alcohol - Beverage Corporation ( Habeco ) also 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 has reached its lowest level in 15 years.
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